Pursuits
Art Market Rally Halts, Sales Fall for First Time Since 2012
- Decline driven by weaker demand in Asia, report shows
- Postwar and contemporary art sales also down for the year
People look on at a piece by artist Lucas Blalock on display during the opening day of Art Basel on Dec. 2, 2015 in Miami Beach, Florida.
Photographer: Joe Raedle/Getty ImagesThis article is for subscribers only.
It’s official: The bull market for art is taking a breather.
Global art sales fell 7 percent last year to $63.8 billion, led by a slowdown in Asia and weaker demand for postwar and contemporary art, the European Fine Art Foundation said in its annual art market report on Wednesday. It’s the first decline since 2012, when purchases fell 12 percent.