RICS: The Rebound in the Arts and Antiques Market Continues to Gain Momentum

USA - English

• USA - English

HONG KONG , Jan. 11 /PRNewswire-Asia/ -- Prices in the arts and antiques market continue to rise with silver and jewellery leading the way, whilst contemporary art came back into favour following a year of price falls, says the latest survey from RICS (Royal Institution of Chartered Surveyors) published on 8 January 2010 .

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The all lot price balance continued to edge up in the final quarter of 2009, with 17 percent more surveyors reporting rising rather than falling prices, up from 14 percent in the previous quarter; this was the highest since the first three months of the year.

Silver and jewellery remain the strongest sectors with 50 percent and 37 percent of surveyors reporting rising rather than falling prices in these categories respectively. These are traditionally seen as safe havens for investors, but their continuing strength can be attributed to the increased scrappage value of precious metals towards the end of the year.

Reversing four quarters of falling prices, the contemporary art market experienced a resurgence during the final three months of 2009. The balance of surveyors reporting rising rather than falling prices was 6 percent, the first positive reading since Q3 2008, and up from -34 the previous quarter.

In the oil and watercolour subsector, 5 percent more surveyors reported rising rather than falling prices with the top end of the market fairing particular well. For lots over GBP 50,000 , the top bracket, 17 percent more surveyors recorded rising rather than falling prices. In contrast the balance was only 9 percent for contemporary arts, indicating that traditional pieces remain more popular for large investors.

Looking ahead, the outlook for both supply and demand remains strongly positive, however confidence slipped back slightly from previous quarter.

RICS spokesperson, Jeremy Lamond says:

"Arts and antiques have remained pretty resilient throughout the recession and this latest survey once again demonstrates their strength as an investment class. It is interesting to see the contemporary market improve, although whether this is a temporary improvement following the Frieze art fair last October or a more solid turnaround remains to be seen.

However it is clear that more traditional 'safe haven' items are still the preferred lots. As gold prices remained strong at the tail end of the 2009, the market witnessed heightened activity in precious metals and the demand for quality pieces was particularly noticeable in the salesrooms. "

For further details, please download the full report from: http://www.ricsasia.org/newsDetail.php?id=142

Notes for editors:

RICS Arts & Antiques market survey

Published quarterly, the RICS Arts and Antiques Survey measures surveyor confidence in the general arts and antiques market and in certain sub-sectors including gold and silver, furniture, pictures, ceramics and clocks.

About RICS & RICS Asia

RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 140,000 members globally and represents, regulates and promotes the work of property professionals throughout 122 countries.

The RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.

The RICS Asia region covers national associations and local groups locating in Brunei , Malaysia , Singapore , Thailand , The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh , Bhutan , Burma / Myanmar , Cambodia , Indonesia , Japan , Kiribati , Laos PDR, Macao , Mongolia , Nepal , North Korea , South Korea , Taiwan , The Maldives , The Philippines , Timor East and Vietnam . For more information, please visit: http://www.ricsasia.org .

    Media enquiry, please contact:

     RICS Asia Public Relations Representative
     Ms Belinda Chan / Ms May Cheung
     Tel:    +852-2372-0090
     Fax:    +852-2372-0490
     Mobile: +852-9379-3045 / +852-9099-2218
     Email:  [email protected] / [email protected]

SOURCE Royal Institution of Chartered Surveyors