Forget billionaires, museums are the ticket for fine art market

Museums are now acquiring most of the auctioned works. The Salvator Mundi, a very rare painting by Leonardo da Vinci, was bought by the Louvre Abu Dhabi museum. It will unveil its prized acquisition on Sept 18. Photo: Handout

Bye bye billionaires – it’s now museums that acquire most artworks put up for auction, according to a firm which follows the fine art market.

Sales at auction of works of fine art – paintings, sculptures, drawings, photographs, engravings and installations – jumped by 18% in the first half of the year compared to the same period in 2017 to US$8.45bil(RM34.6bil), according to Artprice.