The art market is one niche which did suffered its share of downfall in the recession but was still considered a safer place to invest one’s savings than the turbulent stock market. Now is the time to rejoice for all those art lovers, who had their art beliefs intact, with the art market finally bouncing back after dodging more than a few bullets. A recent article by Tara Loader Wilkinson of Wealth Bulletin reports that the art prices are beginning to rise again as buyers regain confidence and auction houses learn to adapt to a leaner spending environment. Sotheby’s and Christie’s in New York saw a sharp drop in their share prices. Sotheby’s stock hit an all time low at $6.75, in March, but it closed at $17.25 last week. Artprice’s art market barometer rose 4.97% in the second quarter of 2009 after a fall of more than 30% since the beginning of 2008. Still some areas of the art market remain soft - especially of the contemporary and modern genre, which had skyrocketed in the past few years due to more and more wealthy collectors on the radar. This segment remained the most affected with a 40% drop in the market price as compared to last year.
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