Apr
23
Unsold Art Piles Up as Rich Take a Break from Spending
“In the first quarter, only three pieces of contemporary art sold for over $1 million each, a drop of 92% from the year-ago period, according to Artprice, a provider of art-market information and which has tracked price and confidence data since to 1998. The number of unsold contemporary works at auctions hit a high of 40% in the first quarter.”