09/08/2024
When the volume of young emerging artists is not balancing the current rate of the shrinking market, what's really at stake?
A Sharp Downturn in the Art Market has led more than a dozen galleries have closed in Manhattan. Layoffs have begun to creep through the $65 billion industry, as one of its largest companies, Christie’s, saw revenue plunge. It took in $2.1 billion from auctions in the first six months of this year, down from $4.1 billion during the same period in 2022.
We explore how a slowdown is affecting a rising generation of artists.