Modern Art values up 50%
- 1 October 2007
The value of modern art has leapt more than 50% in the last year, according to the annual Hiscox Art Market Research (HAMR) report.
High profile creations from contemporary artists Damien Hirst and Banksy have sold for record figures this year, but less high profile pieces are increasing in value.
Charles Dupplin, art expert at the specialist insurers Hiscox, said: 'It has been a tremendous year for modern and contemporary art.
'It seems that every few weeks, another record-breaking price is being paid for a leading artist.
'The market has never been so buoyant.'
Manager of Edinburgh’s City Art Centre, Ian O’Riordan, offered his explanation for the figures.
'One of the things I keep hearing is that, internationally, there are people who are hedge-fund managers who are buying contemporary art as an investment.
'There are also far more art fairs, which are all about contemporary art, than there used to be, which means people go to fairs and buy art and take it home with them, which will also be fuelling demand.'