{"id":2221,"date":"2024-09-19T12:49:46","date_gmt":"2024-09-19T04:49:46","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=2221"},"modified":"2024-09-19T12:49:46","modified_gmt":"2024-09-19T04:49:46","slug":"its-too-early-to-know-if-feds-interest-rate-cut-will-revive-a-flagging-art-market-experts-say","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/its-too-early-to-know-if-feds-interest-rate-cut-will-revive-a-flagging-art-market-experts-say\/","title":{"rendered":"It\u2019s Too Early to Know if Fed\u2019s Interest Rate Cut Will Revive a Flagging Art Market, Experts Say"},"content":{"rendered":"<p class=\"paragraph larva \/\/ a-font-body-m     \">The Federal Reserve\u00a0<a href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" target=\"_blank\" rel=\"nofollow noopener\">cut interest rates\u00a0<\/a>by half a percentage point on Wednesday, signaling that it is shifting focus from battling inflation to safeguarding the job market. The cut will likely have major implications for the larger economy, but as for the art market, experts say the move is unlikely to be enough to ease fears and cautious spending.<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">The reduction, which brings rates down to about 4.9 percent, follows months of slowing inflation and is intended to prevent the economy from weakening too much and to stop further job losses, according to\u00a0the<em>\u00a0New York Times<\/em><em>.<\/em><\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">\u201cI think it\u2019s a move in the right direction,\u201d Philip Hoffman, the founder of\u00a0<a id=\"auto-tag_the-fine-art-group\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"the-fine-art-group\">The Fine Art Group<\/a>, told\u00a0<em>ARTnews. \u201c<\/em>But I don\u2019t think until rates come down by one to two percent that we will see much correction on the market.\u201d Hoffman called the forthcoming auction season a \u201cchicken and egg\u201d situation in which the sales are too small to entice buyers and\u00a0interest rates\u00a0still too high for sellers to consider letting go of their best works. \u201c<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">Everyone is still waiting<\/a>,\u201d he said. \u201cThere\u2019s an election coming and people want to see what who will take over and what the tax situation will be. No one right now is interested in testing the market.\u201d<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">Officials and market watchers expect further cuts, possibly another half-point reduction by year-end, as they aim to maintain economic stability. Despite some concerns, Federal Reserve Chair Jerome Powell expressed confidence in the Fed\u2019s progress toward lowering inflation without causing significant economic disruption, with hopes for a \u201c<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">soft landing<\/a>\u201d that avoids recession.<\/p>\n<p class=\"paragraph larva \/\/ a-font-body-m     \">Drew Watson, head of art services with Bank of America Private Bank, called the rate cut \u201ca signal that we may be approaching the end of a broader trend of increasingly high interest rates.\u201d He added that historically the art market tends to perform more positively in periods with lower interest. It\u2019s notable too, he said, that collectors will have more liquidity with the lower rates, which may pique the interest and strengthen the backbone of cosigners who have been holding back their best works during an economically slow period in the market.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve\u00a0cut interest rates\u00a0by half a percentage point on Wednesday, signaling that it is shifting focus from battling inflation to safeguarding the job market. The cut will likely have major implications for the larger economy, but as for the art market, experts say the move is unlikely to be enough to ease fears and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":{"0":"post-2221","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>It\u2019s Too Early to Know if Fed\u2019s Interest Rate Cut Will Revive a Flagging Art Market, Experts Say - Investable Art Auctioneer<\/title>\n<meta name=\"description\" content=\"The Federal Reserve\u00a0cut interest rates\u00a0by half a percentage point on Wednesday, signaling that it is shifting focus from battling inflation to safeguarding the job market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/artist\/its-too-early-to-know-if-feds-interest-rate-cut-will-revive-a-flagging-art-market-experts-say\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s Too Early to Know if Fed\u2019s Interest Rate Cut Will Revive a Flagging Art Market, Experts Say - 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