The contemporary and modern art market is currently in a state of disarray, with the most highly rated artists' prices stabilizing. This is evident in the May sales in New York, where record auctions from several years ago are no longer relevant. The potential for a financial collapse in the United States, inflation, rising interest rates, war in Ukraine, and the escalation of the Israeli-Palestinian conflict are among the many causes for concern among participants in the art market.
The Ransom Hub group claimed responsibility for the cyberattack that occurred at Christie's in May, which has the potential to disclose the personal information of the world's wealthiest collectors. On the eve of the Art Basel fair's commencement on June 13, the entire art world is anticipating the event, which serves as a significant market indicator. Nathalie Obadia, the proprietor of the gallery, clarifies that "we are not experiencing a crisis, but a slowdown." She also clarifies that it takes longer, and people think more" when the price exceeds 150,000 euros.
The most optimistic individuals are relying on the reassuring results of the May sales in New York, which typically generate hundreds of millions of dollars. However, this season was devoid of the trophies that captivate the media, such as the collection of Harry and Linda Macklowe, whose divorce was the subject of the American tabloids and the bread of Sotheby's in 2021.
The third-party guarantee system, which guarantees vendors a minimum price regardless of the sale outcome, has been entirely utilized for approximately one hundred pieces that were auctioned in May. Christie's opted to withdraw a painting by Brice Marden, a prominent figure in American abstraction who passed away in 2023, from the sale due to the dearth of interest it generated.
Bidders are now leveraging sure values, which are not susceptible to even the faintest frigid snap. Picasso, Magritte, and Monet have maintained their position at auction, "albeit with diminished splendor." However, female surrealist artists are making progress, with Leonora Carrington being awarded the prize for the current season. seen in France www.vwart.com
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