Editor’s Note: This article was originally published by The Art Newspaper, an editorial partner of CNN Style.
CNN
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Global sales of art and antiques have fallen for a second consecutive year, declining by 12% in 2024 to an estimated $57.5 billion, according to the latest annual Art Market Report by Art Basel and UBS.
“It’s been a very challenging year overall,” Clare McAndrew, the founder of the research firm Arts Economics, who authored the report, told The Art Newspaper.
The year marked the third-largest contraction of the global art market in the past 15 years, the report found, eclipsed only by the years of the 2009 recession (-36%), and the 2020…
