Ultra-rich investors are pulling back from $1M+ artworks
The high-end art market is thinning out according to UBS.
Ultra-high-net-worth art collectors are pulling back, according to a new report conducted during the summer by Art Basel and UBS.
Of roughly 2,800 collectors surveyed, those who commonly buy artworks priced at $1 million or more fell from 12% in 2021 to 4% in 2022, a nearly 67% decline.
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