PR Newswire
A recalibrating auction market, an increasingly global ecosystem and evolving wealth management strategies present opportunities and challenges
NEW YORK, Nov. 12, 2024 /PRNewswire/ -- Newly released Bank of America art market update finds that lower auction estimates, discounts at galleries and the recent interest rate cuts are driving increased participation among collectors heading into marquee events, including the New York fall auctions and Art Basel Miami. The anticipated favorable buying conditions come on the heels of lower-than-expected art sales in the secondary market during the first half of the year – with auction prices coming in only 1% above their aggregated mid-estimates, the smallest increase in seven-plus years.1
The information provided here is not subject to any editorial processing. It is prepared fully automatically and enriched with additional information and further research options. The aim of the content is to provide information seekers with the relevant information quickly and easily. A link back to the information provider and owner ensures that the data prepared here can be compared with the source information if required. The newsboard does not show information in real time. Please contact the exchange operator for this information if required. There is no claim to completeness. High availability cannot be guaranteed. If you notice any errors in the functionality, please let us know using the "Report a Bug" form below.
RAW DATA PROCESSING means that raw data is processed without changing the content. The data is supplemented to improve the interpretation of the information in terms of usability.
Note: The newswire cross-link panel at the top allows you to quickly and easily access additional sources of information. In the terminal view, the news is filtered at company level and enables targeted searches.
On behalf of the trading community, we would like to thank the operators of the trading venues for providing information services.