Insiders Are Growing More Confident About the Art Market
Which artists are expected to see growth in the next 10 years?
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Contemporary art experts are growing more positive about the market, a survey shows.
The latest ArtTactic Confidence Indicator, based on a poll of 135 international collectors, auction specialists, art dealers, art advisors, and market analysts, had a reading of 80.6 in July, the highest level since January 2014.
By comparison, the reading stood at 44.6 in November 2020, “signalling a strong positive shift in market sentiment over the last eight months,” the report said.
ArtTactic, a London-based art market analysis firm, has gauged the market sentiment every six months since May 2005.
The positive sentiment was quite broad. The outlook indicator for the auction market had a reading of 90, up from 56 in November 2020. Meanwhile, the primary market confidence, which reflects the market sentiment of art galleries, had a reading of 76, up from last November’s reading of 39.
Additionally, 51% of experts surveyed said they believed the market for established contemporary artists will continue to strengthen over the next six months, compared to just 24% saying so in November 2020.
The top-five established artists whose works are expected to see increased demand within the next 10 years are Yoshitomo Nara, Cecily Brown, Mark Bradford, George Condo, and Gerhard Richter, according to the survey.
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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
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A water lily painting by Claude Monet of his Giverny gardens is expected to achieve at least US$65 million at Christie’s November sale of 20th-century art in New York
Le bassin aux nymphéas, or water lily pond, painted around 1917 to 1919, is a monumental canvas extending more than six-and-a-half feet wide and more than three-feet tall, that has been in the same anonymous private collection since 1972. According to Christie’s, the painting has never been seen publicly.
The artwork is “that rarest thing: a masterpiece rediscovered,” Max Carter, Christie’s vice chairman of 20th and 21st century art said in a news release Thursday.
A first look at this thickly painted example of Monet’s famed and influential water lily series will be on Oct. 4, when it is revealed in Hong Kong.
The price record for a Nymphéas painting by Monet was set in May 2018 for Nymphéas en fleur, another large-scale work that had been in the collection of Peggy and David Rockefeller. That painting sold for nearly US$85 million.
The current work for sale is guaranteed, Christie’s confirmed. The auction house did not provide further details on the seller.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
