Crain’s Manchester reports on the growing popularity of art as an investment in the North of England. Buyers are coming into galleries well-versed in regional artists and looking for a place to store their money with banks providing such low return:
The pictures, of industrial landscapes, mills, canals and street scenes sold for an average price of between £10,000 and £40,000. Just prior to the exhibition, the gallery sold a street scene in oil by LS Lowry for £1.25m.
The increasing popularity of northern art has not gone unnoticed by investors. Clark said prices for work by 89-year-old William Ralph Turner, who lives in Congleton, have tripled over the last three years. Oldham’s John Thompson is another artist whose popularity has soared with collectors. […]
Michael Perry the principal at Manchester-based auctioneers Capes Dunn & Co, said people looking for somewhere to put their money have gone for the top end of the market and the trend has been for post-war Manchester art.
He said: “It’s like buying diamonds. If you’re buying a big flashy stone that is poor quality you’re probably going to lose money but if you buy small but good quality gems they’re going to hold their value.” […]
Simon Racle, director of private banking at Credit Suisse in Manchester said given the low returns currently available on cash, people are keen to discuss a variety of alternative investments including art. But he said investors needed to be sure the rising popularity of local artists’ work would be reflected in the auction rooms.
More Invest in Art in Shaky Market (Crain’s Manchester Business)