Art Basel UBS Report Shows Cooling on Global Art Market’s High End: A Tale of Two Segments

A little over two years ago, closing a deal was relatively simple and quick for gallerists trading in ultra-contemporary art. A collector came to a show or a fair, saw something they liked or was hot, and bought it, few questions asked. In today’s cooling market, the decision process is longer and more fraught, with plenty of time to bail out or head for the safer waters of more established post-war artists.That’s the essence of the 2024 art market, according to the annual Art Basel