How confident is the art market? Depends on price range

GLOBAL ART MARKET REPORTS

Art market analysts ArtTactic have released a report stating that while confidence in the global art market has dropped, the outlook for high-priced works, those selling for over USD 1 million, has stayed positive, with these works being seen as a “store of value”.

As reported by ArtTactic in an October 2011 newsletter, “Art Market Confidence drops into negative territory, but the high-end of the market remains positive.”

12th October 2011: The recent interim sentiment poll by ArtTactic, suggests that the art market could start to feel the pinch in the next 6 months, as the main Confidence Indicator drops 55% from June 2011. Although the general art market has turned negative towards the 6 month outlook for the contemporary art market, the confidence at the top end of the contemporary art market (works valued at $1 million or above) remains strongly positive. The $500,000 – $1,000,000 price range have seen confidence dropping 35% since June 2011, whilst the mid-range market of $100,000 – $500,000, experienced a 67% drop in confidence.

Click here to read more and to download the full report on the ArtTactic website.

KN/HH

Related Topics: art market watch, business of art, collectors

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