Here are the auction highlights from 2023 that show the trend of buying and how India is becoming an emerging market for art auctions
Showroom auctions are facing increased competition from internet auctions. Showroom auctions are facing increased competition from internet auctions.
Image: Isaac Lawrence / AFP©
A boom in internet sales has boosted the lower end of the art market and could ultimately doom showroom auctions, said the boss of sector-tracker Artprice, which published its annual report Wednesday.
Artprice, a market analysis firm, said there were fewer blockbuster auctions in 2023 compared with the previous year, and the overall turnover of $14.9 billion was down 14 percent.