It’s lonely at the high end of the art market, as collectors increasingly do an about-face and shy away from trophies in favor of lower-priced works.
During two weeks of spring sales that concluded Friday, more than $2.8 billion worth of art changed hands across Christie’s, Sotheby’s and Phillips in New York. Fueled by years of consistently higher art prices, new and seasoned collectors shopped as if art values will keep going up indefinitely, dealers said.
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