The global art market had no lucky 2024. Sales worldwide fell by 12 percent, mainly due to a sharp decline in China, according to a compilation by the organization Art Basel and the bank UBS.
In China, sales fell by 31 percent to the lowest level since 2009, while the declines in Europe were 10 percent (France and Italy) and 4 percent (Italy).
An anonymous seller states in the report that a major problem is that a younger generation is not interested in buying art, but purchasing power is mainly found among 60- and 70-year-olds, which creates concern about what the future will look like.
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