Confidence Returns: Art Market Report Q1 2021
Recent analysis by Artprice reveals that the art market remains robust despite significant ongoing turbulence caused by the global pandemic. Positive COVID-19 vac- cine news in the final months of 2020 had markets looking to 2021 with optimism, and hope for a return to something more “normal.”
Many investors retreated to cash in a year of extraordinary uncertainty, but analysts believe that we should see more investment into other assets amid the mar- ket-friendly election in the US and light at the end of the COVID tunnel. Stock markets continue to remain volatile, and while there is much more to be positive about in the first quarter of 2021, there are still significant concerns around how quickly the global economy will rebound.
Art Market Bounces Back In 2021
Amid all this uncertainty the art investment market has continued to perform well. According to Artmarket data, the price of the art market’s top one hundred artists (by auction turnover) continued to rise, taking its total growth since 2000 to +405%. Digging deeper into the numbers modern and contemporary art have shown the biggest increases over the past two decades.
As of 1 January 2021 the Artprice Global Indices were actually stronger than twelve months earlier when the global effect of the pandemic was still a mere hypothesis. The Contemporary Art price index has performed particularly impressively, showing a massive 48% increase.
High Confidence In A Strong H2
As confidence grows that the pandemic’s grip is weakening, there are significant signs that the markets will recover and perform well over the remainder of the year.
Artprice’s data tracking sentiment on evolution of prices over the next 3 months continues to see positive increase. Artprice’s Art Market Confidence Index also hit a high of 42 in mid-March, hitting its highest point since the start of the global pandemic in the first quarter of 2020.
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