(Drivebycuriosity) - The global stock markets are on a tear: The US stock market (S&P 500) gained about 6% year-to-date and climbed to an all-time-high, Shanghai`s stock index rose 5% & Germany`s DAX advanced 3%. The stock markets are responding to better news from the global economy and they are signalling growing optimism.
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.
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