Art collectors are adjusting their investment strategies downwards because of the unpredictable and ongoing economic changes. 2023 saw them slash their investment portfolios to 19% from 24% in 2022. This takes a toll on the already declining Black artists’ representation in global auction sales which currently stands at at 1.9% from 2008 to mid-2022.
Black individuals consistently account for the share of America’s sneaker sales each year. However, Black retailers hardly profit from the industry’s increasing valuation that pulled in $88.9 billion in 2023, as a result of being boxed out of the sneaker market by traditional establishments.
