Health of the Art Market

Although nothing in depth, the Financial Times is running a short art update and within a group of items, one stands out to me.  I mentioned it is yesterdays post as well, the strength at the top end of the market, and concerns for everything below that highest level of collecitbility and quality.

The FT reports 

To read the headlines, it seems all is well in the art market. Not so. The very top end is doing well, fuelled by the mega-wealthy whose fortunes have not been dented by the financial crisis. A handful of artists, targeted by rich collectors and increasingly for investment, are also doing very well. Look at the saleroom catalogues or at the big booths at fairs – the same names are everywhere. But further down the scale, the picture is very different. Smaller galleries are being squeezed – quietly, a number have closed.

The market is picky, and supply will continue to be the crucial factor going into the last round of sales next month and then on into the autumn.

Source: The Financial Times