Artworks have also been hit, like other assets, by the post-pandemic financial hangover, inflation, high interest rates and an increase in 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 US$5 billion, a drop of 14% compared to the same period in 2022, which was a very active year for this market.

This drop is not only a consequence of a lack of interest on the part of buyers. In fact, in these times of financial turbulence, there is less interest on the part of collectors to offer works of art for sale, especially the most valued works, there is less interest on the part of collectors to offer works of art for sale, especially the most valued works. In fact, the number of works the number of works coming up for sale in the period marked its lowest level in three years.

This contraction in supply is most notable in projects over US$10 million, where sales fell by 51% compared to the first five months of 2022. It is in the mid-market segments where activity has been concentrated this year. For projects valued between US$100,000 and US$1 million, there was an 18% increase in sales, while projects between US$1 million and US$10 million showed an increase of 14%. The most affordable segment, for projects under US$10,000,000, showed a 12% contraction. You can see the full report here.