BofA Art Market Update Anticipates Buying Opportunities for Collectors This Fall
Bank of America's latest art market update reveals favorable buying conditions in the art market, with auction estimates lowering and galleries offering discounts following recent interest rate cuts. The first half of 2024 saw auction prices only 1% above mid-estimates, the smallest increase in over seven years. The Latin American art market shows particular strength, growing 18% year-over-year. By 2026, art and collectibles are expected to reach $2.8 trillion, comprising approximately 11% of ultra-high-net-worth individuals' portfolios.
Il recente aggiornamento del mercato dell'arte di Bank of America evidenzia condizioni di acquisto favorevoli nel mercato dell'arte, con le stime d'asta in calo e le gallerie che offrono sconti dopo i recenti tagli ai tassi d'interesse. Nella prima metà del 2024, i prezzi delle aste sono stati solo l'1% sopra le stime medie, il minore aumento negli ultimi sette anni. Il mercato dell'arte latinoamericana mostra una forza particolare, crescendo del 18% anno su anno. Entro il 2026, arte e oggetti da collezione dovrebbero raggiungere 2,8 trilioni di dollari, rappresentando circa l'11% dei portafogli degli individui ad alta patrimonializzazione.
La última actualización del mercado del arte de Bank of America revela condiciones de compra favorables en el mercado del arte, con estimaciones de subasta a la baja y galerías que ofrecen descuentos tras los recientes recortes en las tasas de interés. En la primera mitad de 2024, los precios de las subastas solo se situaron un 1% por encima de las estimaciones medias, el aumento más pequeño en más de siete años. El mercado del arte latinoamericano muestra una fortaleza particular, creciendo un 18% interanual. Para 2026, se espera que el arte y los objetos de colección alcancen 2,8 billones de dólares, lo que representa aproximadamente el 11% de las carteras de individuos con muy alto patrimonio.
뱅크 오브 아메리카의 최신 미술 시장 업데이트는 미술 시장에서 유리한 구매 조건을 보여줍니다. 최근 금리 인하 이후 경매 추정가가 하락하고 갤러리가 할인을 제공하고 있습니다. 2024년 상반기 경매 가격은 중간 추정치보다 1%만큼 상승했으며, 이는 7년 이상 된 가장 작은 증가입니다. 라틴 아메리카 미술 시장은 특히 강세를 보이며, 18%의 연간 성장률을 기록하고 있습니다. 2026년까지 예술 및 수집품은 2.8조 달러에 이를 것으로 예상되며, 이는 초고액 자산가 포트폴리오의 약 11%를 차지할 것입니다.
La dernière mise à jour du marché de l'art de Bank of America révèle des conditions d'achat favorables sur le marché de l'art, avec des estimations de vente aux enchères en baisse et des galeries offrant des réductions après les récentes baisses de taux d'intérêt. Au cours du premier semestre 2024, les prix des enchères n'étaient supérieurs que de 1% à celles des estimations médianes, la plus petite augmentation depuis plus de sept ans. Le marché de l'art latino-américain montre une force particulière, avec une croissance de 18% d'une année sur l'autre. D'ici 2026, l'art et les objets de collection devraient atteindre 2,8 trillions de dollars, représentant environ 11% des portefeuilles des individus ultra-riches.
Das neueste Kunstmarktentwicklung von Bank of America zeigt günstige Kaufbedingungen auf dem Kunstmarkt, mit sinkenden Auktionsschätzungen und Galerien, die nach den kürzlichen Zinssenkungen Rabatte anbieten. In der ersten Hälfte des Jahres 2024 lagen die Auktionspreise nur 1% über den Durchschnittsschätzungen, der geringste Anstieg seit über sieben Jahren. Der lateinamerikanische Kunstmarkt zeigt eine besondere Stärke und wächst um 18% im Jahresvergleich. Bis 2026 wird erwartet, dass Kunst und Sammlerstücke 2,8 Billionen Dollar erreichen, was ungefähr 11% des Portfolios ultra-hochvermögender Personen ausmacht.
- Latin American art market segment growing 18% year-over-year
- Art and collectibles market expected to reach $2.8 trillion by 2026
- Favorable buying conditions with lower auction estimates and gallery discounts
- Auction prices only 1% above mid-estimates, lowest in 7+ years
- Market correction continuing from 2023 into 2024
- Declining bidder competition in some market segments
- Galleries facing pressure to adapt or risk unsold inventory
Insights
The art market update reveals significant shifts in the luxury asset landscape, with potential implications for Bank of America's wealth management and private banking segments. The
The projected growth of art and collectibles to
While this market correction might temporarily affect BAC's art-related banking services, the long-term outlook remains positive as the bank positions itself to capitalize on the growing integration of art into wealth management strategies.
A recalibrating auction market, an increasingly global ecosystem and evolving wealth management strategies present opportunities and challenges
The current market correction, which began in 2023 with global geopolitical unrest, high inflation and interest rates affecting collectors, has spilled into 2024. Less marquee estate property in the May sales potentially also dampened bidders' confidence and enthusiasm. Fewer masterpiece works are being offered in what has widely been viewed as a "buyer's market."
Galleries face a critical choice: adapt to the new market reality or risk accumulating unsold inventory. "Collectors are more discerning than ever," said Drew
While some auction prices soften and bidder competition wanes in some areas of the market, the report indicates strong collector interest in certain collecting categories, for example, the Latin American (LATAM) and Latin diaspora artists market, which is expected to carry into 2025. Sales in this sector have grown by
"Latin American artists have seen strong buyer interest and sell-through rates so far this year,"
Report findings also show that collectors increasingly view art as an asset that is part of their overall wealth management strategy. By 2026, the estimated value of art and collectibles is expected to surpass
Access the full Art Market Update Fall 2024: Opportunity Knocks? report to read more about evolving trends in the art market today, including key wealth planning insights, an in-depth interview with artist Amanda Phingbodhipakkiya, a discussion with Jennifer S. Brown, curator of Bank of America's corporate collection, and a look at the Bank of America Art Conversation Project (ACP).
Since 2010, the ACP has helped conserve over 260 critically important paintings, sculptures, archeological and architectural works in danger of deterioration. More information about this year's recipients can be found here: Grants to Preserve Historic Art Awarded in 11 Countries by BofA.
Bank of America
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Reporters may contact:
Julia Ehrenfeld, Bank of America
Phone: 1.646.855.3267
julia.ehrenfeld@bofa.com
1 ArtTactic, "RawFacts Auction Review First Half 2024."
2 The Art Basel and UBS Global Art Market Report 2023.
3 Deloitte Art and Finance Report 2023.
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SOURCE Bank of America Corporation
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