Why the Once-Skyrocketing Art Market Fell Back Down to Earth

If the 2010s and early 2020s were boom times for the art world, the quarter-century mark might be shaping up to be a bust. It was hard to ignore the very public signs of a slowdown in 2024. Annual auction sales of fine art fell 27.3 percent to $10.2 billion—a steeper drop than during the first year of the pandemic—according to Artnet, which tracks the market. Moreover, the total number of works sold remained high, meaning the average price decreased. Even the heaviest hitters among…