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ArtTactic Limited

ArtTactic Limited

Art Journal
 
Art Market Confidence Survey sees sign of recovery
 
  ArtTactic has just published a new edition of the US & European Art Market Confidence Survey. After an 81% drop in the ArtTactic Art Market Confidence Indicator in December 2008, the recent survey from June 2009, shows that confidence is cautiously coming back again.

Market recovery could take place earlier than expected with 64% believing the contemporary art market could rebound in 2010/11.

It also looks like the price correction loses momentum. A majority (74%) of the survey sample believe the art market would adjust another 10-20% or less, indicating that prices could be about to level out.

Survey Highlights

  • Confidence on the rise: After a 81% drop in the ArtTactic Art Market Confidence Indicator in December 2008, the recent survey from June 2009, shows that confidence is cautiously coming back again.

  • Increased optimism about the 6-month art market outlook: ArtTactic’s Expectation Indicator currently stands at 46% above the Current Indicator, although the majority of respondents still have a short term negative outlook.

  • Speculation risk abates as market contracts: With buyers becoming increasingly selective, and with auction liquidity down 70-80%, there is little room for short-term speculation in the current art market.

  • Green shoots at the lower end of the market: We are starting to see confidence coming back at the lower end of the contemporary art market, with a majority of the respondents feeling positive about the market for art works valued at less than $50,000 and for the $50,000 - $100,000 segment of the market.

  • Market recovery could take place earlier than expected: 64% believing the contemporary art market could rebound in 2010/11.

  • Price correction loses momentum: A majority (74%) of the survey sample believe the art market would adjust another 10-20% or less, indicating that prices could be about to level out.

  • No changes at the very top of the Survival Ranking: The top 4 artists in the Artist Survival Ranking, remains the same as in December 2008. These artists are: Gerhard Richter, Jeff Koons, Cindy Sherman and Robert Gober. Damien Hirst is one of the new entries at number 6.
 
www.arttactic.com/view-report.php?type=reports&id=21
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