Investors 'increasingly buying art and antiques'

Tuesday, 26 October 2010 12:00

Art and antiques prices are moving higher as more and more investors look to put their money into tangible assets, according to new research.

A poll by the Royal Institution of Chartered Surveyors (Rics) found a balance of 26 per cent of its members saw values for heirlooms and fine art climb during the third quarter of the year.

This was two percentage points higher than the figure for the previous three months and many respondents said the main factor driving prices higher was demand from investors looking to protect their capital.

According to Rics, a balance of 62 per cent of surveyors had seen auction attendances rise between July and September, up from 47 per cent in April to June.

Items made from precious metal were among those most in demand among buyers, with the silver and jewellery sectors leading the way, the organisation added.

Rics chief economist Simon Rubinsohn said: "The UK art and antiques market is buoyant at the moment as buyers continue to invest in material assets during uncertain economic times."

According to Bloomsbury Financial Planning partner Jason Butler, investors are "increasingly open" to putting their money into alternative investments as traditional saving accounts currently offer relatively low returns.

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