THE global art market continues to face a slowdown, with major auction houses Christie’s, Sotheby’s, Phillips and Bonhams seeing their total sales down by 26% in the first half of 2024 from the same period last year, according to a report by Art Basel and UBS.
The report also reveals that the number of high-net-worth individuals (HNWI) planning to buy art in the next 12 months dropped to 43% from just over 50% in 2023.
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