The Great Art Market Reset

If you've been keeping an eye on the art market, you know that the industry has been going through some turbulent times... there's really no other way to say it: It's been a tough year, as the frothy post-pandemic surge in the art business has fully retreated.  Amid this market slowdown comes our latest data-packed and information-rich issue of the Mid-Year Intelligence Report, which is appropriately titled The Art Market Reset: Riding the Waves of Change. This Fall issue looks at the numbers behind the mood, and it is packed with relevant insights that will help buyers, sellers, and spectators make informed decisions in the months ahead.  Katya Kazakina, Artnet's award-winning columnist who pens a weekly art market column called The Art Detective is joining Art Angle co-host Kate Brown on the podcast this week to discuss her must read cover story for the new Intelligence Report. In it, she investigates what led to the sharp drop in the demand for art, as well as resale values for once coveted pieces. They discuss how the data reveals a market in free fall, where galleries have been faced with cost-cutting measures, or are shuttering altogether. There are some silver linings in her story, as Katya examines the smart responses that are being made across the industry, revealing how sales tactics are evolving and why some people actually believe that a slowdown in art production is not a bad thing altogether. Before we get to that, a few more words about the rest of the report.  Our illuminating By the Numbers section details how, as compared with last year, there has been a substantial drop in money being spent on Ultra Contemporary art, a downturn in the sales generated by the big three auction houses (Sotheby's, Christie's, and Phillips), fewer artworks selling publicly for over $10 million, and the average price of art at auction is also going down. You can find specific breakdowns in the actual report.  What does it all mean though? News editor Margaret Carrigan, gives a spin-free analysis of the auction stats. Also in this issue, our Editor in Chief Naomi Rea, spoke with Art Basel Paris Fair Director Clément Delépine about what to expect at the revamped art fair, which is moving back into the Grand Palais next month.  Our market reporter, Eileen Kinsella, spoke to Sotheby's Phyllis Kao about how the secondary market is adjusting its working processes amid the flux, and our marketplace section brings you the stories behind the top selling works, and the scoop on artists whose markets are on the rise. Even amid this slump, Artnet's esteemed reporters and editors have worked hard and put together an excellent issue that will help you navigate the current art market season, where the road ahead feels anything but clear.