«GOOD BUSINESS IS THE BEST ART»

Forget the misery of the sovereign debt crisis and the plunging dollar – the international art market is booming.The push is driven by growing numbers of wealthy Asian buyers and investors who want to hedge against financial uncertainty and currency volatility.Christie's, the global auction house, has disclosed record first-half sales of £2bn, up 15% on the same time last year, including the sale of an Andy Warhol self-portrait for over £23m. Jussi Pylkkanen, Christie's president for Europe, said: "At times of financial weakness, there is a flight towards quality, as people seek out security and real value that reside within works of art."But the trend is underwritten by an increasing number of wealthy people who are prepared to invest in art at a time when investors are more culturally savvy than ever before. Pylkkanen said Christie's trading volumes had tripled since 2001, while prices were rising because of "a willingness by the global rich to compete for works of art. All this means demand is on an upwards trajectory."Top-selling works of art in the first six months of 2011 included Pablo Picasso's Femme Assise, Robe Bleue, which fetched nearly £18m, and Francis Bacon, Study for a Portrait, 1953, which went for £17.9m.

-The Guardian
July 21 2011