Low-end Internet auctions upend art market: sector-tracker

Art handlers carry an Andy Warhol portrait of Princess Diana created in 1982, as it is displayed at Phillips auction rooms in London on Feb 29. Photo: AP

A boom in Internet sales has boosted the lower end of the art market and could ultimately doom showroom auctions, said the boss of sector-tracker Artprice, which published its annual report on Wednesday.

Artprice, a market analysis firm, said there were fewer blockbuster auctions in 2023 compared with the previous year, and the overall turnover of US$14.9bil was down 14 percent.