Artsy Advisor Notebook

Have we hit bottom? It’s the question on the tongues of collectors and economists alike. While the $1.5 billion Paul Allen sale at Christie’s last fall buoyed sales figures for the second half of 2022, numerous other auctions saw thinner-than-usual demand. At Miami’s December fairs, many dealers, through nervous smiles, reported a year-over-year decline in sales. Much like in the housing market, prices in the secondary market were slow to adjust to shifting macroeconomic conditions. And while plenty of collectors were still looking to buy, gone was the (irrational) exuberance of the first half of 2022, when prices across the market were whipped into a froth. In short, the notoriously illiquid art market froze even harder.