The November auctions in New York tallied $2.4 billion, up slightly from 2014 but down from the May results. Jussi Pylkkanen, global president of Christie’s, last month called the sales “very measured.” Griffin, whose Citadel has about $25 billion under management, told CNBC that “people should be very hesitant in thinking about art as an investment.”
The volatile economy has an effect on art buying, said Ross.
“Not our buying, but in general, people buy more when they feel happy,” he said at Wednesday’s event.
Dealers said collectors have become more selective for works priced above $1 million, and sales exceeding $3 million were hard to come by at the opening.
“People are more careful with money,” said Alberto Mugrabi, a dealer and collector based in New York.