Global Art Market Outlook 2019
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Market sentiment has taken a U-turn this year compared to last year’s positive outlook. Global economic and political uncertainty could derail the fragile confidence in the buoyant art market in the coming 12 months according to the Global Art Market Outlook 2019 report.
About this report:
This is the 10th edition of ArtTactic’s annual Global Art Market Outlook. The report looks at international auction trends for modern and contemporary art between 2010 – 2018. It also includes predictions and forecasts for where the global art market might be heading in the next 12 months.
Who is it for?
This report is popular among collectors, media, art advisors, auction houses and financial investors, who want to get an un insight into the changing trends at auctions in 2019 and how the performance of the various global auction markets performed over the course of 2018.
Key Findings:
Confidence across all the regional art markets has weakened since our last reading in January 2018. Although it is not all negative, Africa, remains a bright spot, as 47% of experts believe this market will experience positive development in 2019, with a further 40% believing the market will consolidate around the current levels. The US, China and Europe are also predicted to hold up well despite the increasing market uncertainty, which means these global art markets could offset some of the headwinds expected over the next 12 months.
The outlook for the UK art market has turned more pessimistic since the last reading in January 2018. Only 20% of the experts surveyed believe this market will continue to strengthen this year (down from 28% in 2018), with 31% saying they believe the market could start to fall (up from 25% in 2018), and with the remaining 49% seeing the market levelling out after auction sales jumped 33% in 2018. The outcome of the Brexit negotiations will be decisive for the direction of the UK art market for the remainder of 2019
Whilst the biggest global art markets could be facing strong headwinds in 2019, it might create opportunities for smaller, regional art markets to play a more prominent role. Art markets in Africa, South Asia, Southeast Asia, Latin America and the Middle-East might reclaim some of the limelight occupied by their Western counterparts in recent years.