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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