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.


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

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By Brittney

Brittney is a writer, curator and contemporary art gallerist. Born in Singapore and based in New York City, Brittney maintains a deep interest in the contemporary art landscape of Southeast Asia. This is combined with an equally strong interest in contemporary art from the Asian diasporas, alongside the issues of identity, transmigration and global relations.

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