The market for art and antiques remained buoyant during the fourth quarter as investors looked for alternative homes for their cash, according to aresearch.
Around 24 per cent more chartered surveyors said the price of art and antiques rose during the final three months of 2010 than those who said it fell, according to the Royal Institution of Chartered Surveyors.
The group said the higher end of the market was particularly strong, with a balance of 42 per cent of surveyors reporting price jumps in the £50,000-plus category, more than double the 20 per cent who said the same thing during the third quarter and the highest level since the second quarter of 2008.
Rics said the strong price increase for higher value art and antiques highlighted the number of wealthy buyers who were investing in the sector.
It said anecdotal evidence from surveyors suggested that record low interest rates were pushing those with savings into alternative asset classes, contributing to the overall price of art and antiques increasing every quarter during the past two years.
Within the market, the silver and jewellery sector continued to outperform other categories, due to the current historically high price of precious metals, as well as the fact that they are seen as safe havens. A balance of 66 per cent of surveyors reported a rise in silver prices, while 63 per cent said the cost of jewellery had increased. But other sectors did not perform so well, with the price of oils and water colours falling during the quarter, with a balance of six per cent of surveyors reporting a drop, while 23 per cent more surveyors said the price of books had fallen than those who reported a rise.
RICS spokesman Chris Ewbank said: “The art and antiques market remains a strong performer for buyers looking to invest in more tangible assets to guard against the uncertain economic picture.
“This is particularly clear in the increase in sales in the higher value brackets.
“Traditional items such as silver and jewellery will always do well in difficult economic times, but Chinese art and ceramics are increasingly popular, particularly with Chinese buyers.
“The recent surge in prices in this sector shows absolutely no sign of abating with demand at an all-time high.”
Looking ahead, surveyors expect to see a rise in both demand and availability during the coming 12 months, although at a slightly slower pace than previously seen.