|Action at Phillips Auction House, London.|
Recent sales indicate the market for emerging art is off from its peak two years ago.
Prices for some artists are down nearly 90 percent.
This supports evidence from other auction data that some contemporary art prices rose rapidly in recent years relatively to Impressionist and other classical art and were due for a correction.
Phillips Auction House's “New Now” sale brought in $2.8 million, with a sell-through rate of 74 percent. The total is a decrease from the $4.4 million brought in by February’s “New Now” sale, but the sell-through rate marks a 23 percent increase.
Prices for artists were down:
Sources: Bloomberg.com, ARTNews, and artsy.com.
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