Data-Driven Art Market Reports: A Conversation With ArtTactic
Marilyn (F. & S. II.24) © Andy Warhol 1967 
Market Reports
Key Takeaways
Market reports are vital in the art industry, offering critical insights and transparency for collectors, investors, and professionals. They analyse market trends, artist performance, and pricing, supporting informed decision-making. Both MyArtBroker and ArtTactic emphasise independent and intelligent data collection and analysis, ensuring accuracy and trust. These reports cater to professionals working with high-net-worth collectors summarising general trends and focusing on specific artists and segments, revealing nuanced market dynamics. Digital technologies and data literacy are key to advancing these reports, addressing the evolving needs of the art market.
Market reports are essential in the art world, providing transparency and critical insights for collectors, investors, and professionals. Detailed and analytical, these reports offer comprehensive examination of market trends, artist performance, and pricing dynamics, aiding in informed decision-making. In a recent discussion with ArtTactic’s COO, Lindsay Dewar, the importance of independent data collection and rigorous analysis was emphasised. Both MyArtBroker and ArtTactic uphold these practices to ensure accuracy and build trust, underscoring the reports' value in navigating the complexities of the art market.
The Importance of Market Reports In The Art World
The conversation opened with defining market reports as essential tools that help navigate the complexities of the art market. As art is increasingly seen as an investment, understanding its market behaviour as an asset becomes vital. Both MyArtBroker and ArtTactic produce various types of market reports throughout the year with the intent to provide unbiased data to capture market shifts objectively. Lindsay highlights ArtTactic’s key focus on various market aspects, whether examining specific artists, segments, or the broader global market. The goal is to deliver tailored insights that cater to clients' specific needs, ensuring they receive relevant, actionable information to inform their decisions.
Audience and Purpose
The primary audience for these reports includes professionals working with high-net-worth collectors, such as galleries, auction houses, financial advisors, and insurance companies. These stakeholders rely on accurate market data to advise clients who view art as a financial asset. These reports don't just cover general market trends but dive into specific artists or segments, offering valuable insights for decision-making. For instance, ArtTactic and MyArtBroker produce detailed reports on artists like David Hockney, Banksy, and Andy Warhol. By cutting down data to focus on specific areas, they uncover interesting trends, helping stakeholders make well-informed decisions in a complex market.
When asked about the importance of data in today’s art market, it’s clear that ArtTactic is committed to producing reports that go beyond just marquee sales, delving into individual artist markets. Their recent reports, like those focused on David Hockney and the print market, align with MyArtBroker’s recent market analysis of Banksy and Andy Warhol. As Lindsay highlights, data allows us to break down information, uncovering specific trends in areas that investors or collectors are interested in. We both agree that compiling and analysing this data sensibly is key to understanding shifts in demand and ensuring transparency in the art market.
Data and Analytics in the Future of the Art Market
One of the most discussed topics in the art market right now is its decline compared to previous years. However, this trend is more nuanced than it appears. The market's performance is influenced by a variety of factors that can only be fully understood through data and analytics. This is why we asked Lindsay about how they see data shaping the art market's future. With increased data literacy, there is a growing demand for comprehensive market reports that offer deeper insights, such as the performance of individual artists or works. While broad trends, such as whether the art market is up or down, are frequently discussed, stakeholders now seek deeper insights—they want to understand why these trends are occurring.
Lindsay emphasised the importance of knowing the source of data, especially in today’s art market where collectors, both new and seasoned, demand greater transparency. This led to a discussion about how the art market is evolving, particularly with advancements in data transparency driven by digital technologies. These technologies create an “umbrella effect” by enhancing our ability to collect, understand, and visualise market data. Both MyArtBroker and ArtTactic acknowledge the crucial role of digital tools and databases in ensuring accurate data collection and analysis to meet these transparency demands.
Market Trends and Reports
Throughout the discussion, it was emphasised that market reports are not just data presentations but crucial resources for uncovering trends and addressing key issues in the art world. MyArtBroker and ArtTactic each have distinct approaches to analysing the art market. While ArtTactic’s reports focus on data from major auction houses including Christie’s, Sotheby’s, and Phillips–important for understanding the dominant market–MyArtBroker emphasises a global perspective, especially relevant for the print market where editions circulate more widely. Investors need to know what they’re looking for, and market reports are invaluable tools for that. However, Lindsay highlighted that even when market reports show a downturn, it doesn't necessarily indicate a negative outlook. ArtTactic’s recent H1 2024 analysis, for instance, highlights the robust performance of the lower end of the art market across various mediums, with significant trade volume in this segment. There remains strong demand for blue chip prints, and the rise in online sales indicates the art market’s adaptation to a changing landscape, with a growing focus on more affordable works and mediums. This shift reflects the market's responsiveness to evolving economic conditions and the increasing accessibility of art to a broader range of collectors.
The Growing Interest in Prints
Our discussion naturally led to the increasing interest in the blue chip print market and its connection to the originals market, offering diverse investment opportunities from affordable prints to high-value assets. Lindsay highlighted this growing demand, noting that when ArtTactic launched their first print market report in 2022, there was an observation of collectors and auction houses focusing more on prints, “as this segment seemed to be rising even as other parts of the market struggled.”
In our discussion with ArtTactic, we aimed to underscore the indispensable role of market reports in the art industry. These reports are not created lightly; they result from independent, intelligent data collection and rigorous analysis. Both MyArtBroker and ArtTactic are dedicated to producing comprehensive, data-driven reports that meet the evolving needs of the art market. These efforts are essential for providing transparency and navigating the complexities and nuances that characterise the industry, ultimately supporting informed decision-making for all market participants.
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