Art market may decelerate: Citi
Report suggests that factors contributing to its blistering growth in the past 15 years are unsustainable
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Helmi Yusof
Singapore
THE art market has grown at a whopping average annual rate of 13 per cent since 2000, with global sales rising from US$3 billion in 2000 to US$16.1 billion in 2014. But will it be able to sustain this performance for another 15 years? A new report released by Citi under its Citi Global Perspective & Solutions (Citi GPS) series suggests it might not.
In the past 15 years, the market has been propelled by two structural factors - the meteoric rise of the Chinese art market, as well as the extraordinary demand for blue-chip art among the wealthy who commonly turn to auction houses to obtain it.
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