The global art market is currently facing economic uncertainties, with a significant decline in average spending on art. However, the median values have remained stable, indicating that the downturn primarily affects the upper echelons of the market.

Wealthy Clients Express Confidence

Despite this, wealthy private clients express confidence in the art market's performance over the next six months, reflecting a growing belief in its resilience. Spending patterns have shifted, with a decrease in impulse purchases and a focus on thorough research before making acquisitions.

Rising Interest in Female Artists

There is also a rising interest in works by female artists, with their representation in collections reaching a seven-year high.

China's Dominance in the Art Market

China has emerged as a dominant player in the art market, with the highest median spending on art and antiques. Wealthy collectors are also showing a willingness to engage with new galleries and emerging artists, supporting fresh talent in the art world.

Cautiously Optimistic Future Outlook

The future outlook for the global art market is cautiously optimistic, with positive signals from key art markets worldwide. The focus on research-driven purchases and support for emerging talent may lead to a more sustainable and dynamic future for the art market.