News.Scotland.Org

The art of investment has taken an artistic shape, with all contemporary and traditional ways of investments becoming outdated. Nowadays a new addition to this money making market has created quite a sensation with its presence. It’s the Modern art which is attracting a lot of people, with a robust growth in cash making industry. The recent figures reveal that the value of the art works of 1970s has jumped up to more than 50 percent in previous year. In the same way the demand for English watercolourists has dropped a lot. These figures were revealed in the annual Hiscox Art Market Research (HAMR) report which was based on auctions all over the world.

Experts suggest that this mammoth rise in art forms have pointed out the positive reception this art has received making the markets to surge. Mr Ian O’Riordan, the manager of the prestigious City Art Centre in Edinburgh said, “I don’t think people have ever seen contemporary art as an investment before and, even if they did, then it was only major figures like Damien Hirst. It was possibly one of the last markets not to have exploded in terms of people looking for a large profit.” He also pointed out the fact that in recent years many hedge-fund managers have inclined towards buying these art forms as an investment.

This trend has also made people to take more interest in contemporary and modern art which is clearly visible from the recent figures. The value English sporting paintings have grown up by 26 percent, and the European 19th century paintings rose up by 19 percent. It also includes record-breaking sales in the past one year in the booming art world with few areas still to get some pace.

Adding his views Charles Dupplin, an art expert at the specialist insurers Hiscox said, the year was a golden year for modern and contemporary art. In this year several art works have been paid some record-breaking prices. These development and interest of people in art is a remarkable achievement for the art world.

Richard Ingleby owner of Edinburgh’s Ingleby Gallery in the Carlton Terrace says these auction houses have transformed themselves, giving more stress to marketing. In recent years the market has seen many new individuals showing interest in these contemporary arts. They are all set to spend on these art forms, even the auction houses are now more inclined towards the retail sector. All these sudden moves have shown yet another door to give a makeover to the investment scenario.

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