Saturday, 21st November 2009

 

1 December 2008 - Press Briefing

Hiscox warns of massive plunge in fine art prices

Hiscox, the largest specialist insurer of fine art in Europe, has warned that fine art prices could plunge by nearly 50% as wealthy investors show signs of reining in their spending, according to a report in The Daily Telegraph, London.

Pointing to a 50% unsold inventory at Christie's auction of Russian art sales last Wednesday, Charles Dupplin, chairman of Hiscox's art and private client division, said, “In 1991, prices fell about 50% for Impressionist art. There is no reason to believe that history might not repeat itself."

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