Works of art have also been hit hard, just like other assets, by the post-pandemic financial fallout, inflation, high interest rates, and increased risk aversion. According to the market report prepared by Artnet, sales of works of art between January and May 20 (the report’s cutoff date) totaled just under $5 billion, a 14% drop compared to the same period in 2022, which was a very active year for this market.

This decline is not solely the result of a lack of interest on the part of buyers. In fact, in these times of financial turmoil, collectors are less inclined to put works of art up for sale, especially the most valuable pieces. In fact, the number of works put up for sale during this period reached its lowest level in three years.

This contraction in supply is most noticeable in works valued at over US$10 million, where sales fell by 51% compared to the first five months of 2022. Activity this year has been concentrated in the mid-range segments of the market. For properties valued between US$100,000 and US$1 million, sales rose by 18%, while those valued between US$1 million and US$10 million saw a 14% increase. The most affordable segment—properties priced under US$10,000—saw a 12% decline. You can view the full report here.