The price of contemporary art has increased over the last three years at its fastest rate. According to the Arts and Antiques Quarter Two 2011 Market Survey, conducted by the Royal Institution of Chartered Surveyors, 22 percent more chartered surveyors reported prices rising rather than falling. It would appear that people have been purchasing contemporary art for its aesthetic qualities, rather than as an investment opportunity. In recent years, the market for antiques and art has been awash with collectors looking for art as an investment rather than as decoration
In the second quarter of 2011, the UK antiques and art market has experienced highs and lows. The results of the survey reveal the value of watercolours and oil paintings has lowered, while the price of silver has continued to rise, which has been the case since the early part of 2009. Surveyors are expecting the market for antiques and art to increase during the next 12 months, as buyers look to investments in the antique trade.
The global board chairman of RICS Arts and Antiques, Richard Roundell said:
“The upturn seen at the lower end of the contemporary art market over the last three months suggests that more buyers may be purchasing works purely for their decorative appeal, rather than as a long term investment.
“Contemporary art of all values has been performing well in recent months and this looks set to continue as we enter the second half of the year.”
Reasonably priced antiques are to be discovered in a number of areas of the UK, including Lancashire and Preston, where you will find everything from contemporary art to antique desks.
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