By Daniel Langer
When a $70 million bronze sculpture from late Swiss artist Alberto Giacometti recently failed to sell at Sotheby’s, it didn’t feel like just another miss.
It felt like a turning point. I, like so many others watching, was stunned.
In a recent discussion with a UHNWI art collector, he agreed: this was a stunning, totally unexpected moment.
Feeling the burn
“Grande tête mince (Grande tête de Diego)” is a significant piece by one of the most collectible artists of the 20th century. The lot had no reserve, which added drama but also risk. When no one raised a paddle, the silence was telling.
It wasn’t just about this one sculpture. It was a reflection of something larger: an art market in visible decline.
Auction houses are feeling the pain. Sotheby’s auction sales have dropped by nearly 30 percent this year.
Christie’s and Phillips are reporting similar numbers. The most notable slowdown is at the very top, where works priced above $10 million are sitting unsold or being quietly pulled from sales.
That tier of the market once seemed untouchable. It’s no longer immune.
Typically, the top end of any luxury market is immune to market downturns, so it’s a fascinating question – what changed? Part of the explanation lies in the financial environment.
For ultra-high-net-worth individuals, art is rarely a spontaneous cash purchase. Many use credit, borrowing against portfolios or other assets to acquire major works.
When interest rates were low, this strategy was relatively inexpensive. Today, it comes with a steep cost.
Even for the incredibly wealthy, that makes people think twice. Then there’s the issue of liquidity.
If a major Giacometti can’t find a buyer, what does that say about the rest of the market? It sends a signal that even the most established names are no longer a safe bet.
That sense of fragility creates hesitation. Sellers become reluctant to bring works to auction.
Buyers become wary of tying up capital in assets that may be difficult to sell. Add to this a backdrop of geopolitical instability and broader market volatility, and it’s easy to see why sentiment is cooling.
But similar to many luxury brands, who are suddenly feeling a moment of pain, there is something much deeper, much more transformational happening. A generational transition in collecting.
Barriers to entry
Millennials and Gen Z are not approaching art the way previous generations did. Apart from a clean provenance, they are interested in narrative, cultural relevance and immediacy.
They want to feel connected to the work and to the artist. Many are choosing prints, digital works, or pieces that speak to current social or cultural conversations.
Think of Maurizio Cattelan’s banana taped to a wall. It became a viral moment, selling for over $6 million.
The price wasn’t just for the object; the buyer even ate the banana in a PR stunt. The perceived value was for the story, the controversy and the cultural resonance.
That’s what new collectors are buying into, and this leads to a question the art world has been slow to confront. Are we facing a storytelling crisis?
Here, we see significant parallels to the luxury industry at large. For years, high-value art has been marketed based on scarcity, provenance and investment potential.
That model may be losing its power. Today’s collectors want emotion, purpose and even provocation. If the narrative around a work doesn’t move them, they move on.
Social media reflects this shift. Many emerging artists talk about gaining attention but not traction.
Thousands of likes, yet no sales. That signals a disconnect between visibility and value.
Art market evolves
In a recent episode of my Future of Luxury podcast, I spoke with a top influencer, Thomas Derksen. When I asked him what the biggest challenge for luxury brands is today, his answer was: “Brands and clients don’t speak the same language anymore.”
This moment may have come for the art world. It also suggests that traditional art world frameworks like biennales, blue-chip galleries or auction records may be less relevant than they once were.
Still, there are signs of renewal. While top-tier auction sales have declined, volume in the lower and mid-tiers is growing.
Works under $50,000 are attracting new buyers. Editions and accessible formats are thriving. Private sales are becoming more important.
A more dynamic, inclusive market is emerging. But it’s one that will be built on different values.
This is a moment for the art world to reflect and adapt. Auction houses need to do more than repackage what’s already on the wall.
They need to curate with intention. They must understand that the next generation isn’t just buying art.
Instead, they are buying into ideas, emotions and identities. Digital formats, new media, and immersive experiences aren’t just trends or “nice to have.”
They are becoming part of the core language of contemporary collecting. Collectors, too, have a role to play.
By championing artists whose voices matter now, and by embracing work that may not have traditional prestige but has cultural weight, they help shape the future of what the art world can be.
The market will recover. But it won’t be the same, and that’s not necessarily a bad thing.
What matters now is whether the art world can rediscover its ability to tell stories that matter and inspire a new generation to listen.
Luxury Unfiltered is a weekly column by Daniel Langer. He is the CEO of Équité, a global luxury strategy and creative brand activation firm, where he is the advisor to some of the most iconic luxury brands. He is recognized as a global top-five luxury key opinion leader. He serves as the executive professor of luxury strategy and pricing at Pepperdine University in Malibu and as a professor of luxury at New York University, New York. Dr. Langer has authored best-selling books on luxury management in English and Chinese and is a respected global keynote speaker.
Dr. Langer conducts masterclass management training on various luxury topics around the world. As a luxury expert featured on Bloomberg TV, Financial Times, The New York Times, Forbes, The Economist and others, Mr. Langer holds an MBA and a Ph.D. in luxury management and has received education from Harvard Business School. Follow him on LinkedIn and Instagram, and listen to his Future of Luxury Podcast.
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”,”iv”:”0f384609e171a39d27c042200e935e0f”,”s”:”92860963bcf8d7a8″}