Phillips’ Dolman Says Art Market Is in Period of ConsolidationKatya Kazakina
Ed Dolman, chief executive officer of Phillips, a boutique auction house, said the art market is in a period of consolidation after years of growth.
Price increases in the past years were driven by low interest rates, which pushed “massive” amounts of money into the art market, Dolman said in an interview with David Westin and Stephanie Ruhle on Bloomberg Television on Wednesday.
Auction sales of fine art have declined so far this year from the levels of 2015, as oil and financial markets slumped. Just 51 percent of offered lots found buyers at Phillips’s “New Now” auction of emerging art in New York on Monday.