Art market sales have dropped drastically since last year, according to this year’s Deloitte’s Art and Finance report from 54 private banks, 25 family offices and more than 130 art professionals.
The first six months of 2019 saw about $5.55 billion in global auction art sales, while 2018 saw $6.96 billion in sales — about a 20 percent drop.
The biggest drop is sales was seen in the Asian art market. Art experts are confident that the sales will go up in the next half of the year, however.
Barron’s reports that this drop is a result of “the global political and economic uncertainty, including heightened risks of Brexit and the U.S. trade war with China.”
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