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Subject: The Art Market is Stuck in 2nd Gear
From: Artelligence <artelligence@substack.com>
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View this post on the web at https://artelligence.substack.com/p/the-art-ma=
rket-is-stuck-in-2nd-gear
Welcome to the Artelligence newsletter
You are receiving this newsletter because you made an account on LiveArt or=
you were a subscriber to Art Market Monitor. This is the new home for news=
and analysis of the global art market from Art Market Monitor and LiveArt.=
Combined with our Artelligence podcast [ https://substack.com/redirect/b7b=
8da13-5135-4b67-bef5-e62150f89014?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpi=
srMe5iRnigHXx6Fx_g6pp7gWdY ], it offers a unique perspective on the global =
art market.
If you have questions, tips or suggestions for coverage, feel free to conta=
ct us here [ mailto:maneker@artmarketmonitor.com ].
Please feel free to forward the newsletter to anyone you think would like t=
o subscribe. If you don=E2=80=99t want or need another newsletter, feel fre=
e to unsubscribe.
We hope you=E2=80=99ll stick with us.
Special Art Basel UBS Market Report Issue
Top Line Takeaways: The art market grew by 3% in 2022. That=E2=80=99s prett=
y slow.=20
Dealers Remain Optimistic About 2023: Despite the slow rise in 2022, most d=
ealers think 2023 will see more sales for them. =20
2022 Was a Good Year in the Art Market: 2022 wasn=E2=80=99t a peak year for=
the entire market but it was close.=20
Big Gets Bigger for Dealers and Auction Lots: The top of the market is thri=
ving but that=E2=80=99s only a small number of buyers to rely upon.=20
Post-War & Contemporary Is the Art Market: Post-War and Contemporary art is=
the only auction sector seeing a rise in the number of lots and overall va=
lue.
Billionaires Everywhere: The global population of billionaires and their we=
alth have exploded at a pace greater than the art sales. Will it catch up?
Katherine Bernhardt: We have a painting with her signature motifs on offer =
with an asking price of $325,000. Check it out.
Top Line Takeaways
The report highlights these facts from Clare McAndrew=E2=80=99s research:
Total art sales $68.7 billion. That=E2=80=99s 3% above 2022.
The US represents 45% of global sales by value or $30.2 billion but still b=
elow 2019 levels.
The UK is second with 18% of sales but remains below its pre-Brexit level.
Art sales in China fell 14%.
Dealer sales climbed 7% to $37.2 billion.
Auction houses accounted for $30.6 billion in sales which is down 2%. The t=
hree major auction houses had a record sales volume of $17.7 billion in 202=
2.=C2=A0
61% of dealers who responded to McAndrew=E2=80=99s survey saw a rise in sal=
es; 35% of sales were made at art fairs down from 42% in 2019.
Online sales fell as in-person art fairs returned; nevertheless, online sal=
es remained far above the pre-pandemic level.=C2=A0
Overall, the report suggests the art market has done well in 2022 but not a=
s well as might have been expected. One cause for concern is the growth in =
wealth that hasn=E2=80=99t been matched by art spending. (More on that belo=
w.) Althought dealers remain optimistic about their sales in 2023, the mark=
et has not accelerate or broadened in ways that the pandemic growth suggest=
ed.=20
Download the report here to read it for yourself [ https://substack.com/red=
irect/8282a854-b60b-4640-8aec-7b515fe4adc8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY ]. But we went through the report to hi=
ghlight some of the more interesting buried details.
Yayoi Kusama: Two Pumpkins just sold very well in Hong Kong. We have a scre=
enprint from 2000 in green. Take a look. =20
Dealers Remain Optimistic About 2023
McAndrew=E2=80=99s survey of dealers reveals that an overwhelming majority =
(84%) see sales remaining the same or improving this year over last year=E2=
=80=99s strong results. They also have refocused on their relationships wit=
h existing collectors in contrast to 2019 when they put art fairs at the to=
p of the list. Fairs are often viewed as place to meet new clients. Here ar=
e some of McAndrew=E2=80=99s observations:
=E2=80=9CAt the end of 2022, looking forward to 2023, 45% of dealers expect=
ed an improvement in sales, including 10% predicting a significant improvem=
ent; 39% thought sales would be stable; and 16% anticipated a decline (agai=
nst only 11% in 2021). The smallest dealers with turnover of less than $250=
,000 were the most optimistic about sales heading into 2023, with just over=
half (52%) expecting an increase.=E2=80=9D
McAndrew points out that collectors are looking for value, not bargains. Th=
ey don=E2=80=99t mind spending more:
=E2=80=9CThe surveys revealed that while their share of spending at prices =
under $50,000 had more than halved between 2019 and 2022, the proportion in=
the $1 million-plus range increased from 18% to 31%, and at the $10 millio=
n-plus level had doubled (to 12%). HNW collectors remained optimistic about=
the global art market in 2023, with a majority of 77% positive about its o=
utlook, and only 6% pessimistic. The surveys also indicated strong spending=
plans for this year, with a majority (55%) planning to buy art in 2023, in=
cluding 65% in the US.=E2=80=9D
Angeles Agrela: Big wigs and braids are a common theme in these works on pa=
per. LiveArt has a 2021 work with an asking price of $155,000.=20
2022 Was a Good Year in the Art Market
Clare McAndrew estimates total art market sales at $67.8bn which is $400m b=
elow the $68.2bn she estimated for 2014. Those results came from the sales =
of 37.8 million works privately and at auction. That number of lots was exc=
eeded in five previous years.=20
To illustrate this a little better, we have calculated the average price of=
a lot for the years 2009-2022 based upon McAndrew=E2=80=99s data. That cha=
rt is below. It shows the average lot price peaked in the last two years. W=
hy is that important? Because it shows that market is growing by increasing=
in value (which may reflect inflation) rather than by growing in size (mor=
e sales to more collectors.)=20
Louis Fratino: There=E2=80=99s lots of demand for the artist=E2=80=99s work=
at auction and on the private market. LiveArt has a collector looking to s=
pend $100-200,000 on a painting created between 2019 and 2022. Get in touch=
of you have one to sell.
Big Gets Bigger for Dealers and Auction Lots
McAndrew observes that there has been a marked shift in spending in both th=
e private dealer and auction markets. First she points out that large galle=
ries saw the biggest jump in sales:
=E2=80=9CSurveys of the dealer sector in 2022 showed that those with the hi=
ghest turnovers of over $10 million saw some of the largest increases in av=
erage sales values, at 19%. The smallest businesses struggled with price-co=
nscious and cautious buyers, rocketing costs, and more stagnant sales, with=
a decline of 3% for those with turnover of less than $250,000. This segmen=
t also had the smallest rise in sales from 2020 to 2021 (at 6%, versus 27% =
in the $10 million-plus segment).=E2=80=9D
This was mirrored by auction results that skewed toward works above $1 mill=
ion and above $10 million:
=E2=80=9CIn the fine art auction market, works selling for more than $1 mil=
lion accounted for 60% of the value of sales in just 1% of lots sold, with =
32% from works sold for over $10 million. While virtually all other price s=
egments experienced a drop in value year-on-year in 2022, sales of works pr=
iced over $10 million increased by 12% despite a smaller number of lots sol=
d, revealing an increasingly thin but strongly performing high end.=E2=80=
=9D
=E2=80=9CIn the period from 2009 to 2022, the $10 million-plus segment grew=
in value by close to 700% while the lower end (works priced at less than $=
50,000) saw a much more moderate increase of 10%. If these figures were adj=
usted for inflation, while the highest end still grew to more than five tim=
es its size over the period, sales below $50,000 declined in value.=E2=80=
=9D
Soumya Netrabile: This Chicago artist=E2=80=94born in India=E2=80=94got a l=
ate start. She=E2=80=99s only been showing work since 2015. Her market is g=
aining traction. LiveArt has a collector looking for a medium-to-large-scal=
e painting with a budget of $10-45,000.=20
Post-War & Contemporary Is the Art Market
At auction, sales are declining in volume in every other category but Conte=
mporary art. McAndrew=E2=80=99s analysis of auction categories shows Modern=
, Impressionist and Old Masters declining lot volume. There was a rise in 2=
021 and 2022 in Impressionist sales value. But Post-War and Contemporary ar=
t had the most auction value and the highest number of lots, too. Within th=
e report you will see some interesting data on where the greatest value lie=
s in the art market. Hint: it involves time and selection bias. Nevertheles=
s, art made in the last 75 years dominates the art market today. =20
Billionaires Everywhere
McAndrew points out the rapid rise in the number of billionaires and the we=
alth they hold was not matched by a rise in art spending. Or, if it was, th=
at spending concentrated into more expensive works rather than more works:
=E2=80=9C=E2=80=8B=E2=80=8B[B]illionaire wealth has more than doubled in 10=
years, and it has increased by more than one third since 2019, just before=
the onset of the pandemic. Along with the adaptions made by the market, th=
e expansion in wealth for the world=E2=80=99s richest individuals has undou=
btedly helped the art market weather the COVID-19 crisis better than it oth=
erwise would have and to recover more rapidly. The extent to which these bi=
llionaires have focused their buying on the thin segment at the top of the =
market may, however, have increased inequalities in how businesses in the a=
rt trade have fared.=E2=80=9D
Thanks for reading Artelligence! Subscribe for free.
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</style></head><body class=3D"email-body" style=3D"font-kerning: auto;"><im=
g src=3D"https://mailgun.substack.com/api/v1/email/open?token=3DeyJtIjoiPDI=
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zG-oRFlUvrwiI2Ld43885H64mE" alt=3D"" width=3D"1" height=3D"1" border=3D"0" =
style=3D"height:1px !important;width:1px !important;border-width:0 !importa=
nt;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !impor=
tant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !im=
portant;padding-right:0 !important;padding-left:0 !important;"/><div style=
=3D"display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px=
;max-width:0px;opacity:0;overflow:hidden;" class=3D"preview">Clare McAndrew=
’s annual report is dense with details—here are some of the mos=
t interesting charts and data points.  ‌ ‌ ̴=
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 ‌</div><table role=3D"presentation" width=3D"100%" border=3D"0"=
cellspacing=3D"0" cellpadding=3D"0" class=3D"email-body-container"><tr><td=
></td><td width=3D"550" class=3D"content"></td><td></td></tr><tr><td></td><=
td align=3D"left" width=3D"550" class=3D"content"><div style=3D"font-size: =
16px; line-height: 26px; margin: 0 auto; max-width: 550px; overflow-wrap: b=
reak-word; width: 100%;"><table role=3D"presentation" width=3D"100%" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td align=3D"right" style=3D=
"height: 20px;"><table role=3D"presentation" width=3D"auto" border=3D"0" ce=
llspacing=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"=
><span class=3D"tw-font-body tw-text-ssm tw-text-substack-secondary" style=
=3D"color: #808080 !important; font-family: SF Pro Text, -apple-system, Bli=
nkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, App=
le Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: 13px=
!important;"><a href=3D"https://open.substack.com/pub/artelligence/p/the-a=
rt-market-is-stuck-in-2nd-gear?utm_source=3Demail&redirect=3Dapp-store" cla=
ss=3D"tw-text-substack-secondary tw-underline" style=3D"-webkit-text-decora=
tion-line: underline !important; color: #808080 !important; text-decoration=
-line: underline !important;">Open in app</a> or <a href=3D"https://substac=
k.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3AvdG=
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on-line: underline !important; color: #808080 !important; text-decoration-l=
ine: underline !important;">online</a></span></td></tr></table></td></tr></=
table><table role=3D"presentation" width=3D"auto" class=3D"header graphic-h=
eader" style=3D"border-spacing: 0; padding: 16px 0 32px;"><tr><td align=3D"=
center" style=3D"padding: 0; text-align: center;"><a href=3D"https://substa=
ck.com/redirect/2/eyJlIjoiaHR0cHM6Ly9hcnRlbGxpZ2VuY2Uuc3Vic3RhY2suY29tL3Avd=
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max-width: 550px; vertical-align: middle; width: 100%;"></a></td></tr></tab=
le><div dir=3D"auto" class=3D"post typography" style=3D"font-size: 16px; li=
ne-height: 26px; padding: 16px 0 0 0;"><div class=3D"post-header" style=3D"=
font-size: 16px; line-height: 26px;"><h1 class=3D"post-title published" sty=
le=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing=
: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display', =
-apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sa=
ns-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-si=
ze: 32px; font-weight: bold; line-height: 36px; margin: 0;"><a href=3D"http=
s://substack.com/app-link/post?publication_id=3D2259&post_id=3D112719313&ut=
m_source=3Dpost-email-title&isFreemail=3Dtrue&token=3DeyJ1c2VyX2lkIjoxMzMyN=
jg2NjEsInBvc3RfaWQiOjExMjcxOTMxMywiaWF0IjoxNjgwNzEzMTc0LCJleHAiOjE2ODMzMDUx=
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LdHpS1BCcnzAlTR2A-b6jeZqQ" style=3D"color: #404040; text-decoration: none;"=
>The Art Market is Stuck in 2nd Gear</a></h1><h3 class=3D"subtitle" style=
=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: =
subpixel-antialiased; color: #808080; font-family: 'SF Compact Display', -a=
pple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans=
-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size=
: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top=
: 12px;">Clare McAndrew’s annual report is dense with details—h=
ere are some of the most interesting charts and data points.</h3><table rol=
e=3D"presentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddin=
g=3D"0" class=3D"post-meta" style=3D"align-items: center; height: 20px; mar=
gin: 1em 0;"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0"><tr><td><table role=3D"presentation"=
width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tr><td st=
yle=3D"vertical-align: middle;"><div class=3D"frontend-pencraft-Text-module=
__reset--20JLV frontend-pencraft-Text-module__size-11--1-ofT frontend-pencr=
aft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weigh=
t-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pe=
ncraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__tra=
nsform-uppercase--38jbr custom-css-email-post-author" style=3D"color: #4040=
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oji','Segoe UI Emoji','Segoe UI Symbol'; font-size: 11px; font-weight: 500;=
line-height: 20px; margin: 0; text-decoration: unset; text-transform: uppe=
rcase;"><a href=3D"https://substack.com/redirect/c2350a8f-2756-4ad8-b6bf-fc=
112499ca9f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7g=
WdY" style=3D"color: #404040; font-family: 'SF Compact Text','SF Pro Text',=
-apple-system,BlinkMacSystemFont,'Inter','Segoe UI',Roboto,Helvetica,Arial,=
sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol'; font-siz=
e: 11px; font-weight: 500; line-height: 20px; margin: 0; text-decoration: n=
one; text-transform: uppercase;" class=3D"frontend-pencraft-Text-module__re=
set--20JLV frontend-pencraft-Text-module__size-11--1-ofT frontend-pencraft-=
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dium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencra=
ft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__transfo=
rm-uppercase--38jbr">Marion Maneker</a></div></td></tr></table></td></tr><t=
r><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tr><td style=3D"vertical-align: middle;"><div cla=
ss=3D"frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-mo=
dule__size-11--1-ofT frontend-pencraft-Text-module__line-height-20--1soeQ f=
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odule__font-meta--2i-cR frontend-pencraft-Text-module__color-secondary--XjV=
Gl frontend-pencraft-Text-module__transform-uppercase--38jbr" style=3D"colo=
r: #808080; font-family: 'SF Compact Text','SF Pro Text',-apple-system,Blin=
kMacSystemFont,'Inter','Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple =
Color Emoji','Segoe UI Emoji','Segoe UI Symbol'; font-size: 11px; font-weig=
ht: 500; line-height: 20px; margin: 0; text-decoration: unset; text-transfo=
rm: uppercase;"><time dateTime=3D"2023-04-05T16:45:56.446Z">Apr 5</time></d=
iv></td></tr></table></td></tr></table></td></tr></table><table role=3D"pre=
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adding=3D"0"><tr><td><table role=3D"presentation" width=3D"auto" border=3D"=
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bscribe</span></a></p></div><div style=3D"font-size: 16px; line-height: 26p=
x;"><hr style=3D"background: var(--color-detail); border: none; height: 1px=
; margin: 32px 0; padding: 0;"></div><h2 class=3D"header-with-anchor-widget=
" style=3D"-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoo=
thing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Displ=
ay', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Aria=
l, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fo=
nt-size: 1.625em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.6=
25em 0; position: relative;">Special Art Basel UBS Market Report Issue</h2>=
<ol style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;=
"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line=
-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Top=
Line Takeaways: </strong><span>The art market grew by 3% in 2022. ThatR=
17;s pretty slow. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p st=
yle=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height=
: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Dealers Re=
main Optimistic About 2023: </strong><span>Despite the slow rise in 2022, m=
ost dealers think 2023 will see more sales for them. </span><strong> </stro=
ng></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bor=
der-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; mar=
gin-bottom: 0; padding-left: 4px;"><strong>2022 Was a Good Year in the Art =
Market:</strong><span> 2022 wasn’t a peak year for the entire market =
but it was close. </span></p></li><li style=3D"margin: 8px 0 0 32px;"><p st=
yle=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height=
: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><strong>Big Gets B=
igger for Dealers and Auction Lots: </strong><span>The top of the market is=
thriving but that’s only a small number of buyers to rely upon. </sp=
an></p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: bor=
der-box; color: #404040; font-size: 16px; line-height: 26px; margin: 0; mar=
gin-bottom: 0; padding-left: 4px;"><strong>Post-War & Contemporary Is t=
he Art Market: </strong><span>Post-War and Contemporary art is the only auc=
tion sector seeing a rise in the number of lots and overall value.</span></=
p></li><li style=3D"margin: 8px 0 0 32px;"><p style=3D"box-sizing: border-b=
ox; color: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-b=
ottom: 0; padding-left: 4px;"><strong>Billionaires Everywhere: </strong><sp=
an>The global population of billionaires and their wealth have exploded at =
a pace greater than the art sales. Will it catch up?</span></p></li></ol><d=
iv style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: v=
ar(--color-detail); border: none; height: 1px; margin: 32px 0; padding: 0;"=
></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0;"><strong>Katherine Bernhardt: </strong><span>We have a pain=
ting with her signature motifs on offer with an asking price of $325,000.</=
span><strong> </strong><span>Check it out.</span></p><p class=3D"button-wra=
pper" data-attrs=3D"{"url":"https://liveart.io/products/view=
/UHJvZHVjdFR5cGU6NjE2Nw=3D=3D","text":"View on Trading =
Floor","action":null,"class":null}" style=3D"color=
: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-ali=
gn: center;"><a class=3D"button primary" href=3D"https://substack.com/redir=
ect/d6b3aee3-e8b7-4ad3-81dc-224d5559c94a?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d=
0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-color: #653=
366; border: none; border-radius: 4px; box-sizing: border-box; color: #ffff=
ff !important; cursor: pointer; display: inline-block; font-family: -apple-=
system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-seri=
f, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14p=
x; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity: 1=
; outline: none; padding: 12px 20px; text-align: center; text-decoration: n=
one !important; white-space: nowrap;"><span style=3D"color: #ffffff; text-d=
ecoration: none;">View on Trading Floor</span></a></p><div style=3D"font-si=
ze: 16px; line-height: 26px;"><hr style=3D"background: var(--color-detail);=
border: none; height: 1px; margin: 32px 0; padding: 0;"></div><p style=3D"=
color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;"><s=
trong>Top Line Takeaways</strong></p><p style=3D"color: #404040; font-size:=
16px; line-height: 26px; margin: 0 0 20px 0;">The report highlights these =
facts from Clare McAndrew’s research:</p><ul style=3D"margin-top: 0; =
padding: 0;"><li style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;=
"><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line=
-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"><span>Total=
art sales</span><strong> $68.7 billion</strong><span>. That’s 3% abo=
ve 2022.</span></p></li><li style=3D"margin: 8px 0 0 32px; mso-special-form=
at: bullet;"><p style=3D"box-sizing: border-box; color: #404040; font-size:=
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">=
The US represents 45% of global sales by value or $30.2 billion but still b=
elow 2019 levels.</p></li><li style=3D"margin: 8px 0 0 32px; mso-special-fo=
rmat: bullet;"><p style=3D"box-sizing: border-box; color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;=
">The UK is second with 18% of sales but remains below its pre-Brexit level=
=2E</p></li><li style=3D"margin: 8px 0 0=
32px; mso-special-format: bullet;"><=
p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-he=
ight: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">Art sales in C=
hina fell 14%.</p></li><li style=3D"margin: 8px 0 0 32px; mso-special-forma=
t: bullet;"><p style=3D"box-sizing: border-box; color: #404040; font-size: =
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">D=
ealer sales climbed 7% to $37.2 billion.</p></li><li style=3D"margin: 8px 0=
0 32px; mso-special-format: bullet;"><p style=3D"box-sizing: border-box; c=
olor: #404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom=
: 0; padding-left: 4px;">Auction houses accounted for $30.6 billion in sale=
s which is down 2%. The three major auction houses had a record sales volum=
e of $17.7 billion in 2022. </p></li><li style=3D"margin: 8px 0 0 32px=
; mso-special-format: bullet;"><p style=3D"box-sizing: border-box; color: #=
404040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pa=
dding-left: 4px;">61% of dealers who responded to McAndrew’s survey s=
aw a rise in sales; 35% of sales were made at art fairs down from 42% in 20=
19.</p></li><li style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"=
><p style=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-=
height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">Online sales=
fell as in-person art fairs returned; nevertheless, online sales remained =
far above the pre-pandemic level. </p></li></ul><p style=3D"color: #40=
4040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">Overall, the=
report suggests the art market has done well in 2022 but not as well as mi=
ght have been expected. One cause for concern is the growth in wealth that =
hasn’t been matched by art spending. (More on that below.) Althought =
dealers remain optimistic about their sales in 2023, the market has not acc=
elerate or broadened in ways that the pandemic growth suggested. </p><p sty=
le=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px =
0;"><a href=3D"https://substack.com/redirect/8282a854-b60b-4640-8aec-7b515f=
e4adc8?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY"=
rel=3D"" style=3D"color: #404040; text-decoration: underline;">Download th=
e report here to read it for yourself</a><span>. But we went through the re=
port to highlight some of the more interesting buried details.</span></p><d=
iv style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: v=
ar(--color-detail); border: none; height: 1px; margin: 32px 0; padding: 0;"=
></div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; marg=
in: 0 0 20px 0;"><strong>Yayoi Kusama:</strong><span> Two Pumpkins just sol=
d very well in Hong Kong. We have a screenprint from 2000 in green. Take a =
look. </span></p><p class=3D"button-wrapper" data-attrs=3D"{"url"=
;:"https://liveart.io/products/view/UHJvZHVjdFR5cGU6NTQ2NA=3D=3D"=
,"text":"View on Trading Floor","action":null=
,"class":null}" style=3D"color: #404040; font-size: 16px; line-he=
ight: 26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button pri=
mary" href=3D"https://substack.com/redirect/2181fa95-68d1-47cf-967e-f1776d3=
0966f?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" =
rel=3D"" style=3D"background-color: #653366; border: none; border-radius: 4=
px; box-sizing: border-box; color: #ffffff !important; cursor: pointer; dis=
play: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe =
UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI E=
moji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; =
line-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px=
; text-align: center; text-decoration: none !important; white-space: nowrap=
;"><span style=3D"color: #ffffff; text-decoration: none;">View on Trading F=
loor</span></a></p><div style=3D"font-size: 16px; line-height: 26px;"><hr s=
tyle=3D"background: var(--color-detail); border: none; height: 1px; margin:=
32px 0; padding: 0;"></div><p style=3D"color: #404040; font-size: 16px; li=
ne-height: 26px; margin: 0 0 20px 0;"><strong>Dealers Remain Optimistic Abo=
ut 2023</strong></p><div class=3D"captioned-image-container-static" style=
=3D"font-size: 16px; line-height: 26px; margin: 32px auto;"><figure style=
=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wrapper" width=3D"1=
00%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-=
alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td al=
ign=3D"left" class=3D"content" width=3D"1456" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/c202552f-4379-43c1-8e13-0ef4cb33de33?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c=
1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center;=
border: none; display: block; flex-direction: column; height: auto; margin=
: 0; padding: 0; position: relative; text-decoration: none; width: auto;"><=
img data-attrs=3D"{"src":"https://substack-post-media.s3.ama=
zonaws.com/public/images/52e0d592-26ff-410e-bcc5-d87e0b983a6a_2074x1774.png=
","fullscreen":null,"imageSize":null,"height&=
quot;:1245,"width":1456,"resizeWidth":null,"bytes&=
quot;:407368,"alt":null,"title":null,"type":&=
quot;image/png","href":null,"belowTheFold":true,&q=
uot;internalRedirect":null}" alt=3D"" width=3D"550" height=3D"470.2953=
296703297" class=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/=
w_2912,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubsta=
ck-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52e0d592-26ff-410e-bcc5-=
d87e0b983a6a_2074x1774.png" style=3D"-ms-interpolation-mode: bicubic; borde=
r: none !important; display: block; height: auto; margin: 0 auto; margin-bo=
ttom: 0; max-width: 100% !important; vertical-align: middle; width: auto !i=
mportant;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></t=
able></figure></div><p style=3D"color: #404040; font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0;">McAndrew’s survey of dealers reveals th=
at an overwhelming majority (84%) see sales remaining the same or improving=
this year over last year’s strong results. They also have refocused =
on their relationships with existing collectors in contrast to 2019 when th=
ey put art fairs at the top of the list. Fairs are often viewed as place to=
meet new clients. Here are some of McAndrew’s observations:</p><ul s=
tyle=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px; mso-=
special-format: bullet;"><p style=3D"box-sizing: border-box; color: #404040=
; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-=
left: 4px;">“At the end of 2022, looking forward to 2023, 45% of deal=
ers expected an improvement in sales, including 10% predicting a significan=
t improvement; 39% thought sales would be stable; and 16% anticipated a dec=
line (against only 11% in 2021). The smallest dealers with turnover of less=
than $250,000 were the most optimistic about sales heading into 2023, with=
just over half (52%) expecting an increase.”</p></li></ul><p style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
">McAndrew points out that collectors are looking for value, not bargains. =
They don’t mind spending more:</p><ul style=3D"margin-top: 0; padding=
: 0;"><li style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p st=
yle=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-height=
: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">“The surveys=
revealed that while their share of spending at prices under $50,000 had mo=
re than halved between 2019 and 2022, the proportion in the $1 million-plus=
range increased from 18% to 31%, and at the $10 million-plus level had dou=
bled (to 12%). HNW collectors remained optimistic about the global art mark=
et in 2023, with a majority of 77% positive about its outlook, and only 6% =
pessimistic. The surveys also indicated strong spending plans for this year=
, with a majority (55%) planning to buy art in 2023, including 65% in the U=
S.”</p></li></ul><div style=3D"font-size: 16px; line-height: 26px;"><=
hr style=3D"background: var(--color-detail); border: none; height: 1px; mar=
gin: 32px 0; padding: 0;"></div><p style=3D"color: #404040; font-size: 16px=
; line-height: 26px; margin: 0 0 20px 0;"><strong>Angeles Agrela: </strong>=
<span>Big wigs and braids are a common theme in these works on paper. LiveA=
rt has a 2021 work with an asking price of $155,000. </span></p><p class=3D=
"button-wrapper" data-attrs=3D"{"url":"https://liveart.io/pr=
oducts/view/UHJvZHVjdFR5cGU6NTQ2NA=3D=3D","text":"View =
on Trading Floor","action":null,"class":null}" sty=
le=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px =
0; text-align: center;"><a class=3D"button primary" href=3D"https://substac=
k.com/redirect/2181fa95-68d1-47cf-967e-f1776d30966f?j=3DeyJ1IjoiMjdjZXI5In0=
=2EnCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_=
g6pp7gWdY" rel=3D"" style=3D"background-=
color: #653366; border: none; border-radius: 4px; box-sizing: border-box; c=
olor: #ffffff !important; cursor: pointer; display: inline-block; font-fami=
ly: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial=
, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; fon=
t-size: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0;=
opacity: 1; outline: none; padding: 12px 20px; text-align: center; text-de=
coration: none !important; white-space: nowrap;"><span style=3D"color: #fff=
fff; text-decoration: none;">View on Trading Floor</span></a></p><div style=
=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: var(--col=
or-detail); border: none; height: 1px; margin: 32px 0; padding: 0;"></div><=
p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 =
20px 0;"><strong>2022 Was a Good Year in the Art Market</strong></p><div cl=
ass=3D"captioned-image-container-static" style=3D"font-size: 16px; line-hei=
ght: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: 100%=
;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr=
><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"content=
" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" targ=
et=3D"_blank" href=3D"https://substack.com/redirect/7a78ff6d-a4b3-4f3b-8832=
-3a150f66b5e4?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6p=
p7gWdY" rel=3D"" style=3D"align-items: center; border: none; display: block=
; flex-direction: column; height: auto; margin: 0; padding: 0; position: re=
lative; text-decoration: none; width: auto;"><img data-attrs=3D"{"src&=
quot;:"https://substack-post-media.s3.amazonaws.com/public/images/b25e=
0030-e410-4763-b2a4-ee820b9c9666_2116x1302.png","fullscreen"=
:null,"imageSize":null,"height":896,"width":1=
456,"resizeWidth":null,"bytes":248198,"alt":n=
ull,"title":null,"type":"image/png","hre=
f":null,"belowTheFold":true,"internalRedirect":nul=
l}" alt=3D"" width=3D"550" height=3D"338.46153846153845" class=3D"wide-imag=
e" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:=
good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.co=
m%2Fpublic%2Fimages%2Fb25e0030-e410-4763-b2a4-ee820b9c9666_2116x1302.png" s=
tyle=3D"-ms-interpolation-mode: bicubic; border: none !important; display: =
block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !imp=
ortant; vertical-align: middle; width: auto !important;"></a></td><td style=
=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
">Clare McAndrew estimates total art market sales at $67.8bn which is $400m=
below the $68.2bn she estimated for 2014. Those results came from the sale=
s of 37.8 million works privately and at auction. That number of lots was e=
xceeded in five previous years. </p><p style=3D"color: #404040; font-size: =
16px; line-height: 26px; margin: 0 0 20px 0;">To illustrate this a little b=
etter, we have calculated the average price of a lot for the years 2009-202=
2 based upon McAndrew’s data. That chart is below. It shows the avera=
ge lot price peaked in the last two years. Why is that important? Because i=
t shows that market is growing by increasing in value (which may reflect in=
flation) rather than by growing in size (more sales to more collectors.) </=
p><div class=3D"captioned-image-container-static" style=3D"font-size: 16px;=
line-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; wi=
dth: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tb=
ody><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"=
content" width=3D"725" style=3D"text-align: center;"><a class=3D"image-link=
" target=3D"_blank" href=3D"https://substack.com/redirect/455e11e2-8d67-4c2=
5-b0d7-ff5517744bff?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6=
Fx_g6pp7gWdY" rel=3D"" style=3D"align-items: center; border: none; display:=
block; flex-direction: column; height: auto; margin: 0; padding: 0; positi=
on: relative; text-decoration: none; width: auto;"><img data-attrs=3D"{&quo=
t;src":"https://substack-post-media.s3.amazonaws.com/public/image=
s/84d97340-e77e-4214-9a98-7b0f6f30fa18_2976x2154.png","fullscreen=
":null,"imageSize":null,"height":1054,"width&=
quot;:1456,"resizeWidth":725,"bytes":245337,"alt&q=
uot;:null,"title":null,"type":"image/png",&qu=
ot;href":null,"belowTheFold":true,"internalRedirect&quo=
t;:null}" alt=3D"" width=3D"550" height=3D"398.1456043956044" class=3D"wide=
-image" src=3D"https://substackcdn.com/image/fetch/w_1450,c_limit,f_auto,q_=
auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazona=
ws.com%2Fpublic%2Fimages%2F84d97340-e77e-4214-9a98-7b0f6f30fa18_2976x2154.p=
ng" style=3D"-ms-interpolation-mode: bicubic; border: none !important; disp=
lay: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100%=
!important; vertical-align: middle; width: auto !important;"></a></td><td =
style=3D"text-align: center;"></td></tr></tbody></table></figure></div><div=
style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: var=
(--color-detail); border: none; height: 1px; margin: 32px 0; padding: 0;"><=
/div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin=
: 0 0 20px 0;"><strong>Louis Fratino:</strong><span> There’s lots of =
demand for the artist’s work at auction and on the private market. Li=
veArt has a collector looking to spend $100-200,000 on a painting created b=
etween 2019 and 2022. Get in touch of you have one to sell.</span></p><p cl=
ass=3D"button-wrapper" data-attrs=3D"{"url":"https://liveart=
=2Eio/wishes/V2lzaGxpc3RUeXBlOjI4Ng=3D=3D=
","text":"View o=
n Trading Floor","action":null,"class":null}" styl=
e=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0=
; text-align: center;"><a class=3D"button primary" href=3D"https://substack=
=2Ecom/redirect/967cc014-7174-4412-b8c=
8-34b40f24ad84?j=3DeyJ1IjoiMjdjZXI5In0.=
nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"background-c=
olor: #653366; border: none; border-radius: 4px; box-sizing: border-box; co=
lor: #ffffff !important; cursor: pointer; display: inline-block; font-famil=
y: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial,=
sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font=
-size: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; =
opacity: 1; outline: none; padding: 12px 20px; text-align: center; text-dec=
oration: none !important; white-space: nowrap;"><span style=3D"color: #ffff=
ff; text-decoration: none;">View on Trading Floor</span></a></p><div style=
=3D"font-size: 16px; line-height: 26px;"><hr style=3D"background: var(--col=
or-detail); border: none; height: 1px; margin: 32px 0; padding: 0;"></div><=
p style=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 =
20px 0;"><strong>Big Gets Bigger for Dealers and Auction Lots</strong></p><=
div class=3D"captioned-image-container-static" style=3D"font-size: 16px; li=
ne-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width=
: 100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody=
><tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"con=
tent" width=3D"713" style=3D"text-align: center;"><a class=3D"image-link" t=
arget=3D"_blank" href=3D"https://substack.com/redirect/eee02b04-1d1c-4045-8=
68a-515fb020489b?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_=
g6pp7gWdY" rel=3D"" style=3D"align-items: center; border: none; display: bl=
ock; flex-direction: column; height: auto; margin: 0; padding: 0; position:=
relative; text-decoration: none; width: auto;"><img data-attrs=3D"{"s=
rc":"https://substack-post-media.s3.amazonaws.com/public/images/e=
757e8e1-dbbd-4511-bf5a-cae4f83aa57e_2056x1374.png","fullscreen&qu=
ot;:null,"imageSize":null,"height":973,"width"=
;:1456,"resizeWidth":713,"bytes":161844,"alt"=
:null,"title":null,"type":"image/png","h=
ref":null,"belowTheFold":true,"internalRedirect":n=
ull}" alt=3D"" width=3D"550" height=3D"367.5480769230769" class=3D"wide-ima=
ge" src=3D"https://substackcdn.com/image/fetch/w_1426,c_limit,f_auto,q_auto=
:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.c=
om%2Fpublic%2Fimages%2Fe757e8e1-dbbd-4511-bf5a-cae4f83aa57e_2056x1374.png" =
style=3D"-ms-interpolation-mode: bicubic; border: none !important; display:=
block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !im=
portant; vertical-align: middle; width: auto !important;"></a></td><td styl=
e=3D"text-align: center;"></td></tr></tbody></table></figure></div><p style=
=3D"color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;=
">McAndrew observes that there has been a marked shift in spending in both =
the private dealer and auction markets. First she points out that large gal=
leries saw the biggest jump in sales:</p><ul style=3D"margin-top: 0; paddin=
g: 0;"><li style=3D"margin: 8px 0 0 32px; mso-special-format: bullet;"><p s=
tyle=3D"box-sizing: border-box; color: #404040; font-size: 16px; line-heigh=
t: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">“Surveys of=
the dealer sector in 2022 showed that those with the highest turnovers of =
over $10 million saw some of the largest increases in average sales values,=
at 19%. The smallest businesses struggled with price-conscious and cautiou=
s buyers, rocketing costs, and more stagnant sales, with a decline of 3% fo=
r those with turnover of less than $250,000. This segment also had the smal=
lest rise in sales from 2020 to 2021 (at 6%, versus 27% in the $10 million-=
plus segment).”</p></li></ul><p style=3D"color: #404040; font-size: 1=
6px; line-height: 26px; margin: 0 0 20px 0;">This was mirrored by auction r=
esults that skewed toward works above $1 million and above $10 million:</p>=
<ul style=3D"margin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px;=
mso-special-format: bullet;"><p style=3D"box-sizing: border-box; color: #4=
04040; font-size: 16px; line-height: 26px; margin: 0; margin-bottom: 0; pad=
ding-left: 4px;">“In the fine art auction market, works selling for m=
ore than $1 million accounted for 60% of the value of sales in just 1% of l=
ots sold, with 32% from works sold for over $10 million. While virtually al=
l other price segments experienced a drop in value year-on-year in 2022, sa=
les of works priced over $10 million increased by 12% despite a smaller num=
ber of lots sold, revealing an increasingly thin but strongly performing hi=
gh end.”</p></li><li style=3D"margin: 8px 0 0 32px; mso-special-forma=
t: bullet;"><p style=3D"box-sizing: border-box; color: #404040; font-size: =
16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;">&=
#8220;In the period from 2009 to 2022, the $10 million-plus segment grew in=
value by close to 700% while the lower end (works priced at less than $50,=
000) saw a much more moderate increase of 10%. If these figures were adjust=
ed for inflation, while the highest end still grew to more than five times =
its size over the period, sales below $50,000 declined in value.”</p>=
</li></ul><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"b=
ackground: var(--color-detail); border: none; height: 1px; margin: 32px 0; =
padding: 0;"></div><p style=3D"color: #404040; font-size: 16px; line-height=
: 26px; margin: 0 0 20px 0;"><strong>Soumya Netrabile:</strong><span> This =
Chicago artist—born in India—got a late start. She’s only=
been showing work since 2015. Her market is gaining traction. LiveArt has =
a collector looking for a medium-to-large-scale painting with a budget of $=
10-45,000. </span></p><p class=3D"button-wrapper" data-attrs=3D"{"url&=
quot;:"https://liveart.io/wishes/V2lzaGxpc3RUeXBlOjU3OA=3D=3D",&q=
uot;text":"View on Trading Floor","action":null,&q=
uot;class":null}" style=3D"color: #404040; font-size: 16px; line-heigh=
t: 26px; margin: 0 0 20px 0; text-align: center;"><a class=3D"button primar=
y" href=3D"https://substack.com/redirect/70f5b3b7-131c-41bc-81ee-9d3650d241=
ad?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=
=3D"" style=3D"background-color: #653366; border: none; border-radius: 4px;=
box-sizing: border-box; color: #ffffff !important; cursor: pointer; displa=
y: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI'=
, Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoj=
i', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; lin=
e-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; t=
ext-align: center; text-decoration: none !important; white-space: nowrap;">=
<span style=3D"color: #ffffff; text-decoration: none;">View on Trading Floo=
r</span></a></p><p style=3D"color: #404040; font-size: 16px; line-height: 2=
6px; margin: 0 0 20px 0;"></p><div style=3D"font-size: 16px; line-height: 2=
6px;"><hr style=3D"background: var(--color-detail); border: none; height: 1=
px; margin: 32px 0; padding: 0;"></div><p style=3D"color: #404040; font-siz=
e: 16px; line-height: 26px; margin: 0 0 20px 0;"><strong>Post-War & Con=
temporary Is the Art Market</strong></p><div class=3D"captioned-image-conta=
iner-static" style=3D"font-size: 16px; line-height: 26px; margin: 32px auto=
;"><figure style=3D"margin: 0 auto; width: 100%;"><table class=3D"image-wra=
pper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=
=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cent=
er;"></td><td align=3D"left" class=3D"content" width=3D"1456" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/3f486f8c-ad79-499c-804e-285e3ef63a74?j=3DeyJ1IjoiMjdj=
ZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g6pp7gWdY" rel=3D"" style=3D"alig=
n-items: center; border: none; display: block; flex-direction: column; heig=
ht: auto; margin: 0; padding: 0; position: relative; text-decoration: none;=
width: auto;"><img data-attrs=3D"{"src":"https://substack-p=
ost-media.s3.amazonaws.com/public/images/5639a60f-6594-45ec-972b-bcd9085fb2=
2b_1600x900.jpeg","fullscreen":null,"imageSize":nu=
ll,"height":819,"width":1456,"resizeWidth":nu=
ll,"bytes":null,"alt":null,"title":null,"=
;type":null,"href":null,"belowTheFold":true,"=
internalRedirect":null}" alt=3D"" width=3D"550" height=3D"309.375" cla=
ss=3D"wide-image" src=3D"https://substackcdn.com/image/fetch/w_2912,c_limit=
,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.=
s3.amazonaws.com%2Fpublic%2Fimages%2F5639a60f-6594-45ec-972b-bcd9085fb22b_1=
600x900.jpeg" style=3D"-ms-interpolation-mode: bicubic; border: none !impor=
tant; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-w=
idth: 100% !important; vertical-align: middle; width: auto !important;"></a=
></td><td style=3D"text-align: center;"></td></tr></tbody></table></figure>=
</div><p style=3D"color: #404040; font-size: 16px; line-height: 26px; margi=
n: 0 0 20px 0;">At auction, sales are declining in volume in every other ca=
tegory but Contemporary art. McAndrew’s analysis of auction categorie=
s shows Modern, Impressionist and Old Masters declining lot volume. There w=
as a rise in 2021 and 2022 in Impressionist sales value. But Post-War and C=
ontemporary art had the most auction value and the highest number of lots, =
too. Within the report you will see some interesting data on where the grea=
test value lies in the art market. Hint: it involves time and selection bia=
s. Nevertheless, art made in the last 75 years dominates the art market tod=
ay. </p><div style=3D"font-size: 16px; line-height: 26px;"><hr style=3D"ba=
ckground: var(--color-detail); border: none; height: 1px; margin: 32px 0; p=
adding: 0;"></div><p style=3D"color: #404040; font-size: 16px; line-height:=
26px; margin: 0 0 20px 0;"><strong>Billionaires Everywhere</strong></p><di=
v class=3D"captioned-image-container-static" style=3D"font-size: 16px; line=
-height: 26px; margin: 32px auto;"><figure style=3D"margin: 0 auto; width: =
100%;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><=
tr><td style=3D"text-align: center;"></td><td align=3D"left" class=3D"conte=
nt" width=3D"1456" style=3D"text-align: center;"><a class=3D"image-link" ta=
rget=3D"_blank" href=3D"https://substack.com/redirect/f199610f-aa10-4c70-93=
a4-88c6ab15d707?j=3DeyJ1IjoiMjdjZXI5In0.nCNhOM3c1d0jQmMpisrMe5iRnigHXx6Fx_g=
6pp7gWdY" rel=3D"" style=3D"align-items: center; border: none; display: blo=
ck; flex-direction: column; height: auto; margin: 0; padding: 0; position: =
relative; text-decoration: none; width: auto;"><img data-attrs=3D"{"sr=
c":"https://substack-post-media.s3.amazonaws.com/public/images/5f=
adebb4-b549-4507-8ed8-70ceb8c3bc7a_1600x923.png","fullscreen"=
;:null,"imageSize":null,"height":840,"width":=
1456,"resizeWidth":null,"bytes":null,"alt":nu=
ll,"title":null,"type":null,"href":null,"=
;belowTheFold":true,"internalRedirect":null}" alt=3D"" width=
=3D"550" height=3D"317.3076923076923" class=3D"wide-image" src=3D"https://s=
ubstackcdn.com/image/fetch/w_2912,c_limit,f_auto,q_auto:good,fl_progressive=
:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages=
%2F5fadebb4-b549-4507-8ed8-70ceb8c3bc7a_1600x923.png" style=3D"-ms-interpol=
ation-mode: bicubic; border: none !important; display: block; height: auto;=
margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-ali=
gn: middle; width: auto !important;"></a></td><td style=3D"text-align: cent=
er;"></td></tr></tbody></table></figure></div><p style=3D"color: #404040; f=
ont-size: 16px; line-height: 26px; margin: 0 0 20px 0;">McAndrew points out=
the rapid rise in the number of billionaires and the wealth they hold was =
not matched by a rise in art spending. Or, if it was, that spending concent=
rated into more expensive works rather than more works:</p><ul style=3D"mar=
gin-top: 0; padding: 0;"><li style=3D"margin: 8px 0 0 32px; mso-special-for=
mat: bullet;"><p style=3D"box-sizing: border-box; color: #404040; font-size=
: 16px; line-height: 26px; margin: 0; margin-bottom: 0; padding-left: 4px;"=
>“​​[B]illionaire wealth has more than doubled in 10 year=
s, and it has increased by more than one third since 2019, just before the =
onset of the pandemic. Along with the adaptions made by the market, the exp=
ansion in wealth for the world’s richest individuals has undoubtedly =
helped the art market weather the COVID-19 crisis better than it otherwise =
would have and to recover more rapidly. The extent to which these billionai=
res have focused their buying on the thin segment at the top of the market =
may, however, have increased inequalities in how businesses in the art trad=
e have fared.”</p></li></ul><div style=3D"font-size: 16px; line-heigh=
t: 26px;"><hr style=3D"background: var(--color-detail); border: none; heigh=
t: 1px; margin: 32px 0; padding: 0;"></div><div class=3D"subscription-widge=
t-wrap" style=3D"font-size: 16px; line-height: 26px;"><div class=3D"subscri=
ption-widget show-subscribe" style=3D"align-items: flex-start; color: #4040=
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BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Appl=
e Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-=
weight: 400; line-height: 1.5; margin: 24px auto; max-width: 560px; padding=
: 32px; text-align: center; text-decoration: none;"><div class=3D"preamble"=
style=3D"align-items: center; display: flex; font-family: -apple-system, B=
linkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple=
Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-w=
eight: 400; line-height: 22px; margin-left: auto; margin-right: auto; margi=
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