Financial Times – Proof of a weakened art market is emerging as the auction houses begin to release their figures for the first six months of 2016. During this time, the value of sales at auction at Sotheby’s fell 24 per cent to $2.4bn. Volumes were hit particularly hard in North America (down from $1.4bn to $869m) while Asia sales grew, from $382m to $458m. Private sales figures will be disclosed in August and are worth scrutiny given Sotheby’s commitment to this area through the acquisition of Art Agency Partners in January.
The Art Market: Oh you pretty things