It is one step forward, two steps back for the art market at the moment. Just as recent auction results show signs of life along comes a dose of reality - this time in the form of financial results for mega-gallery Hauser & Wirth.
Its UK arm has seen profits plunge by almost 90%, according to the Financial Times.
The newspaper reported the firm, which represents artists such as Martin Creed and Amy Sherald, recorded pre-tax profits of $1.6 million in 2024, down from $12.5 million the year before.
Hauser & Wirth, which has UK spaces in London and Somerset in the west of England, said the collapse in profits was "due to lower secondary-market sales” as opposed to selling new artwork.
The company, which has galleries in New York and Los Angeles as well as Switzerland, Spain and Hong Kong among others said the UK wing was only "a small element" of its business. They also run a hospitality business including hotels and a private members' club.
Its founders, Iwan and Manuela Wirth, hit the headlines earlier this year when it emerged they had moved their main residence from the UK back to Switzerland joining a list of wealthy residents leaving the country, some prompted by tax changes last year.