'Sisters in Pink' by Emmanuel Taku. PhillipsThe art market is in freefall. In 2021, Emmanuel Taku’s Sisters in Pink, sold for $189,000, Artnet’s art market reporter Katya Kazakina noted. This month it sold again — for $8,000. The industry has been keen to promote art as an alternative investment, rivaling the stock market. But dealers told Kazakina that most art, like cars, loses value the moment you buy it, and big returns are rare. Many works by artists formerly beloved by speculators are failing to sell or going for a fraction of their expected price: “It’s not a soft landing,” one auctioneer said. Collectors suggested that buying art shouldn’t be an investment, but a passion. |