wealthy investors burned in the financial crisis are back in the market for modern masterpieces,according to Knight Frank luxury investment indexArt is expected to overtake wine as the best-performing luxury investment asset this year as a growing number of millionaires snap up contemporary masterpieces for their mansions.
wealthy people, hit by a collapse in art pricesafter the 2007-2008 financial crisis, or bear returned to the market,according to high close estate agent Knight Frank. Art sold at auction increased in value by 16% over the 12 months to the close of September, slightly behind fine wines which rose by 17%, and its luxury investment index revealed. Continue reading...
Source: guardian.co.uk