Last year, global art sales declined by 4%, reaching a total of around $65 billion. Affluent buyers have become more cautious in their art acquisitions due to factors such as inflation, high interest rates, and political instability. This has led to longer deliberation periods before making purchases.

The UBS Art Market Report states that the only market to experience growth was China, which saw a 9% increase to $12.2 billion, making it the world's second-largest art market. This growth was driven by post-COVID purchasing behavior. The report also highlights a significant decline in speculative art transactions, particularly in the digital art sector. NFT sales have dropped by 51% from their peak in 2021, reaching $2.9 billion. Despite decreasing interest rates, there has been no sign of recovery in NFT sales.

The cautious sentiment among wealthy clients reflects the broader economic challenges impacting the art market.