Fairs, auction houses and AI: five predictions for the art market in 2024

Georgina Adam's annual predictions for the 2024 art market argue that the market will not rebound sharply, with worldwide auction fine art sales staying within 4% of 2023 levels because high borrowing costs limit collectors' capital. The piece also predicts that Patrick Drahi will sell a minority stake in Sotheby's to a private investor by October 1, citing his companies' need to repay about $21.3bn by the end of 2027, according to Bloomberg. It further predicts that no more regional fairs will be acquired by Endeavor/Frieze or MCH Group/Art Basel, and that a brand-name artist will sign a licensing deal with an AI image generator maker.