Warhol Is Out, Gulfstreams Are In: The Superrich Are Souring on Art
Art sales are stagnant even though demand for private jets and luxury yachts is on a tear
By Carol Ryan
Something unusual is happening in the art market. Sales are stagnant while other businesses that cater to the superrich, like private jet companies, are booming.
The wealthy might simply be putting their cash into other assets because paintings turned out to be a disappointing investment. Weak sales could also be a sign that the art world has become too reliant on baby boomer collectors who are past their peak buying years.