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New York's upcoming art auction week, featuring Christie’s, Sotheby’s, and Phillips, aims to sell approximately $1.5 billion in art. The market's dynamics may be more influenced by sellers' confidence than by the number of bidders, as noted by Alex Rotter of Christie’s, highlighting a marketplace not driven by necessity.
The global art market is experiencing a decline for the second consecutive year, with auction sales dropping significantly as wealthy collectors shift towards lower-priced works. While 91% of collectors remain optimistic about the market's future, concerns over geopolitical issues and economic instability are dampening buyer confidence. A generational shift is evident, as younger collectors prioritize affordability, leading to an oversupply of high-value artworks and a reduction in overall art investment.
The liquidation of Flowbank highlights significant challenges in transferring securities, with many clients still awaiting access to their assets months later. While privileged deposits are being repaid efficiently, the complex manual processes involved in securities transfers have led to delays, emphasizing the risks of holding assets with less reputable banks. Additionally, the situation has drawn attention to the bank's pop art collection, including works by Lichtenstein and Warhol.
Andy Warhol
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new york art auction week showcases brave sellers in a shifting market
15:50 14.11.2024
art market faces decline as wealthy collectors shift spending habits
United States Dollar
Bonhams Ltd.
Sotheby's Art Loan Trust LLC
Christie's Assets Ltd.
Phillips 66
UBS AG
UKR
GBR
CHE
USA
CHN
Andy Warhol
Jean-Michel Basquiat
Paul Donovan
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16:59 24.10.2024
flowbank liquidation highlights asset protection challenges and securities transfer delays
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FlowBank AG
CHE
FINMA
Charles Henri Sabet
Walder Wyss
Andy Warhol
Roy Lichtenstein
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10:00 21.10.2024
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