|Art Market Outlook 2010|
||In this new report, ArtTactic looks at global modern and contemporary art market trends in US and Europe, India, China, Middle-East, Latin America and Russia.|
The second half of 2009 saw most global economies starting to creep out of the economic recession, fueling a renewed interest and appetite for art. The recovery has so far been modest, and the market is still a far cry from the peak in 2007/2008, but green shoots are emerging in most markets, which bodes well for 2010.
The US and European contemporary art markets have staged a solid recovery, with New York taking the lead in November 2009. Recent February sales in London came in above expectations and the total value was more than double than June 2009.
The Indian art market went through a tough period in 2009, and although confidence is coming back in both the Modern and Contemporary Indian market, low auction volume and lack of recovery in contemporary art prices, heightens the uncertainty around the contemporary market's short term outlook.
The Chinese art market has been one of the markets which have experienced the strongest and fastest recovery, particularly on the back of new demand for Modern Chinese art. The contemporary Chinese art market is still considerably lower than the peak of the market, but renewed confidence in the sector is likely to have a positive impact in 2010.
The Middle-Eastern art market staged a modest recovery in 2009, with total sales of Arab and Iranian contemporary art down 11%, whilst the modern market saw volumes falling 56% from the peak of the market. Average prices for contemporary Arab and Iranian art is down 37%, with Modern prices down 30% from November 2008. However, we expect the pre-boom interest in Middle-Eastern art to pick up again in 2010 alongside most of the other global markets.
The Latin American art market has held up well during the crisis, and only saw an average decline in value of 5%. The market escaped the frenzy of the boom years, and is well-placed to benefit from the renewed confidence in the art market.
The overall Russian art market showed a 51% decline value from pre-crisis levels. The Modern Russian art market decreased by 33% in total value in 2009 and only saw 12% decrease in average prices. Contemporary Russian art experienced a stronger fall with a 68% decrease in total value and 37% decline in average prices. The outlook for the Modern Russian market looks healthy for 2010, whilst we expect the uncertainty in the contemporary Russian market to continue.
For more information about this report contact, Anders Petterson on firstname.lastname@example.org.