The price of art and antiques in the UK has continued to rise as investors look for alternative homes for their cash, research indicated yesterday.
Around 26 per cent more chartered surveyors said the price of art and antiques rose during the third quarter of the year than those who said it fell, according to the Royal Institution of Chartered Surveyors.
The group said evidence from surveyors suggested that prices were rising as consumers increasingly viewed art and antiques as tangible assets which performed better than other forms of investment.
It said the popularity of investing in the market was being reflected in auction attendances, with a balance of 62 per cent of surveyors reporting a rise in the number of people going to auction houses during the three months.
The figure was up from a balance of 48 per cent of surveyors who reported a rise in attendance levels at auctions during the second quarter, suggesting that popularity of investing in art and antiques is continuing to grow.
Simon Rubinsohn, Rics chief economist, said: “The UK art and antiques market is buoyant at the moment as buyers continue to invest in material assets during uncertain economic times.”
The group said its all lot price balance, which measures whether prices are rising or falling across the sector, had recorded its seventh consecutive positive reading during the three months to the end of September.
Price increases were most noticeable in the £1,000 to £5,000 range, with 33 per cent more surveyors reporting prices rising rather than falling in this area, up from 17 per cent more during the previous three months. There were also increases in the lower and higher price bands, although at a slower pace.
Within the market, the silver and jewellery sector continued to outperform other categories, due to the current historically high price of precious metals. A balance of 55 per cent of surveyors reported a rise in silver prices.
All other sectors reported smaller increases, apart from contemporary art, where one per cent more surveyors said they had seen price falls than those who saw rises.
During the coming 12 months, surveyors expect demand for art and antiques to outstrip supply, with 44 per cent more expecting demand to grow, while a balance of only 36 per cent think supply will.