Whether you have been deeply involved in the art world over the past several years or have observed it from a cultural distance, it has been impossible to miss the strong waves rising from the depths of its market.

The past half-decade has brought uncertainty across countless fields, and art has been no exception. Official reports, reviews, and dinner-table conversations about the state of the art market have emerged everywhere, with many media outlets suggesting that we are witnessing the irreversible decline of the industry.
But is the art world truly heading towards its doom? Or are we simply too fixated on yesterday&rsquo;s headlines to recognise the reality of today?

Victor Custot, Board Director and Art Dealer at Waddington Custot gallery, offers a different perspective. Founded more than seventy years ago on London&rsquo;s legendary Cork Street, and now represented in Paris and Dubai, Waddington Custot has long been a trusted companion to generations of collectors, renowned for its professionalism and expertise.

Part of an esteemed gallery that has weathered many storms and crises, Victor brings a vision that cuts through the current gloom.
&ldquo;We&rsquo;ve already hit rock bottom,&rdquo; Victor says, surprisingly in a positive sense.
In our conversation, Victor unpacks the tendencies shaping the current art market, explores its new pivotal directions, and reflects on the value a good buyer brings. Above all, he argues that the supposed collapse of the art world is old news.
Here are a few of his insights to restore some peace of mind about where art truly stands today.

1. London Is Not Losing Ground, Merely Shifting Its place

&ldquo;What we must keep in mind when speaking about art collectors in London,&rdquo; notes Victor, &ldquo;is that they are not necessarily British.&rdquo; This differs, for instance, from Paris, where local collectors are usually Francophone. London remains the most cosmopolitan city in Europe, and its greatest advantage lies in the fact that English is the primary language of communication, a decisive factor for many high-net-worth individuals who choose to live and collect art here.
Naturally, Brexit has had a discouraging effect on the ability to buy and sell, a situation often attributed instead to the pandemic or recent geopolitical tensions. Another crucial factor has been the introduction of new tax regulations in the United Kingdom, many of which have since been mirrored across Europe. These changes have not only affected the financial dynamics of the art world but have also prompted many high-net-worth individuals to leave the country. As a result, the overall level of wealth in the UK is notably lower than it once was.
Yet this apparent decline is, in reality, a transformation. A new generation of collectors is emerging in the London market &mdash; primarily from South Asia, East Asia, and the United States. This shift was particularly evident at this year&rsquo;s Frieze Masters, where Waddington Custot, as always, held its booth.
&ldquo;At the end of the day, the reason London will never disappear from the map is that it remains the point of entry for American art into Europe,&rdquo; says Victor.

2. The Shift In The Mode Of Engagement

&ldquo;We have stopped serving alcohol at exhibition openings at Waddington Custot,&rdquo; Victor explains, &ldquo;because we decided we no longer wish to associate with that kind of crowd.&rdquo;
The changes taking place are not merely economic; they are cultural as well. The real value, Victor believes, lies not in noise or publicity but in the cultivation of genuine interpersonal connections built on mutual trust and respect, whether with collectors, artists, or business partners.
&ldquo;There is currently a great deal of commotion around so-called &lsquo;mega dealers&rsquo; facing a downturn,&rdquo; says Victor. &ldquo;This speaks less to the depth of that decline &mdash; which is hardly catastrophic &mdash; and more to the number of eyes that were eager to witness it. One of the key reasons behind Waddington Custot&rsquo;s enduring success is that we remain quiet during our highs, so when an inevitable low comes, we can recover in peace and carry on.&rdquo;

3. Who Is Really Interested In Collecting Art?

When examining the figures within the art market, it is important to remember that behind every number stand individuals who shape them. People live their lives and set their priorities, and even for the most passionate collectors, acquiring art is not always the immediate focus.
&ldquo;I have many friends in their thirties who could easily afford an art collection, and who certainly possess the eye and the interest,&rdquo; Victor observes. &ldquo;But at that age, priorities are simply different. They have children, and raising a family in London is a significant investment. Private nurseries, schools, tutors, and holidays all draw from the same budget that could otherwise be spent on art. Even luxury purchases such as watches or yachts often take precedence over collecting at that stage of life.&rdquo;
The current audience for art collecting, and for working with art dealers or advisers in particular, is largely in its fifties and sixties. This is precisely the age group of most high-net-worth individuals who are now living for their own enjoyment and are less preoccupied with the practicalities of investment.
Has there been a demographic shift recently? Yes, though not in the way one might expect. Interestingly, the once-active group of collectors in their eighties and nineties has diminished significantly in recent years.

There are, of course, young people engaged in collecting art. In fact, their numbers and significance in the market are growing as Generation Z establishes itself, finding its niche.
Recent reports indicate that while the younger generation is setting a trend by purchasing directly from artists, the older generation, the Boomers, still experience their adrenaline rush through competitive bidding at auction houses.
&ldquo;I do not believe that art dealers and galleries are in competition with online platforms or auction houses,&rdquo; says Victor. &ldquo;In fact, I think we should be more open about our collaboration. Waddington Custot, like many galleries, acquires part of its stock from auctions. Auction houses and galleries have worked hand in hand for decades, but acknowledging this publicly has long been considered taboo, which I find rather puzzling. An art dealer should not feel threatened by an auction house, and if they do, they simply need to become better.&rdquo;
While Victor does not perceive the distribution of business as problematic, he finds the shifting of roles within the art ecosystem far more concerning. For him, this begins with museums:
&ldquo;I see museums as places of history, where artefacts are preserved. Following that logic, the presence of contemporary art in museum collections confuses me,&rdquo; he explains. &ldquo;The place for history is in museums; the place for contemporary art is in galleries.&rdquo;

5. A Good Seller And A Good Buyer &mdash; Working Together In Times Of Crisis

In the Waddington Custot tandem, there was a good seller and a good buyer. This dynamic always takes two. To Victor, a person claiming to be both is a speculator.
At Waddington Custot, Leslie Waddington was a brilliant seller. He could sell sand in the desert, but, fortunately, he chose to deal in art. St&eacute;phane Custot, Victor's father, specialises in art acquisition. He knows precisely what to buy and when, what will create a strong stock and remain a timeless asset for the gallery, regardless of fleeting trends. A good buyer can distinguish between two drawings by the same artist made five years apart, while a collector might see them as equivalent.
When Victor joined the gallery, the crisis in the art world was already looming. By then, St&eacute;phane had already taught Victor how to be prepared. As a result, years into the crisis, the gallery is reportedly &ldquo;not too bad&rdquo;.
&ldquo;We create our stock looking at least twenty-five years ahead,&rdquo; says Victor. &ldquo;My father learned it experientially, and I learned from him, that following trends is not the way to go. There will inevitably be a crisis every thirty years; it is historically proven. When, during the rise of Pop Art and Abstract Expressionism, we brought American Photorealism to Frieze Masters, everyone loved it. Being a good buyer requires confidence and a solid analytical knowledge of art history.&rdquo;
In Victor's view, galleries tend to follow one of two strategies during a crisis: either working fast in between peaks and laying low during downturns, or preparing during good times to remain active when the market slows. With deep respect for the established approach of Waddington Custot, Victor aligns with the second option.

With the rise of many different media in art, from tangible to digital, and according to Victor&rsquo;s experience and the Art Basel &amp; UBS report, the best-performing segment in the market remains painting, specifically oil on canvas.
Victor explains what might appear as stagnation: &ldquo;Contemporary collectors often strongly undervalue more sophisticated forms of art, such as works on paper or sculpture, but this is the reality &mdash; statistics are produced by people who do not fully understand art. They buy what appeals to them, and this cannot be changed, only respected.&rdquo;
The key feature that defines collectors&rsquo; tastes over time is that art should be beautiful. Here, beauty is not synonymous with aesthetic pleasure alone. Beauty can be uneasy, even ugly or melancholic, and it is this richness of character that makes it truly beautiful. As an example, Victor cites Picasso&rsquo;s Guernica, where the visual impact takes precedence, and the meaning is seamlessly integrated within.

7. It Is Always A Good Time To Collect Art

An art collection is a living organism. It is constantly evolving and developing in some way. Whether you have already embarked on that journey or are yet to make your first acquisition, the question of perfect timing always arises.
Investing in art is far less of a gamble when a professional is by your side, ready to provide guidance.
Take Victor&rsquo;s advice as a sign when he says, &ldquo;It is always a good time to buy art.&rdquo; Most importantly, buy what genuinely appeals to you. Artworks may fluctuate in price or lose market value (as much as they may increase), but this matters far less if the piece holds personal significance.
When choosing a dealer to trust, Victor strongly recommends reviewing their track record, as their history of performance and reputation reveal their reliability. Another crucial factor is whether they have consistently supported the same artists: if they have, this is a strong indication of integrity. Art dealing is not like the stock market &mdash; it is not simply about buying and selling at the peaks and troughs. After all, art is the most personal of investments, something you can hang in your bedroom and see every day, when you awaken and when you go to sleep.

The future of the art market is a question on everyone&rsquo;s mind, and with good reason: the numbers in the sector reflect not only the affordability and circulation of luxury goods but also the health of the cultural sphere.
Asked what changes we should expect to see given ongoing social and economic shifts, Victor replied from his position as a gallery board director: &ldquo;We, in the art world, move with the world, reflecting every shift, and that movement is, above all, relentlessly forward. There is no reason to hide that we are going through a slowdown, both in market figures and in my personal experience. I expect much from the foreseeable future: after all, new ways emerge when things are at their lowest. The rise of online platforms is already visible, and I find this remarkable. Overall, I am optimistic about what lies ahead &mdash; there is no reason to feel otherwise.&rdquo;

Victor Custot: Art Will Be All Alright

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