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Contemporary Art Market Confidence Report – July 2022

  • Analyst: Lindsay Dewar
  • Pages: 18
  • Access: Analyst Pro

Art market confidence falls as economic uncertainty takes its toll.

Despite record auction results in 1st half of 2022, the latest ArtTactic Art Market Confidence Survey this month signals that the mood could be changing as we are heading into the autumn season. The Confidence Indicator have seen a sharp fall in the last six months, from 75 in February 2022 to 42 in July 2022. The advent of higher inflation, stagnant growth, and geopolitical uncertainty has negatively impacted the Economic component of the ArtTactic Art Market Confidence Indicator.

Will the NextGen artist boom continue? Recent survey findings show that participants disagree about the short-term direction of the market for young, ‘on-the-rise’ artists. A significant share, 40%, of survey participants said they believe this market will come down (compared to 9% in January 2022), and 42% believe the market will continue to grow (down from 73% in February 2022). However, despite lower confidence in this specific segment of the market, auction sales of young artists continued to show strength in the first half of 2022, with sales up 48% from the same period last year.

Artist Ranking: Cecily Brown tops the established contemporary short-term confidence ranking and Njideka Akunyili Crosby heads up the ranking for ‘on-the-rise’ artists. The report includes both short-term and long-term confidence indicators for 82 Established and On-the-Rise contemporary artists (see list of artists below).

About this report:

The ArtTactic Art Market Confidence Indicator was launched in May 2005 and is now in its 36th edition. The survey is modelled on a similar methodology to the CEO confidence Survey that was launched in 1976 by the Conference Board in the US. We believe that the opinions of a small group of select ‘art insiders’; collectors, auction houses, advisors and other art professionals provide a valuable insight into the perception about the current and future state of the art market.

Artists included in this Confidence Survey:

Established Artists

Kai Althoff, John Baldessari, Miquel Barcelo, Matthew Barney, Georg Baselitz, Mark Bradford, Cecily Brown, Glenn Brown, Maurizio Cattelan, Jake & Dinos Chapman , George Condo, Peter Doig, Marlene Dumas, Olafur Eliasson, Fischli & Weiss, Urs Fisher, Gilbert & George, Robert Gober, Andreas Gursky, Damien Hirst, Anish Kapoor, On Kawara, Mike Kelley, William Kentridge, Anselm Kiefer, Jeff Koons, Paul McCarthy, Vik Muniz, Takashi Murakami, Yoshitomo Nara, Shirin Neshat, Chris Ofili, Elisabeth Peyton , Sigmar Polke, Richard Prince, Neo Rauch, Gerhard Richter, Thomas Ruff, David Salle, Sean Scully, Cindy Sherman, Rudolf Stingel, Thomas Struth, Mark Tansey, Rosemarie Trockel, Luc Tuymans, Bill Viola, Jeff Wall, Franz West, Rachel Whiteread and Christopher Wool

On-the-Rise Artists

Nina Chanel Abney , Njideka Akunyili Crosby, Harold Ancart, Cory Arcangel, Tauba Auerbach, Hernan Bas, Carol Bove, Joe Bradley, André Butzer, Dan Colen, Aaron Garber-Maikovska, Adrian Ghenie, Mark Grotjahn, Wade Guyton, Thomas Houseago, Shara Hughes , Rashid Johnson, Nate Lowman, Julie Mehrethu, Oscar Murillo, David Ostrowski, Adam Pendleton, Seth Price, Sterling Ruby, Dana Schutz, Claire Tabouret, Salman Toor, Danh Vo, Brent Wadden, Jonas Wood and Lynette Yiadom-Boakye