Global Art Market Slows in First Half of 2019
- October 14, 2019 16:10
The global art market slowed due to political and economic uncertainty in the first half of 2019, according to Deloitte’s Art & Finance Report.
Brexit woes, the U.S. trade war with China, and the Hong Kong protests are among the factors affecting the art market, the report states.
In the first six months of this year, global sales from the 3 biggest auctions houses, Christie’s, Sotheby’s, and Phillips, dropped to US$5.55 billion, down 20.3% from US$6.96 billion recorded in the first six months of 2018.
Sales declined 53% year-over-year to US$447 million during the first half of 2019 in the Chinese and Asian art market.
