Rics spokesman Andrew Davies of AXA art insurance says: “There is an urban myth that fine art and antiques are recession-proof. This is wrong. This market lags behind the economic cycle by around a year to 18 months. So people should not rely on it. (...) The bottom end of the market is dead. I went to an contemporary art auction last week where there were 283 lots and only 82 lots sold. That is appalling. Those that did not sell were in the £1,000 to £5,000 range."
Tuesday, 14 October 2008
The end of the boom?
According to The Times "investors in stamps, jewels and wines may not escape the global economic downturn".