(Drivebycuriosity) - Last year the global art market staged a comeback. After two years of decline, the global art market grew about 12 percent in 2017, with about $63.7 billion in sales (artnews).
I had already expected this recovery and had denounced the early claims of an art market peak. In February 2017 I supposed "that the global art market will follow the stock markets and
will reach record sales & prices as well" (driveby). In 2017 the US stock market, (represented by the S&P 500) gained 19.42% and the art market accompanied him.
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. Economic growth and gains on real estate & stocks raised the wealth of potential art buyers and encouraged them to take more risks.
I believe that both, stock market & art market, will continue climbing this year, fostered by a growing global economy and stronger investor optimism which are lifting all boats.
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