I recently read that the major auction houses are claiming that last year was a good year for them. Both Christie’s and Sotheby’s are claiming to have sold about 5 billion dollars in art. Investors are finding that art work is a good and safe investment in an uncertain financial market. Contemporary art is being purchased for the most part by young collectors and investors. This is a growing trend that has been noted the last few years.
It is not surprising that some of the artists who were major contributors to this year’s strong market include the pop artists: Roy Lichtenstein, and Andy Warhol and abstract artists, Mark Rothko. These artists who had their introduction to stardom in the early ‘60’s are once again drawing lots of attention. These are the artists that many young investors today can identify with.
How long art will rank high as a great investment, no one really knows. It appears that for now if you want to get make a good and safe investment today and you can afford it, you should look to the art world.
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