Why Are Art Resale Prices Plummeting?
The art press is filled with headlines about trophy works trading for huge sums: $195 million for an Andy Warhol, $110 million for a Jean-Michel Basquiat, $91 million for a Jeff Koons. In the popular imagination, pricy art just keeps climbing in value—up, up, and up. The truth is more complicated, as those in the industry know. Tastes change, and demand shifts. The reputations of artists rise and fall, as do their prices. Reselling art for profit is often quite difficult—it’s the exception rather than the norm. This is “the art market’s dirty secret,” Artnet senior reporter Katya Kazakina…
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