Art Market: More Sellers, Oversupply
This is a The Art Basel news story, published by CNBC, that relates primarily to UBS Survey of Global Collecting news.
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Art market fluctuationsCNBC
•The art market is in a correction as big spenders fade
85% Informative
There are more likely sellers than buyers in the global art marke1, according to The Art Basel and UBS Survey of Global Collecting .
Auction sales in the first six months at Christie's , Sotheby's , Phillips and Bonhams fell 26% from 2023 and 36% from the market peak in 2021 .
The median spending on art by wealthy collectors remains stable at around $50,000 a year.
The average number of works owned by wealthy collectors worldwide is 44 , according to the survey.
Gen Z collectors have an average of 33 works, while collectors who have been buying for more than 20 years had average of 110 works.
91% of wealthy collectors had works in their collections that were inherited or gifted through a will.
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