The British survey of chartered surveyors reveals what we all knew, contemporary art has been hit by the recession. What we didn’t know is that prices on jewellry and antiques continue to rise, reports the Times:
contemporary art as a whole has emerged as one of the weakest performers on a Royal Institution of Chartered Surveyors (RICS) index that measures the value of arts and antiques. […] RICS pointed to an overall balance of surveyors reporting that the price of art and antiques is rising.
Chris Ewbank, a spokesman for RICS, said: “The arts and antiques market has held up well under the duress of the recession, with many investors looking for a safety net … However, the contemporary market has suffered quite a turnaround in fortunes over the last year, as those turning to arts and antiques are concentrating on the more stable and traditional markets, which tend to hold their value, or at least pose less risk.
Art Holds Value but Only Old Works Are in the Frame (Times of London)