Signs of Hope for Contemporary Art Market

Gerhard Richter, "Abstract Painting, Courbet" (1986)
LONDON— Art investors seem to think the worst of the financial crisis has passed for the contemporary art market, although the recessionary storm is not quite played out.

The London-based research firm ArtTactic recently released its semiannual U.S. & European Art Market Confidence Survey, which showed negative sentiment lifting and hope for a recovery strengthening. The Confidence Index more than doubled, to 28 from 11 six months ago, although it remains well below the 50 level that would indicate confidence.

The highest hopes were at the low end of the market, with positive sentiment for works valued below $50,000 at 55 percent, up from 47, and negative views shrinking to 22 percent from 35. The outlook for higher-priced art was less clear: In the $1 million-plus category, positive sentiment grew to 28 percent from 19, but negative sentiment also grew, to 55 percent from 36. Meanwhile, more than 60 percent of those surveyed expect the market to begin to recover within two years, more than twice the level six months earlier.The survey listed the top five artists, in terms of investor confidence, as Gerhard Richter, Jeff Koons, Cindy Sherman, Robert Gober, and Andreas Gursky.