“Things are quieter. Everyone is feeling it. But I’m amazed more galleries haven’t closed,” says Candace Worth, a New York-based art adviser specialising in the primary market for contemporary art. Worth points out that high interest rates are just one of many factors inhibiting demand, along with the escalating costs of collecting and a general sense of exhaustion in the overheated market for works by the most sought-after artists. She adds that those buying purely for investment have discovered how difficult it is to make money out of art.
“I really do believe things will settle out. But it may take a year.”
