Recession and it’s effect on the art world ?

Would a recession affect the art world?

The effect of recession on the art world
Salvator Mundi by Leonardo Da Vinci recently sold at Christie’s in New York in November 2017 for $450.3 million, setting a new record for the most expensive painting ever sold

With falling property prices and people being terrified to sell or buy anything at the moment for fear of great financial loss it got me thinking as to the knock-on effect the recession may or may not have on the art world.

Would a work of art lose or retain its value?
After all, a work of art is just that. Could you afford to sit by and ride the market? With the great works of art from the masters, the artist is after all already dead, so it’s not like there’s going to be will be any more of the item you require to choose from at a later date. Its a one of, for a matter of fact there would never be another.  Perhaps there will always be others like it, copied by other artists, but never the original.

There are occasionally new masterpieces being discovered in private collections that more often than not go straight to auction but once a work of art is sold to a gallery or collector the chances of it re-emerging on the open market are minimal. Unless of course it is flipped or the owners are forced to sell for financial reasons.

It could be argued that a work of art is only worth what a buyer/collector is willing to, or can afford to pay for it and so in an unstable market perhaps it may be likely that a piece may fetch less than its expected price?
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