While the financial crisis is quite widespread worldwide, contemporary art has been experiencing an unexpected upsurge because disappointed investors have been turning to art in the hope of better returns.
Contemporary art offers a new way to invest; allowing investors both the pleasure of purchasing an artwork while diversifying their investment portfolio, and benefiting from tax breaks in some countries.
The number of valuations requested along with the growth in the number of auctions through to the end of 2008 shows the buoyancy of the market. (+12.5% over the 12 months, + 50% year on year, (source: Artprice annual report)