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The surge in online sales has markedly invigorated the lower echelons of the art market, potentially sounding the death knell for traditional showroom auctions, according to the chief executive of Artprice, a leading market analysis firm, which unveiled its annual report this month. Artprice reported a decline in the number of high-profile auctions in 2023 compared to the preceding year, resulting in an overall turnover reduction of 14%, settling at $14.9 billion. Nevertheles

A federal jury in New York exonerated Sotheby’s from accusations levied by Russian billionaire Dmitry Rybolovlev on Tuesday. Rybolovlev...

In 2020, only two artworks among the ten most expensive pieces sold at auction surpassed the $50 million mark. The subsequent year,...

The sale of significant single-owner collections has traditionally been a cornerstone of strategy for major auction houses, prominently including Christie's and Sotheby's, with Phillips also playing a role, though to a lesser extent. These institutions routinely engage in fierce competition, vying for substantial sums that can range from tens of millions to several hundred million dollars, all in an effort to secure valuable consignments from noteworthy living collectors and

In the wake of the tumultuous journey through the Covid-19 pandemic, the art world now finds itself at a crossroads, grappling with the ramifications of inflation, soaring interest rates, and geopolitical conflicts. As Art Basel Miami Beach reaches its 21st year, where sun, sand, and champagne blend seamlessly with gallery displays, outdoor art installations, and beach parties, beneath the surface lies a narrative of change and recalibration within the global art business. In

The Australian art auction market in 2023 demonstrated resilience amid challenging economic conditions, including inflation, high interest rates, and global conflicts. Despite these challenges, total sales are expected to reach $140 million by the conclusion of the upcoming week, a figure nearly commensurate with the previous year's total of $143.93 million. Notably, the art market experienced an atypical surge in 2022, driven by the sale of works from the collections of Cbus

During the initial half of 2023, the global auction market experienced an 18% decline. However, Southeast Asia emerges as an exception,...

Highlights from the Fifth International Artwork Trade Week The Fifth Shanghai International Artwork Trade Week, held from November 9 to November 13, demonstrated a robust recovery in the city's art market, according to recent data released on Wednesday. The event, comprised of over 100 art fairs and 30 auctions as part of the annual Artwork Trade Week, underscores the municipality's ambition to position Shanghai as a premier global trading hub for art. During this year's iter

Sotheby's navigated a challenging sale; however, resilience persists within the market. In the midst of a conflicted region, Sotheby's conducted its Middle East sale on Tuesday, procuring high prices for select pivotal lots, albeit achieving a mere 54 percent sell-through rate. The extent to which this will assuage the apprehensions of observers within the Middle East art market, anticipating the reverberations of the Israel-Gaza conflict, remains uncertain and is significant