Art Market Seeks a New Humanism Amidst Decline

In the first half of the year, the art market experienced a decline of 20-25%. In September, Christie's increased buyer's premiums, and both Christie's and Sotheby's revamped their marketing approaches. The high-end sector is led by renowned artists such as Richter, Koons, and Kusama, with gallerists serving as advisors to investors. There is a resurgence of interest in post-war figurative and Pop Art within the mid-to-high segment. Recent auctions in London featured Leslie Waddington's collection at Christie's, which sold 100% for over £28 million, and David Bowie's collection at Sotheby's. In Italy, auction houses are partnering with curators, with Phillips showcasing Francesco Bonami's 'IT: the Italian Thing,' while Christie's and Sotheby's backed exhibitions at prominent museums. Collectors are drawn to works that depict the human experience, particularly in black and red tones.