US & European Art Market Confidence Survey – September 2014
|Report Type||Confidence Survey|
Art market confidence remains positive going into the new autumn season
- Majority of experts believe the US & European contemporary art market will continue to go up, but short-term art market confidence weakens on the back of increasing concerns about market speculation and worries about the deteriorating geo-political climate.
- Recent readings from the US & European Contemporary Art Market Confidence survey indicate that more experts are worried about art market speculation and the increasingly apprehensive geo-political situation in Ukraine and in the Middle-East.
- Despite concerns, the US & European Art Market Confidence Indicator is standing at 76, which implies that the majority of the experts (any reading above 50) remain positive about the outlook for the next 6 months, despite being 6% lower than 6 months ago.
- All art market confidence-categories have seen a marginal decline in the last 6 months, with the Economic indicator down 7.5%, the Primary Art Market Indicator down 3.3% and the Secondary market (Auction) Indicator down 7.7% since January 2014.
- Although the top-end of the market continues to dominate the headlines, experts continue to see increasing value in the lower middle-market. The $50,000 – $100,000 price segment saw a 22.4% rise in confidence since January 2014, and the Confidence Indicator for this segment is now on par with the confidence in the $1 million plus market.
- The top 5 artists from this survey remain the same as in the last reading in January 2014. The short-term confidence ranking is headed up by Gerhard Richter, Andreas Gursky and Peter Doig, all three artists have enjoyed considerable success at auction this year. Peter Doig’s ‘Gasthof’ (2002-2004) sold for £8,800,000, at Christie’s in London in July 2014. This was significantly above its high estimate of £5 million. Another painting by the artist, ‘Country-rock (wing-mirror)’ (1999) sold at Sotheby’s Evening sale the night before for £7,500,000.
- Download report to see the full artist ranking.