galleries

The downturn has forced them to tighten budgets, pull back resources from artists, and have seen private collectors pull again from making new acquisitions since the spring. This year’s UBS Art Basel Report, printed last month, echoed that discovering, suggesting quietly that buyers weren’t planning to acquire new work in 2023 at the similar fee they had final 12 months. However, the broader well being and sustainability of the art market, specifically the primary market for modern art, stays much less clear. So a lot of the primary market has turn out to be beholden to art fairs as a …