Contemporary art experts are growing more positive about the market, a survey shows.
The latest ArtTactic Confidence Indicator, based on a poll of 135 international collectors, auction specialists, art dealers, art advisors, and market analysts, had a reading of 80.6 in July, the highest level since January 2014.
By comparison, the reading stood at 44.6 in November 2020, “signaling a strong positive shift in market sentiment over the last eight months,” the report said.
ArtTactic, a London-based art market analysis firm, has gauged the market sentiment every six months since May 2005.
The positive sentiment was quite broad. The outlook indicator for the auction market had a reading of 90, up from 56 in November 2020. Meanwhile, the primary market confidence, which reflects the market sentiment of art galleries, had a reading of 76, up from last November's reading of 39.
Additionally, 51% of experts surveyed said they believed the market for established contemporary artists will continue to strengthen over the next six months, compared to just 24% saying so in November 2020.
The top-five established artists whose works are expected to see increased demand within the next 10 years are Yoshitomo Nara, Cecily Brown, Mark Bradford, George Condo, and Gerhard Richter, according to the survey.