Some ultra-wealthy are buying high-end art for their yachts as a recession hedge while stocks, real estate, and crypto tank on global uncertainty
In the short term, Resch expects many sellers to delay selling their work until economic conditions improve, a dynamic that could reduce supply and help luxury art values"remain stable," he said.
While ultra-wealthy collectors might come out of an economic downturn unscathed with respect to their art investments, he says that artists, galleries, and art fairs —"almost everyone in the art market" — could be negatively impacted. That's partially because"one-time buyers," which Resch says is the largest demographic, would be more hesitant to purchase luxury art during tough financial times.
"Yachts are like floating art galleries and museums, and it's a reflection of someone's taste, someone's life, someone's wealth," she said, adding that yachts — not houses — are increasingly where the ultra-rich are entertaining guests. So it makes sense they'd want to show off their art there as well.
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