The global art market has slumped in the past year because of higher interest rates and investor concern about the wars in Gaza and Ukraine. The value of art sold last year fell to its lowest level since 2009.

Paris

The global art market has experienced a downturn, with art sales plummeting to their lowest levels since 2009. A significant 33% drop in the value of art sold at high-end auctions has been recorded over the past year. Factors such as increased interest rates and geopolitical tensions, notably the conflicts in Gaza and Ukraine, have contributed to this decline. Auction house owner Cedric Milado voices concerns about the impact of recent US tariffs, which may further deter American participation in auctions.

Despite these challenges, the primary art market is displaying resilience. Art Paris, a prominent international art fair, continues to attract collectors with accessible pricing, while gallery sales have slowed but not halted. The enthusiasm for art remains palpable in Paris, highlighted by a bustling drawing showcase. Art, beyond its investment value, retains its inspirational and joyful essence, as emphasized by artist Christelle Thea.

Looking forward, experts anticipate potential recovery for the art market, encouraged by the offering of more affordable lots by auction houses and cost-reducing collaborations among galleries. Although investor confidence remains tentative, optimism is gradually emerging within the art community.



Economic uncertainty causes slump in art sales

Another successful sale for Cedric Milado at his auction house in Paris. He says business is steady for now, despite a slump in the global art market. Last year, the value of art sold at high-end auctions plunged 33%. Cedric worries US tariffs could be an additional blow. With US tariffs, we have less Americans taking part in our auctions. Trump's decision is recent, but until now the art market was protected with a sort of duty free for art, but we don't know what will happen now. The wars in Gaza and Ukraine, as well as high interest rates, are fueling that uncertainty. This expert says art collectors are playing it safe and diversifying their portfolios. When the anticipation is that the value will probably decrease in the next months or in the years to come, people will probably think twice before buying some more art. While auction sales have been hit hard, the primary market's proving more resilient. Art Paris, one of Europe's largest international art fairs, remains a vibrant hub for collectors. Prices here are more accessible. Although there are some very expensive works, it's still a place where people can afford to buy. While auction sales have fallen globally, gallery sales are a different market. They have also slowed down, but they have not stopped. Sales may be down, but enthusiasm for art in Paris is up. A fair elsewhere in the city that showcases drawings has attracted crowds of visitors. Of course, art isn't only about investment. It's also about creating or owning a work that can inspire and bring joy. Artist Christelle Thea channels her passion for hats into her work. To be an artist is to be free. We have the freedom to create whatever we want and even if the market can be low, we still continue to carry on to draw. Experts suggest that the art market could improve this year, with auction houses offering more affordable lots and galleries embracing collaborations to reduce costs. Investor confidence is still fragile, but optimism is beginning to fill in the picture. Natasha Butler, Al Jazeera, Paris

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