From Poussin to Pokémon: the art market is shifting
In the second Gilded Age, the super-rich value luxury and collectibles over fine art
The art market is undergoing a significant transformation, reminiscent of the Gilded Age of the early 20th century. Today's ultra-wealthy, comprising just 0.00001% of the population, hold wealth that far surpasses that of the Robber Barons during that era. This wealth surge is primarily driven by surging stock prices, particularly in tech companies leading the AI revolution.
Record-breaking sales figures at major auction houses, Christie's, Sotheby's, and Phillips, indicate a thriving market. Christie's led with $4.5 billion, an increase of 71% compared to the same period last year. Single-owner sales, facilitated by influential figures like S.I. Newhouse and Joe Lewis, have played a crucial role in this surge, accounting for 32% of the value of auction sales.
The buyers behind these impressive figures are often older Impressionist and Modern art collectors, but the question remains: where will younger collectors come from? This uncertainty is compounded by a broader societal shift. As the world transitions from a disintegrating socioeconomic order to an uncertain future, the art market reflects this change.
The high prices paid for works by revered artists during the Gilded Age, such as Thomas Lawrence's portrait of Sarah Goodin Barrett Moulton, now seem extravagant in comparison to more contemporary pieces like Tom Ford's leather jacket.
Written by urgent.news from The Art Newspaper's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
