> Major collectors have stopped buying art or significantly reduced their spending. The next generation isn’t there to take over from the old guard.

Just one example, one of the biggest Canadian collectors of contemporary art is condo marketer Bob Rennie, who during the foreign wealth lead boom in Canadian real estate, was making so much money that he opened up an entire personal downtown museum to show off his art works.

After layers of regulation against foreign buying amongst many other shifts in the economy (hi interest rates), condo sales are now in retreat with developers on the ropes and Rennie Marketing laying off staff.

Things change.

(I have no idea if Rennie has stopped buying, but given the sorts of big shifts in his industry, I wouldn't be surprised if he'd eased off!)