Winds of change sweep across auction world

New York

A YEAR or two ago, in less unsettled times, it was relatively easy for the wealthy to enhance their social status, and maybe make some money, by collecting art. Auction houses courted sellers with lavish guarantees; buyers, even at the top of the market, could be reasonably certain that quality works by blue-chip names would hold their value.

Things are rather more complicated now. Christie's reported that sales of art and collectibles fell by 29 per cent in the first half of this year compared with 2015, to £2.1 billion (S$3.66 billion). The company said the decrease was "mainly due to the impact of a drop in supply of works of art above £20 million at auction."

Comparative figures at Sotheby's, where last month China's Taikang Life Insurance Company became its largest shareholder, are to be released on Monday and are also expected to sh…