|ArtTactic: Chinese Art Market Confidence Report, published today|
||CHINESE ART MARKET CONFIDENCE - HIGHLIGHTS:|
* The confidence in the Chinese contemporary art market has bounced back from its February low, and is now standing at 57, implying that there is more positive than negative sentiment in the market place.
* The market remains concerned about the renewed risk of speculation, as the Chinese contemporary art market recovers.
* A majority, 62% of the respondents, believe the market direction of the next 6 months will be ‘flat’, and only 10% believe the market will fall further.
* A large majority, 70% of the respondents, believe the market will recover within 2 years.
* Lack of confidence in prices at the top-end of the market, but 62% feel positive towards the price bracket of $50,000 and below.
* Yang Fudong, Ai Weiwei and Xu Bing top both the Confidence Ranking (Short-term) and the Longevity Ranking (Long-term)
CHINESE ART MARKET CONFIDENCE BOUNCES BACK
The confidence in the Chinese Contemporary art market has strengthened significantly since February 2009, and is now back above the 50 level. The ArtTactic Confidence Indicator has increased from 16 in February 2009, to 57 in November 2009. The current level signals that there is more positive than negative sentiment in the art market. This is the first contemporary art market that ArtTactic has surveyed since the downturn, in which the Confidence Indicator has come in above the 50 level, which implies that the Chinese art market could be one of the quickest to recover.
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