Private art collections that haven’t been for sale in years are set to sell as art prices reach new highs.
Key Details
- Wealthy art collectors are rushing to shows as hard-to-get pieces come back on the market due to unprecedented prices.
- These high prices are likely incentivizing private collectors to sell their pieces.
- The Art Basel show set to take place in Switzerland this summer anticipates continued high prices during the show.
Why it’s news
Median spending on art the first half of this year has been around $180,000—price growth is expected to continue in the last half. Median spending for the entirety of last year reached $164,000.
More collectors are making million dollar purchases. Last year, only 12% of purchases were over $1 million. So far this year, 23% have reached that mark.
Sales at auctions are on the rise as well. Renowned auctions Christie’s, Sotheby’s, and Phillips saw more than a 20% increase in prices from last year. Art fairs in general are on the rise and beginning to reach the same levels seen before the pandemic.
Trading of arts and antiques is also on the rise. Imports are up 41% and exports up 38%.
Wealthy collectors seem unperturbed by economic uncertainty and continue to buy. If trends continue, the art world could see new record highs in the market.
