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Citigroup is under investigation by U.S. agencies, including the DOJ, FBI, and IRS, regarding its connections to sanctioned Russian billionaire Suleiman Kerimov. The probe focuses on the bank's dealings with Heritage Trust, which manages Kerimov's assets, and examines its anti-money laundering practices. Citigroup is also winding down its institutional banking operations in Russia while ensuring compliance with legal obligations.
Global art sales declined by 4% last year to approximately $65 billion, driven by cautious spending among wealthy buyers amid inflation, high interest rates, and political instability. Auction sales fell by 7%, while dealer sales dropped by 3%, with only China experiencing growth, rising 9% to $12.2 billion. The market for speculative art, particularly NFTs, suffered significantly, with sales plummeting 51% from their peak in 2021.
Global art sales declined by 4% last year to approximately $65 billion, driven by wealthier clients becoming more cautious amid inflation, high interest rates, and political instability. The only market to see growth was China, which experienced a 9% increase in transactions, reaching $12.2 billion, attributed to post-COVID buying behavior. Meanwhile, speculative art transactions, particularly NFTs, suffered significantly, with sales dropping 51% from their peak in 2021.
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.
Tatiana Bautzer
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Citigroup under investigation for connections to sanctioned Russian billionaire
02:10 15.11.2024
wealthy buyers cautious as global art sales decline by four percent
13:00 24.10.2024
wealthy buyers cautious as global art sales decline by four percent
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11:04 24.10.2024
wealthy buyers retreat as global art sales decline by four percent
11:00 24.10.2024
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