Lindsay Dewar is the Head of Analytics, and has been with ArtTactic since 2017. Leading the analytics and research team, she is responsible for developing research and products. She also runs the mentoring and internship programmes. Lindsay regularly speaks about the art market on panels and gives lectures at Kington University on the MA Art Business course. She also is an active member of the Association of Women in the Arts (AWITA). Her art world experience includes emerging Contemporary art galleries, art advisories and valuation companies, as well as various art research positions. She holds a Masters in Art Business from Sotheby’s Institute of Art, and a Masters in Art Market Appraisal from Kingston University.
As we enter a new year, Lindsay shares her expertise and Art Market predictions ahead of the full ArtTactic Global Art Market Outlook Report for 2024 which will be launched at London Art Fair on Wednesday 17 January. Read some of her insights below.
Is Art Market Confidence on the Rise?
After a challenging year of higher interest rates and cost of living, coupled with an increasingly uncertain geopolitical situation, the post-pandemic boom in the art market in 2021 and 2022, seems to have slowed down in 2023. However, in a year characterised by ups and downs, the top of the art market bounced back 30% during New York auctions in November compared to May earlier this year. A softer market presents new opportunities for collectors and buyers and could indicate a rise in art market confidence as we head into 2024.
A less frothy market, but demand for young artists remains
At the start of 2023, experts predicted a positive-to-neutral year ahead for NextGen artists (under 45 years old), as well as rising concerns regarding speculative buying and its impact in driving prices to unsustainable levels and putting young artists’ careers under enormous pressure to meet the heightened expectations of the market. However, despite a slowdown in 2023, younger Contemporary artists continue to out-perform market expectations, especially in times of economic uncertainty. With new generations of buyers entering the art market, we anticipate the interest in young artists to continue, both as a function of affordability, but also as a way of collecting artists of their time.
Prints and Editions: A Market to Watch
The prints and editions market rarely gets media coverage as sales are often dwarfed by the size of the market for unique artworks. However, this is a key market to watch for both buyers and sellers as it accounts for nearly half of lots sold in the auction market. The financial return of prints and editions have also been considerable in recent years as more buyers are focusing on this segment of the market. Providing access to both well-established and emerging artists at affordable prices, we believe is a winning combination for attracting new audiences to the art market in the future, and as such this is one of our newest areas of insightful and independent analysis of the art market.
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