The collapsing economy has tightened art collectors’ budgets, putting in motion a likely wave of bankruptcies that could pummel the art industry and ruin some artists.

Each week brings more economic misery. Retailers filing for bankruptcy, millions in jobless claims, layoffs across all industries, negative GDP, and now a nearly 15% unemployment rate. The devastation is affecting all sectors of the economy—including the art and luxury industries reliant on high-net-worth individuals’ disposable income.

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