ART MARKET REPORT FALL 2023
STATE OF THE ART MARKET Hollis Taggart
At a time when financial and geo-political events are perilous, it is hard to talk about the art market, and where it is heading. Wars in the Middle East and Ukraine, and ever rising interest rates, are deeply unsettling and have impinged on the momentum that the art market had enjoyed in recent years. There is no doubt that world events like we are currently witnessing create a cloud of fear and uncertainty for everyone, and the financial implications of higher interest rates add to the concerns. There is much talk about an art market “correction”, and in fact there has been a noticeable pause in the ever escalating prices for fine art at the major auction houses, and additionally at the art fairs globally. This softening in the art market was clear in the May auctions in the United States and was repeated in the June sales in Europe. As this Fall season has progressed, similar trends are playing out. The Frieze London art fair in October was spotty and uneven, and the Paris+ par Art Basel art fair that followed was likewise mixed, although somewhat stronger than the Frieze London. There is a sense that Paris is rising as an international art hub, while London is declining.
A major test of the art market’s health will come with the major November auctions at Sotheby’s and Christie’s, with all eyes on the sale of the Emily Fisher Landau Collection at Sotheby’s, with major iconic works by Pablo Picasso, Jasper Johns, and 118 other lots being offered in November. The art fairs in Miami (Art Basel Miami Beach; Art Miami; Untitled Art; and others) coming in early December will be additional indicators of the health of the market for fine art. The art world has endured centuries of tumultuous global events, from depressions to world wars to toppled governments. In our gallery’s 44 years, which began in 1979, we have seen massive swings, ups and downs, and various transformations. No doubt the current challenges will have effects on the market, financially and psychologically, but the market will adapt and evolve. In times of stress, fine art has often provided a safe haven. Sitting in a museum, or in one’s own home, enjoying a communion with artworks, can provide solace and comfort in these troubled times. Our gallery continues to mount a vigorous ongoing program of both contemporary and historical exhibitions, and we thank each and every one of you for your continued interest and support.