Investors abandon shares to buy art
MORE investors are putting their money into the art and antiques market due to fears over continued volatility in the financial sector, a survey showed yesterday.
The Royal Institution of Chartered Surveyors (RICS) found 20 per cent more surveyors reported an increase rather than a fall in prices, showing the market for antiques and art remains buoyant.
The most expensive items performed best. In the picture sector, 44 per cent more surveyors reported a rise rather than a fall in the prices of lots worth more than 5,000.
The popularity of urban pieces by artists such as Banksy has helped to boost the top end of the market. However, 30 per cent more surveyors reported a decrease in the value of pictures worth less than 1,000.
The rise in the cost of precious metals has pushed up prices of silver and gold items, with silver performing best in the antiques market.
Demand for antique furniture fell over the last few years, but the survey revealed that antiques are back in fashion, with 37 per cent more respondents reporting a rise rather than a fall in prices of items worth more than 5,000.
RICS spokesman Christopher Ewbank said: "Many investors are using their disposable incomes to buy in at the high end with the hope that value will stay firm while stocks ebb and flow."
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