Fred Scott: Business Live
The general feeling from abroad is that the 2019 art market will be bearish with an expected downturn in overall sales. This view is supported by the slowing in global growth, escalating gallery running costs, as well as rising interest rates. Even political uncertainties are seen as a swaying factor that could impact the mood of the market.
The tumultuous events surrounding Saudi Arabia’s crown prince, Mohammad bin Salman, may shrink the hundreds of millions of dollars per year which the Saudi Sovereign Wealth Fund pumped into art acquisitions and cultural events. For collectors, a downturn in the art market usually signals a buyers environment where works become more plentiful at lower prices. …Read More
Image: Italian job: The Venice biennale, which in the past has showcased works such as this statue, entitled Alison Lapper Pregnant by British artist Marc Quinn, will run from May 11 to November 24 under the curatorship of Ralph Rugoff. Picture: REUTERS