Sunday, February 26, 2017
Economy: Will The Art Market Follow The Stock Market?
I suppose that the global art market will follow the stock markets and will reach record sales & prices as well. History shows that stock markets & art markets walk side by side. Art is not only bought by collectors, who love it and want to own it, art is also purchased by investors & speculators, who hope to sell it later for a higher price.
Last year the art market suffered a setback - sales of the big auction houses (Sotheby`s & Christie`s) were down and many mid-sized galleries got closed. The weakness on the art market accompanied a soft patch on global stock markets - from early 2015 through November 2016. During this time investors & speculators had avoided risky assets - including art works - because they had been skeptical for the global economy (weak US, China & Europe). Now they are coming back which should bode well for the art market.
I think that the growing global economy and the return of the investor optimism will lift all boats.