News - ArtTactic art market outlook 2011

ArtTactic has issued their latest Outlook report for 2011. Bottom line they expects speculators to enter the market in 2011... hum, thought they already were there, well at least in Asia? The report noted the global art market has staged a healthy recovery in the last 12 months, after losing almost two-thirds of its value in 2009. Last year's performance made up for a substantial amount of those losses, and the New York Contemporary Evening sales in November raised a total of $553 million, only 17% lower than the peak of the market in May 2008. The report noted art has been one of the best performing asset classes in 2010, the contemporary art market is up an average of 25%, against FTSE’s 11% and Dow Jones 9%, and the positive development is likely to continue into 2011.