The crisis at Sotheby’s comes at a time when the entire art market is reeling. Over the past year, collectors who see art as a financial asset have winced as higher interest rates and inflation made it more expensive to trade art. Contemporary art buyers have also suffered sticker shock after years of paying ever-higher prices for emerging artists—who may never pay off. Some smaller galleries, who rely on collectors to vouch for unknown artists, have shuttered, while dealers have reported lackluster sales at art fairs.
Those factors have hurt collectors’ overall confidence. “I don’t feel like there’s a bunch of collectors waiting out there to save the day this time,” said Dallas collector Howard Rachofsky.
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