How much of the art market is currently down, and should I adjust my expectations?

The art market is currently down approximately 25% based on data from working artists at shows and fairs, which aligns with public data from major art market indicators. While this is significant, it’s important to maintain perspective and not let it control your effort level. Economic downturns and recoveries are part of reality - if you can make it through the difficult periods, you’ll be exceptionally well-positioned when things turn around because you’ve already been in the trenches dealing with challenges. Don’t use the market as an excuse to reduce effort. Instead, consider adjusting strategy - for example, focusing more on high-net-worth individuals who are less affected by economic fluctuations, or improving the ‘white glove experience’ and moving up-market with higher-priced work.

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Asked by artists concerned about market conditions · Answered by Patrick Shanahan and Mays Mayhew · art-marketing-podcast · 2025-03-12