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The Art Market Is on the Brink of Major Upheaval
By
James Tarmy
Analysis October 24, 2024 at 01:50 PM
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What You Need To Know
- Overall, today's art market is fairly flat, with more collectors buying works on paper, as well as pieces from new and emerging artists.
- In 2022, high net worth individuals allocated 24% of their wealth to art; that number has fallen to just 15% in 2024.
- In 2023, millennials decreased their average spending on art by as much as 50%.
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