Christie’s Sales Fall 5% as `Froth’ Comes off Global Art Market

Bloomberg Business | Katya Kazakina:

Christie’s International, the world’s leading auction house by revenue, reported a 5 percent decline in annual sales following five straight years of growth, a sign that the art market may be slowing amid stock price volatility and greater selectivity by wealthy buyers. Sales of art and collectibles fell to 4.8 billion pounds in 2015, or $7.4 billion using a sales weighted currency exchange rate, Christie’s said in a statement, from about 5.1 billion pounds in 2014. Sales of postwar and contemporary art, Old Masters, 19th century and Russian art declined… Read more 

Image: A day when the shoreline north of Sydney turned to froth – visualization of the art market’s ‘frothiness’. Icon Images. Source