After the boom years of 2021 and 2022, the art market experienced a contraction in 2023 and experts agree the trend will continue into this year. As this change has taken place, the market has shifted from a seller’s to a buyer’s market. If you’re looking to grow your collection, now is a good time.
Last year, Cochran Arts worked with a number of clients to expand their collections. Some traveled with us to Dallas, New York, Paris, or Miami, where we visited private collections, museums, galleries, and art fairs. Others we collected ideas for on our journeys and sent lists of artists we think they should consider. Still others found artists on their own travels and sent us names to research and discuss. Whatever your style of collecting, Cochran Arts strives to find the right work for every client – and enjoy the journey.
But a closer look shows that the change came primarily in at the high-end sector (lots at $10 million and above), which experienced a 30% decline. The middle market remained strong while the lower market, or works valued under $50,000 made the greatest advancement, with an 18% increase in lots sold and a 7.4% increase in lot values. The middle market is where auction houses make their bread and butter, so watch for in increased focus (and opportunity) in this area in 2024.