November Auction Sales See a Stark Drop in Works by Young Artists After Years of Hype

Ed Ruscha, The Wrap-Up, 1993. Courtesy Sotheby's

Megan Fox Kelly shared her thoughts on the recent UBS and Art Basel Survey of Global Collecting with journalist Angelica Villa, specifically noting buying behaviors heading into the fall New York auctions.

New York art adviser Megan Fox Kelly said there’s a shift right now among the clients she works with, veering away from prestige pieces and favoring ones priced at or below $700,000—the level that ultra-contemporary artists often fall under.

“The focus has shifted to steady, stable buys,” she added.

Read the rest of the article at ARTnews here.