A brighter forecast for the art market is being heard from two knowledgeable sources: Christie’s and billionaire art collector Eli Broad.

The auction house says the current downturn is likely to be shorter and less severe than in previous recessions, although it expects a big drop in turnover for 2009. Strong demand among the global rich for everything from fine wine to jewelry would help drive a recovery for expensive art objects from 2010, Christie’s says. So far this year, results from auctions, such as its Hong Kong sales last month, indicate that sellers will soon be enticed back. Meanwhile, Broad said the decline in the market for contemporary art has “leveled out” as prices have dropped to more realistic levels. Speaking at Art Basel this week, he said prices there are lower this year and the quality is higher.

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