So far art has been one part of the luxury market that has remained strong but that may be set to change. The NY Times reports
form London's Frieze Art Fair
that art is still selling but not nearly at the level it has in recent years. The crowds are smaller and buyers are spending more time looking and less time buying. While the fair still bustled along and sales were made, the overall atmosphere is one of cautiousness as collectors were more carefully considering their investments. The dealers have also been offering discounts and payment plans to try and sweeten the deal for potential buyers. This is a sharp turn from the last few years when the art market was so intense that those who wanted to buy had to decide quickly or risk missing out.
The style of what is selling is also shifting a little. Dealers are selling paintings and sculptures rather than bigger installations and are banking on names that are more likely to attract collectors. Because both buyers and dealers are uncertain of what lies ahead in these tumultuous times, the act of collecting has taken on new weight.