ArtTactic Ltd reports that confidence levels in the contemporary art market have fallen 81 percent since May 2008 and may take between three and five years to recover. ArtTactic provides unbiased art advice, analysis and market research for art collectors, art professionals, art funds, and art institutions.
The recent ArtTactic survey includes a new “Survival Rating” of artists who respondents believe will be considered of high importance within 10 years time. German artist Gerhard Richter was at the top of the survival list followed by Jeff Koons and Cindy Sherman. Damien Hirst was lucky-- he was able to land the seventh position on the list of ten ’high importance’ artists. Others were not so lucky.
The ArtTactic survey rated Jake & Dinos Chapman, David Salle, and Franz Ackermann as current high importance artists who will least likely to be considered of high importance by 2019. Needless to say, ArtTactic feels that when the dust over the market settles the market, as we know it, will be a very different place.
ArtTactic became the first company to ever develop an Art Market Confidence Indicator, an indicator of the market based on feedback that is now closely followed by individuals who follow the art market. ArtTactic’s Western Art Market Confidence Indicator dropped to 10.5 from 56, the lowest level reached since the survey was introduced in May of 2005.
ArtTactic’s findings were supported by the Royal Institution of Chartered Surveyors survey. RICS is a professional body representing art appraisers, auctioneers, and real-estate surveyors in the United Kingdom.
Key points of the ArtTactic survey:
-Confidence hits rock bottom: US & European Contemporary Art Market Confidence Indicator drops 81% from May 2008.
- Recovery will take years: 52% of the respondents believe it will take more than 3 years for the market to start picking up, and more than half of these believe it could take more than 5 years.
- Bottom falls out of the high-end of the market: The confidence has weakened in all of the higher price segments since May 2008
Links of Interest:
Art Market May Take 3-5 Years to Recover, Survey Company Says -- Bloomberg
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New York Art Exchange