State of the Contemporary Art Market

The Financial Times is reporting  on a new report from Arttactic on the state of the contemporary art market. As many readers of the AW blog are aware, there have been numerous reports of a contemporary art market bubble and correction.  The ArtTactic report, according to the FT is based on a market survey of 250 collectors and dealers. If found that 65% saw the contemporary market would show a plateau from growth, but with that none thought the market would decline. The report also noted that the top end of the market of $1 million and up pieces would remain strong.

The Financial Times reports

Coming after London’s tip-top auction results over the past two weeks, the data company ArtTactic has released a less optimistic report about the future of the contemporary art market. Its survey of 250 participants, from collectors to dealers, found that 65 per cent thought the sector would level out in the next six months, although none saw a correction. The panel was pessimistic about Indian, Chinese and Middle-Eastern contemporary art. But, confirming the London results, the panellists were optimistic about the $1m-plus segment, saying that they expected the ultra-wealthy “to continue their trophy hunting at the top end of the market”.

Source: Financial Times