Jonathan Miller, the guru of property appraisers, keeps a close eye on the two real estate markets that offer clues to art market spending. Curbed quotes his recent report for Elliman on Miami’s real estate market.
There Miller sees echoes of the art market’s drop in volume but maintenance of price:
The large price declines in the luxury markets of both [Miami] regions reflect the significant shift in the mix from the market’s former high-end emphasis to the entry and mid-tier markets.
Miller: Markets in Miami and Miami Beach reset to a lower level of sales (Curbed Miami)