According to Artprice.com, index of consumer confidence fell for the art market. Experts say the site, all the fault of the ghost of global economic downturn

According to an online resource, Artprice.com, index of consumer confidence in the marketplace of art falls a month already. In late May, thanks to the incredible success of the New York auction Sotheby's and Christie's, the index reached its peak (31 point), but then spread downwards. The whole blame the ghost of global economic slowdown.

oil prices crossed 140 dollars a barrel, while property values fall, and inflation is increasing with terrible speed. The financial market correction occurs. The effects of the mortgage crisis in the United States continues «shake» world economy. Forecasts of economic growth are extremely pessimistic. But the art market still continues to resist, and shows much better results than other sectors of the global economy. Just remember the fantastic profits, which have brought the recent auctions Sotheby's and Christie's. Never has the art auction had not been so successful.

June 24 evening auction works of Impressionist and Modern Shristie's in London, brought 144 million pounds (284 million dollars) and have been most successful in the history of the session, held in Europe. In one May week of the auction works of contemporary art, Sotheby's and Christie's natorgovali at 1.2 billion dollars. fantastic sum of the proceeds from the sale of pictures «pond with water lilies» Claude Monet (Claude Monet) , head of the purchased company Arts & Management International Таней Bakrell Pos (Tanya Buckrell Pos), as well as the canvases Francis Bacon (Francis Bacon) and Lusiena Freud (Lucian Freud) , acquired by Roman Abramovich, is the same figure for the art market, which was incredible sales results of work by Pierre-Auguste Renoir (Pierre-Auguste Renoir) and Vincent van Gogh (Vincent Van Gogh) in the times of «bubble» the beginning of 1990 -x. Sales at Christie's and Sotheby's are only 0001 per cent of all economic transactions in the world, but they set the tone for the entire art market.

The euphoria spread to all sectors of the art market. 1 July 2008 Artprice Global Index reached 128 points or 175 points, when considered in the U.S. (over 100 data points taken in July 1990). Art has never been so expensive.

But the impact of the economic slowdown is still there. Participants in the art market worried. In January of this year's index of consumer confidence reached Artprice -14.4 (on a scale of -100 to +100). Then the price index for the European art had fallen by 7 per cent. Such correction is not seen since the year 1991-1992. But in the March index of consumer confidence unexpectedly skaknul up and reached 20! According to the poll Artprice, those who were sure that the price of art will grow in the next three months, it was two times more than those who had expected the recession. Optimists were right: in May and June, a sharp increase in prices. But the July index of consumer confidence dropped to a mark 7.7 (9 June it was 24.3). Pessimism is due to the decline that prevails in the global economy. Participants in the art market in general is not convinced that the boom will last a long time.

index of consumer confidence Artprice calculated from the reaction of participants in the art market in the processes occurring in the global economy, and allows you to identify the main trends of development of this market.

Source: www.artprice.com