ART MARKETNEWS
Art Is A Better Investment Than Stocks Says Bloomberg
The Bloomberg Business Week magazine has reported that works by blue chip artists have been a better investment than the stock market for the past decade. Since 2002, the prices of works by Damien Hirst have tripled in value, and works by Andy Warhol have quadrupled. Meanwhile, the S&P 500 stock-market index returned a pitiful seven per cent. The numbers in the past year are even more in art's favour: "While the S&P has fallen 1.3 per cent, annual sales of contemporary art rose 35 per cent from the previ-ous year at the main 2011 auctions at Sotheby's and Christie's International," the Business Week article said, adding, "Records were set for painters including Roy Lichtenstein, L.S. Lowry, Clyfford Still and Gerhard Richter."
