Robin Pomeroy , one of the art market's biggest fairs, saw strong sales for top works but the art world is asking how it can support the "squeezed middle". The fair is now experiencing lower footfall and increased exhibitor cost, creating concerns about the gap between the top end and the middle market. Art Basel and UBS Global Art Market Report found in five years works under $1m have gained 150% in value while those over $10m have fallen. The report also said online sales have grown 150% in five years , presenting opportunities for the market's lower end.
Art Basel, one of the art market's biggest fairs, saw strong sales for top works but the art world is asking how it can support the "squeezed middle". The fair is now experiencing lower footfall and increased exhibitor cost, creating concerns about the gap between the top end and the middle market. Art Basel and UBS Global Art Market Report found in the past 10 years works over $10m have gained 150% in value while those under $1m have fallen. The report also said online sales have grown 72% in five years, presenting opportunities for the market's lower end.