Results tagged “Gerhard Richter” from Real Clear Arts

Remember that "confidence report" from London-based ArtTactic that I wrote about here several days ago? Most of the study, which involves interviews with key participants in the art market, was behind a pay wall, and I was able to give you only a few bullet points.

Now ArtTactic has posted a podcast, with video charts, showing much more of its hand. It reveals more evidence for ArtTactic's verdict that there is "less negativity" in the contemporary market. But that's all relative. As is explained, the index ranges from zero to 100, so any index below 50 means that the firm received more pessimistic than optimistic views of the market. That index shot from 11 in December to 28 in June. But that's still gloomy, just less gloomy.

ArtTactic also breaks down the market by price categories; perhaps not surprisingly, the only category in truly positive territory was the segment for art priced at less than $50,000. There is also some, but less, confidence in the $50,000 to $100,000 and for works selling for more than $1 million. The middle market is the most dicey. Anecdotal evidence over the last six months has suggested the same thing.

In December, a significant number of people thought that recovery would take more than five years. With prices skidding since then, more than 60% of respondents now believe that recovery will take just 1 to 2 years. And the pace of price declines has definitely slowed down. As a result, people feel that the market is much less risky than it was in December. Because there is less liquidity in the financial world, there is perceived to be less speculation.

ArtTactic also ranks artists, and the top three rated for "long-term" value are Gerard Richter, Jeff Koons and Cindy Sherman -- the same as those at the top in December. Damien Hirst is not in the top five, but he has apparently moved up smartly since December.  

The entire podcast, with charts, can be heard and viewed here.

Oh, yeah, and regarding the just-concluded June sales on London (versus the May sales in New York,