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Global art sales declined by 4% to approximately $65 billion last year, driven by cautious spending among wealthy buyers amid inflation and high interest rates. Auction sales fell by 7%, while dealer sales dropped by 3%, with only China seeing a 9% increase in transactions, becoming the second-largest art market. Speculative art transactions, particularly NFTs, also suffered, with sales plummeting 51% from their peak in 2021.
Wealthier clients have adopted a more cautious approach to art investments, leading to a decline in sales last year, according to a UBS report. This shift reflects changing attitudes among affluent collectors in the current economic climate.
Global art sales fell 4% last year to approximately $65 billion, driven by cautious spending from wealthier clients amid inflation, high interest rates, and political instability. The volume of art auctions decreased by 7%, with only China seeing a 9% increase in transactions, becoming the second-largest art market. Speculative art transactions, particularly NFT sales, have also declined significantly, down 51% from last year's peak.
American Express has agreed to acquire UBS's 50% stake in Swisscard AECS, becoming the sole owner of the Swiss credit card provider. The transaction, subject to closing conditions, will not impact current cardholders or merchants, as Swisscard continues to issue cards under major brands and manage the American Express network in Switzerland. UBS will transition Credit Suisse branded card portfolios to its own brand starting in the first half of 2025, ensuring a seamless experience for affected cardholders.
Swiss healthcare expenditures are projected to surpass 100 billion francs by 2025. Meanwhile, Swiss exports reached a record high in October, driven by the chemical-pharmaceutical sector, while the wealth management sector remains the world's leader, albeit with a narrowing margin over the UK and US. The banking landscape faces challenges following the Credit Suisse crisis, impacting asset inflows from key regions.
Swiss voters will decide on November 24 whether to accept a significant revision to healthcare financing, aimed at standardizing costs and promoting outpatient care. Supporters argue it will improve treatment quality and reduce insurance premiums, while unions warn it may empower insurance companies and compromise patient care. The changes, accepted by parliament, are set to begin implementation in 2028, with potential annual savings of up to CHF440 million.
Zurich and Singapore have surpassed Geneva in a recent ranking of global financial centers for sustainable investments, with London maintaining its top position. The index, which evaluates 97 locations, highlights the strong performance of Swiss cities, including Lugano at 13th. Despite a slight decline in confidence regarding green finance, Western European centers continue to excel due to their expertise in developing sustainable financial products.
Lugano Deputy Mayor Roberto Badaracco expressed frustration over an appeal challenging the contract between the city and Banca Raiffeisen for naming rights of a new sports hall. He emphasized that the agreement benefits local sports clubs and criticized the tendency to obstruct progress through legal challenges. Despite the appeal, he remains hopeful that it will be withdrawn, as the arena is set to be completed in two years, and any delays could harm club funding.
UBS has maintained its "Buy" rating for Symrise, setting a target price of 139 euros. Analyst Charles Eden noted an increase in the target for organic sales growth, although the third quarter's organic growth was viewed as partly negative due to heightened investor expectations following strong results from competitor Givaudan.
The Swiss government's budget deficit is now projected to be CHF900 million, significantly lower than the initial forecast of CHF2.6 billion, due to reduced ordinary expenditures. The extraordinary capital contribution to Swiss Federal Railways has been postponed to 2025, with the amount cut from CHF1.15 billion to CHF850 million. The ordinary budget is now expected to show a surplus of CHF200 million, reversing the previously anticipated deficit.

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