NFTs and Rolexes were abandoned by the crypto brothers.

 Crypto bros ditched image

Even while the wealthiest art collectors are currently on a tear, the recent financial crisis might alter everything.

Sales of art-related tokens increased to $2.9 billion in 2021 as crypto bros spent their earnings on NFTs and Audemars Piguet watches. 

The wealthy inhabit a distinct economic environment. That much is evident from all the Dior purses and Cartier watches they purchase, but it is made abundantly plain when you consider all the works of art they amass.

According to the most recent state-of-the-industry

assessment by art economist Clare McAndrew for Art Basel and UBS Group AG, global art sales will reach $67.8 billion in 2022. It represented a 3% gain from 2021 when sales recovered 31% from the pandemic-related low point in 2020.

The American market drove the art business last year, just as it does in the worldwide luxury sector. After Leonardo Da Vinci’s Salvator Mundi, which fetched $450 million in New York in 2017, Andy Warhol’s Shot Sage Blue Marilyn, which fetched $195 million in May, is the second-most expensive art ever to be sold at auction.

While the US maintained its top spot in the worldwide rankings, it is noteworthy that the UK also grew. The British art market is still drawing foreign purchasers after Brexit even if it hasn’t fully rebounded to pre-pandemic levels. It didn’t help either that sterling fell last fall.

According to McAndrew’s Arts Economics, the most costly pieces of art sold the best worldwide. The only sector that saw an increase in sales last year’s value was pieced selling for more than $10 million. Paul Cezanne’s La Montagne Sainte-Victoire and Georges Seurat’s Les Poseuses, Ensemble (Petite Version), both of which sold for over $137 million, are included in this category. Its top-end boom indicates growing wealth vaults among the wealthiest collectors.

Comments

Post a Comment

Popular posts from this blog

Recently, Elon Musk replaced the Twitter logo with the Dogecoin symbol.

Image
  Investors believed Musk was creating a pyramid scheme to promote Dogecoin, leading to his $258 billion lawsuit. .On several areas of the company’s website, Twitter CEO Elon Musk seems to have replaced the company’s logo with the icon for the well-known cryptocurrency Dogecoin. On his own Twitter account, Musk used an online meme to announce the transition. After the revelation, the currency increased by as much as 30%, and Doge soon started trending online. The price is now hovering at $0.1, which is much less than the $0.64 peak set in 2021. The Twitter PR team responded to a request for comment with an auto-reply email that included a happy poop emoji. The action follows several policy changes for the troubled social media firm, including a modification to its verification process that resulted in the loss of the blue checkmark for well-known accounts like the New York Times. According to a leaked email from Musk, Twitter’s worth has fallen by an estimated $20 billion, or half, in
Read more

Once Finland joins, Nato’s border with Russia doubles.

Image
  The flying of Finland’s white and blue flag on a vacant flagpole at NATO headquarters When Finland becomes the Western alliance’s 31st member, the Finnish flag will be hoisted at the Nato headquarters in Brussels. The US secretary of state and Finnish President Sauli Niinisto will attend a ceremony to officially join NATO. The addition of Finland is a blow for Russian President Vladimir Putin, who often bemoaned Nato’s growth before to his full-scale invasion of Ukraine. Russia’s border with NATO members has now doubled in length. In response to Russia’s conflict, Finland and Sweden officially asked to join NATO in May. Finland and Russia share an eastern border of 1,340 km (832 miles). They had both previously decided to follow a non-alignment policy. Nevertheless, after the invasion of Ukraine, they decided to rely on NATO’s Article 5, which states that an assault on one member is an attack on all. That effectively implies that all Nato countries, including the US, would defend Fin
Read more

Interest rates rose to their highest point ever recorded in the nation.

Image
  The prime interest rate climbed to 21 percent for the first time in the history of the nation when the State Bank raised the interest rate by one percent. The Monetary Policy Committee of the Central Bank met and discussed the status of the nation, according to a statement issued by the State Bank. The interest rate was increased by 100 basis points by the Monetary Policy Committee. A 1% increase brought the policy rate to 21%. This year, 300 basis points were added on March 2. So far in the current fiscal year, the interest rate has increased by 6.25%. Interest Rate at Business State Bank
Read more