Art Market Faces Correction as High-End Spending Declines

Wealthy collectors are shifting towards less expensive works amid economic uncertainties and generational changes.

Global art sales dropped by 4% last year, reaching approximately $65 billion, as wealthy buyers reduced their purchases.
High-net-worth individuals have decreased their average art spending by 32%, with millennials cutting back significantly.
Despite the overall decline, median spending remained stable, and Gen X collectors reported the highest average spending.
Geopolitical tensions, inflation, and high interest rates have contributed to cautious buying behavior among the wealthiest collectors.
Art sales in China grew by 9%, making it the second-largest art market, driven by post-COVID buying activity.