The latest Art Basel and UBS Survey reveals a 4% decline in the art market to $65 billion, with high-net-worth individuals (HNWIs) experiencing a 32% drop in average spending. Despite this, interest in emerging artists is growing, and 77% of HNWIs are optimistic about the market's future, with many planning purchases in the coming year. The survey highlights a shift towards more diverse buying channels and a focus on affordability, suggesting potential stability in the art market.
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