How Global Warming is Affecting the Art Market

"art auction at the big deal" by Dennis Yang licensed under CC BY 2.0
art auction at the big deal” by Dennis Yang licensed under CC BY 2.0

Source: Artnet News

A collection of data was cross-checked to prove a correlation between rising temperatures and a plummeting global art market.

Artnet Analytics pulled data from thousands of auction results in the city of New York, over the last 15 years and cross-checked it with weather data, from the National Oceanic and Atmospheric Administration.

The results showed a correlation between sunny days over 90 degrees and lower sale days – about 75 percent of works were purchased only, compared to 78 percent purchased on cooler days of 40 degrees. Studies have previously found that cold weather ‘induces aggression and competitiveness’ while hotter weather creates apathy, indifference, which leads to lower sales.

Artnet Analytics estimated that the steady increases in temperature could cost the art market $145 million in annual revenue.

Read full story at: Artnet News

Arts Media & Culture, Environment, News
Arts, Media & Culture, Environment, News