Painting the global art market ‘miracle’ in glowing colors, Mike Collett-White of The Reuters mentioned in a recent report: “The appetite for the most precious treasures is there for all to see. The value of private deals is even more staggering. At a time of recession, euro zone crisis, financial markets uncertainty and stagnating growth, art prices can be mind-boggling.
Yet major auction houses are relying on a growing segment of super-rich collectors London to New York and from Beijing to Moscow who view paintings as status symbols, objects of beauty, or investment tools - or a captivating combination of all three. When returns in other investments are so meagre, experts say art is as good a place as any to put your precious money. Individual collectors aside, another major factor behind the boom has been institutional buyers, most notably the Middle East and in particular Qatar, stocking up on art.
The European Fine Art Foundation valued the art market at 46.1 billion euros in 2011, up 63 percent from 2009 when it slumped. Areas of it are mostly driven by a finite supply of great objects, which will always be looked for and hence, at the top end, the prices will only get greater," stated an expert.
In another news report, The Asian Age writer Nivi Shrivastava stated: “Indian art enjoyed its best time some years ago. But post the global meltdown, appreciation for all the finer things in life, including the Husains and Razas was also affected. With the gloom persisting, there have been a few attempts to help art appreciation at least.
To sum it up, when returns in other investment classes are unsatisfactory, experts assert that art is as good a place as any to park your precious resources. However, this is not a market for those looking to make quick money, but ideal for committed collectors, willing to wait for longer term.
Yet major auction houses are relying on a growing segment of super-rich collectors London to New York and from Beijing to Moscow who view paintings as status symbols, objects of beauty, or investment tools - or a captivating combination of all three. When returns in other investments are so meagre, experts say art is as good a place as any to put your precious money. Individual collectors aside, another major factor behind the boom has been institutional buyers, most notably the Middle East and in particular Qatar, stocking up on art.
The European Fine Art Foundation valued the art market at 46.1 billion euros in 2011, up 63 percent from 2009 when it slumped. Areas of it are mostly driven by a finite supply of great objects, which will always be looked for and hence, at the top end, the prices will only get greater," stated an expert.
In another news report, The Asian Age writer Nivi Shrivastava stated: “Indian art enjoyed its best time some years ago. But post the global meltdown, appreciation for all the finer things in life, including the Husains and Razas was also affected. With the gloom persisting, there have been a few attempts to help art appreciation at least.
To sum it up, when returns in other investment classes are unsatisfactory, experts assert that art is as good a place as any to park your precious resources. However, this is not a market for those looking to make quick money, but ideal for committed collectors, willing to wait for longer term.
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