Italian art market stalls as global sales rise in 2017

The global art market saw an upswing in 2017, with Sotheby's reporting a 13% increase in sales and Christie's achieving a remarkable 30% rise, partly fueled by the $450 million auction of Leonardo's Salvator Mundi. In contrast, the Italian art scene experienced a downturn, as escalating prices for leading artists became unaffordable for local buyers. Significant artworks are predominantly found in major collections, with collectors increasingly leaning toward non-Italian pieces. Compared to 2016, Italian auction sales diminished in value, with high-value sales becoming infrequent. Winter auction outcomes indicated Sotheby's Milan at €7.7 million (down from €10.7 million), Farsetti at €5 million, and Il Ponte at €2.6 million, among others. Noteworthy sales included Alik Cavaliere at €85,000 and Leoncillo at €218,750.