Cultural Currency: Stagnant Waters
By Alex Yiu
The growth of the global economy in 2023 declined—inflation, wars, the costly impacts of climate change, low birth rates, and a possible recession in the United States undergirded the problem. Additionally, in Asia, the Chinese property market’s meltdown and the high unemployment rate among young adults further exacerbated the situation. With the delayed reopening of the country in January 2023, the consumption habits of Chinese citizens have not yet returned to their pre-pandemic levels. Corresponding to the global economic downturn, art sales were slower at auctions and art fairs with many collectors adopting more conservative approaches.