One aspect of my day job involves making sense of the numbers. That is, how are interest rates and foreign exchange rates impacting our portfolio? While these factors are just a piece of the puzzle, they have been important driving factors in the past couple of months. And if you have not been paying attention to financial news within the past month in particular, let me just start off saying it’s looking grim.  Thus, I’ve been wondering how are these changes within the financial markets impacting the art community?

According to the Art Market Confidence Indicator, it dropped by 40% over the past six months in January!  However, according to an article by Nicholas Forrest the method to collect data for this index is seriously flawed.  So who is an artist and art collector to trust?

Speaking for myself, December was a wonderful month full of record sales.  But of course, it was the holiday season when consumers tend to spend more to begin with.

Realistically speaking, the impact from these financial market indicators will depend on who is buying your art and how these indicators fair in the long run.  So the question is, have you felt the impact of this downward spiral of our economy as an artist yet?

SOURCES:

[FXSTRET.COM] Recession? 13 signs it’s here

[ART MARKET BLOG] Art Market Confidence Index Seriously Flawed

[BLOOMBERG.COM] Contemporary Art Market Confidence Slumps 40%, Survey Shows

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