I had a discussion with some people on the weekend about this very topic. The middle of the art market died, at least here in Canada, with the 2008 crash. People stopped spending on 'luxury' items and art is considered a luxury item. The market hasn't come back. The high end of the market is fine; as the article points out. The low end of the market, the mass-produced schlock that people buy at Wallyworld and such is fine because it's cheap and disposable. But the middle part of the market is still suffering greatly.
What seems to be happening - and I can only speak for my geographic area - is that the middle and lower ends of the market are being pushed together. People who used to buy in the middle are pulling back. Perhaps because they've acquired all they need or their incomes haven't recovered sufficiently from '08. I have people tell me pretty regularly that 'my walls are full'. These tend to be middle-aged and older generations. These are also the people whose incomes would have been most affected by the '08 downturn. People who used to buy in the schlock market - generally younger - may be starting to look at the middle market as their careers begin to advance but still want the disposability of the stuff they bought in Wallyworld and aren't prepared to pay mid-market prices. Even the lower end of mid-market prices. Some artists are lowering prices to make sales but sales don't necessarily equate to income once costs are considered. I see photographers selling 16x20 framed, good quality pigment inkjet prints for $30 or $40. They make lots of sales but they don't make any money.
Which is exactly the same problem as hit the stock industry, and it was a great industry for a few decades, with big, really good players, amongst the best of which I'd have put Image Bank and my own nest, Tony Stone Worldwide, which became Getty's big acquisition and the start of the present scenario.
As ever, it's the bottom of the pile that's where the rot begins, where little light ever shines and there's really nothing to lose... so you get penny sales and folks think that's made them famous.
I wouldn't do it again, not for a living. What's left to want?