Much of what she writes focuses on contemporary art as she looks to find more quality art on the market, but much can also be applied to other art and decorative art segments as well. She does note a hit of around 30% on contemporary art prices, but also notes the market seems to be rebounding and gaining strength. She is putting a lot of emphasis on the recent Frieze art fair, which as we know was strong in the below $100,000 sector, and she does note there are some good upcoming indicators which will further clarify the market status and trends. A good article to read.
Adamowicz states
In addition, over the last year, many art professionals argued that an art market correction would lead to better quality art, which in turn would assist in returning confidence to prices. During the art market boom, the pressure to produce greater quantities of work for the growing number of exhibitions and fairs, coupled with rapidly rising prices, stunted creativity. Artists who are no longer as directly influenced or constrained by the marketplace have greater flexibility and creative leeway to produce art independent of demand. There is no doubt that many of the positive reviews of this season's exhibitions reflected a genuine response to the greater quality of works being produced.
We are therefore witnessing a convergence of two important factors, which combined are bringing stability back to the art market -- artists, somewhat relieved of the pressure to cater to the mercurial tastes of an exploding art market, and collectors, who are approaching their purchasing decisions with greater confidence in valuations. The number of confirmed sales and the adjusted prices at Frieze have provided us with these insights into the state of the contemporary art market. Next week's contemporary art fair in Paris, FIAC, will provide another important opportunity to take the pulse of the contemporary art market.
To read the full article by Stephanie Adamowicz on the Huffington Post click HERE.
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