Art Market Dropping, as I Predicted

Sophia Lynn, by Julio Aguilera

Sophia Lynn, by Julio Aguilera

The latest from top art market publication ArtPrice suggests that the global art market is tanking. Every corner of the market has been affected, from the really high-end stuff to the emerging artists fetching less than EUR10,000 a canvas.

In the words of ArtPrice:

Whereas the top-end of the market (4.1% of transactions) has shown relative price inertia, on the more dynamic segment of works offered for less than 100,000 euros, reactions have been more spontaneous: price adjustments are already underway. In this segment, the price index calculated using the repeated sales method has dropped 18% compared with October 2007!

The art market is in decline, as I predicted back in September 2007, in a short article for Trader Monthly. Prices, I felt, were topping out, and ArtPrice retrospectively calls the peak in late 2007/early 2008.

Read “Bubble Watch” in Trader Monthly >>

Check out some charts from ArtPrice after the jump.

The ArtPrice Art Market Confidence Index shows where the market is headed based on polling, market forces and reader sentiment.

art-market-index-1

Art Market Confidence Index, ArtPrice

The “Barometer” for the AMCI, is trending downward.

Art Market Confidence Index, ArtPrice

Art Market Confidence Index, ArtPrice

The likelihood of artwork acquisition is declining.

Art Market Confidence Index, ArtPrice

Art Market Confidence Index, ArtPrice

ArtPrice’s readers see the current financial crisis is being in decline.

Art Market Confidence Index, ArtPrice

Art Market Confidence Index, ArtPrice

And, the situation is only going to get worse …

Advertisements

One thought on “Art Market Dropping, as I Predicted

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s