Dips in financial markets are having an impact on art sales which has a knock-on to sales of artworks. What can be done to keep to keep the market healthy.
In the market parlance of boom and bust cycles, the Australian art market has long been leaning towards the latter. Over the past decade, it has performed very poorly. According to Australian Art Sales Digest, the combined volume of secondary market sales through Australian auction houses was $107 million in 2018. This amount has remained essentially unchanged for the last ten years and is 39% lower than its apex in 2007. Prices for Australian artwork in the secondary market have followed a very similar pattern.
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