The article examines the art market's struggle to attract new wealthy buyers despite a surge in global wealth. Marc Spiegler, former global director of Art Basel, argues that galleries have failed to recruit the newly wealthy, noting that inflation-adjusted art sales have declined over the past 15 years. He suggests the industry needs to reposition art as 'magical' and transformative to appeal to potential patrons.
This matters because the art market's long-term health depends on expanding its collector base beyond a small group of ultra-wealthy 'whales.' Spiegler advocates shifting from an expansionist gallery model to a community-building approach, emphasizing patronage and public engagement. The article highlights a fundamental disconnect between growing wealth and stagnant art sales, urging dealers to adapt their strategies to sustain cultural production at scale.