Vanessa Bell (1879 – 1961), A Conversation, 1913-16 © Estate of Vanessa Bell. All rights reserved, DACS 2023. Image Credit The Courtauld
In the art world, where emotional responses often drive purchasing decisions, sentiment data has become an essential tool in our research and analysis. It helps gauge how people feel about artists, movements, and individual works, making it indispensable for detecting trends and identifying shifting perceptions about the current and future state of the art market.
Through our expert surveys involving key art market stakeholders—such as collectors, art advisors, and leading ArtForecasters—we have developed an art market metrics and rating system that analyses expert opinions on various facets of the art ecosystem. Discover why sentiment data is pivotal and how you can contribute as a voice shaping the art world.
The Importance of Sentiment Data in the Contemporary Art Market
For emerging artists, sentiment data serves as an early indicator of shifting tastes and cultural trends. In our recent NextGen Artist Monitor on Nicolas Party, 52% of experts expressed a ‘very positive or positive’ outlook for the artist’s long-term prospects (over the next 5 years), even as the auction market shows downward pressure on prices for younger artists. This demonstrates how sentiment data, alongside auction analysis, helps us offer a well-rounded perspective on the broader market trajectory.
Additionally, tracking market sentiment can be an effective way to manage risk. In our latest Contemporary Art Market Confidence Report, the ArtTactic Confidence Indicator fell to 22—a 4-year low, down from 38 in January 2024. This pessimistic outlook was partly reflected in the London Marquee Sales during Frieze week, which saw a 3% year-on-year decline. However, the rise in auction guarantees suggests that there remains a strong appetite for art-related risk, potentially signalling renewed confidence in the market.
Your Voice Matters: Participate in Shaping the Future
The integration of sentiment data into art market research is transforming how the art community approaches decision-making. It helps us navigate a market that is inherently subjective and influenced by cultural, technological, and social dynamics.
Since 2014, we’ve been running weekly art forecasting competitions on our ArtForecaster platform, where you can predict the outcomes of upcoming international art auctions. It’s a fun and rewarding way to sharpen your skills and connect with others in the art world. Apart from attracting professionals, the competitions have also become an important ‘boot-camp’ and talent development platform for rookie players and individuals just starting or about to embark on their career in the art world.
Join ArtForecaster for free today to build your art market knowledge and become part of the collective voice shaping the future of the art world.