The international art market faces a downturn, marked by a combined total of $1.27bn raised in May 2023 by major auction houses, which is an 8% decrease from last year. High-value artworks, including a Giacometti bust, failed to find buyers, reflecting weakened buyer confidence. Geopolitical uncertainty, particularly related to Donald Trump's policies, is affecting the market's performance and outlook for sales. Analysts predict that this could lead to a third consecutive year of declining global art sales.
The anticipated 'Trump bump' has ultimately given way to a 'Trump slump',” says Christine Bourron, the chief executive of Pi-eX. “Trump's 'Liberation Day' announcement introduced significant geopolitical uncertainty, casting a shadow over the global economy and unsettling buyer confidence in the art market.
For their May sales in New York, Sotheby's, Christie's and Phillips raised a combined total of $1.27bn from their marquee auctions of Modern and contemporary art, according to data compiled by the London-based auction analysts, Pi-eX.
This figure, one of the few publicly available indicators of the health or otherwise of this opaque and secretive business, was down 8% on the total of the equivalent sales last May.
The work carrying the highest price tag this season, Alberto Giacometti's 1955 bronze bust, Grande tête mince (Grande tête de Diego), estimated by Sotheby's to sell for at least $70m, failed to attract a buyer.
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