It’s not a secret that the art market has been struggling over the past year. Go to any fair and you’ll hear smart collectors and art advisors tell you that primary prices—the fee a gallery will charge a collector for work straight from the artist’s studio—are way too high, especially because paintings by the same artists are often available on the secondary market for much lower (and falling) prices. As a result, much of the art that was most in demand over the last several years is now contributing to a glut of unsold inventory. “The general feeling at the moment,” wrote art advisor Jacob King in his letter to clients capturing the current market dynamic, “is that there are more sellers than buyers and many galleries are struggling to sell works by artists who only recently were in great demand, with long waitlists and frenzied bidding.”