There were heroes amid the $1.3 billion in sales during last week’s New York auctions, and a couple humbling moments, too. But a closer inspection reveals something less flashy: steady, systematic gains for an art market that’s finally recovering from its post-pandemic malaise.

For years, tech platforms have been pining to disrupt the art market with A.I. or blockchain or a jazzy new platform. I came up with a better solution during a chat with the Yale School of Management’s Magnus Resch.

Until the past few decades, the art market was a largely analog world, guided by word-of-mouth, reputation, specialized knowledge, and “context.” That traditional structure has kept information in the hands of a tight coterie of power brokers. But…

“We’ve reached the downcycle in the sales of work by emerging artists” — Puck News