Confidence levels in the once-booming market for Indian art have dropped 63 percent since October as prices slide, Bloomberg reports.

A new report published by London-based research company ArtTactic shows its confidence index for Indian contemporary art alone declined even more, by 90 percent, during the same period.

The indexes reflect the balance between optimistic and pessimistic art market professionals. About a third of respondents believed the market for modern Indian art would rebound within two years. More than half thought demand for contemporary works would take between three and 10 years to recover, the report said.

Demand for Indian art at auction has slumped as the country’s economy has been battered by the global financial crisis. India’s average auction prices for modern works have fallen 31.5 percent to $54,385 since March 2008, ArtTactic said. The average price of contemporary Indian art has dropped 72.7 percent to $13,827.

ArtTactic founder Anders Petterson said problems were first seen in September 2008 around the time of the Damien Hirst solo auction at Sotheby’s that raised £111.5 million ($199 million at the time) and coincided with the collapse of Lehman Brothers.