Friday, 5th September 2008

 

8 July 2008 - Press Briefing

Survey shows wealthy buyers boosting UK art market

High net worth buyers are bolstering the UK auction market for art and antiques worth more than £50,000 (€62,822), a survey published on Monday by the Royal Institute of Chartered Surveyors showed, according to a Bloomberg report.

Contemporary art emerged as the strongest-performing area of the UK auction market for the second consecutive quarter, with 48% of the chartered surveyors reporting rising prices. Rising commodity values were boosting demand for silver and jewellery, where increased prices were reported by 32% and 24% more respondents, said the survey.

Antique furniture and paintings valued at £1 to £1,000 were the weakest performers, the survey showed, with 51% and 45% more respondents reporting falling prices in these areas.

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