Contemporary collectors’ confidence in the art market may be leveling after a marked rise, according to a survey that was published yesterday in London.

The ArtTactic Market Confidence Indicator increased 1% in the six months through November after a 26% surge in the previous year, said surveyor ArtTactic Ltd. Collectors said a global economic slowdown would be the art market’s greatest risk. Hedge funds’ use of leverage and soaring prices for young, unproven artists also were a concern, ArtTactic said.

ArtTactic, run by former JPMorgan Chase & Co. bond trader Anders Petterson, surveyed 180 art buyers and sellers after $1.4 billion of New York November auctions of impressionist, modern, and contemporary works. Bulls still outnumber bears more than 16 to 1, Mr. Petterson said in a report sent by e-mail.

“There are no signs yet of a reversal of the current bull market,” he said. Confidence might not be growing yet ArtTactic’s two-year-old indicator is higher than ever, Mr. Petterson added.

Contemporary prices have tripled in 10 years as collections were built by hedge-fund managers and billionaire collectors from Ronald Lauder in America to Hong Kong’s Joseph Lau.

ArtTactic also surveyed confidence in individual artists’ price prospects. Jeff Koons, Damien Hirst, Mike Kelley, Richard Prince, and Cindy Sherman topped collectors’ lists. Bullishness slipped in the past six months for Maurizio Cattelan, Marlene Dumas, Peter Doig, and Jake & Dinos Chapman, ArtTactic said.

Younger Chinese and Indian artists may get more attention in the future from Western collectors, the survey said.

ArtTactic was founded in 2001 by Mr. Petterson, who applies financial market-style analysis to art trends.

The confidence index stood at 94 points in November 2006, up from 93 in May 2006 and from 74 in May 2005, its first survey. The report is published twice a year.