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ubs faces challenges in integrating credit suisse art collection
UBS faces challenges integrating Credit Suisse's extensive art collection, which includes over 13,500 artworks, into its own portfolio of more than 40,000 pieces. The process involves addressing database discrepancies, storage issues, and ensuring compliance with ethical standards, particularly regarding provenance linked to Nazi-era ties. While UBS has started displaying parts of the collection, the differing styles highlight the complexities of merging the two collections, with proceeds from any sales directed to charitable causes.
art market faces decline as wealthy collectors shift spending habits
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.
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