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global art market faces decline as collectors shift spending habits

In 2023, the global art trade saw a 4% decline in sales volume, totaling $65 billion, largely due to geopolitical tensions and rising interest rates affecting high-value purchases. Despite a drop in average spending by collectors, optimism remains, with 91% expecting market growth in the next six months. The U.S. leads in millionaire distribution, while younger collectors show a reluctance to buy, favoring new galleries and emerging artists, with painting continuing to dominate sales.
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16:51 25.10.2024
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