RICS Arts and Antiques Q2 2010 Market Survey
HONG KONG, July 22 /PRNewswire-Asia/ -- The value of art and antiques continues to rise, driven by price increases at the higher end of the market, according to the latest RICS (Royal Institution of Chartered Surveyors) Art and Antiques Survey.
36 per cent of surveyors reported lots in the highest bracket of £50,000 and above rise in price rather than fall, up from 18 per cent in the previous quarter. In the £5,000 to £50,000 category, 25 per cent of surveyors also reported a rise, up from 18 per cent in the first quarter of the year. However, at the lower end of the market, for items priced between £1,000 and £5,000, the net balance of surveyors reporting a rise in prices fell from 27 per cent in Q1 2010, to 16 per cent.
Despite continued uncertainly in the economy, sentiment in the art and antiques market appears buoyant. The All Lot price balance recorded its sixth positive reading, with 24 per cent more surveyors reporting a rise in prices, rather than a fall -- the highest reading since the survey began in 2008.
The picture for all sectors remains encouraging across the board, with 10 of the 11 sub sectors in the survey reporting increases. Silver and jewellery remain the most popular sectors, rising in value in line with precious metal prices. Only ceramics recorded a negative balance, but at – 2, the fall was minimal.
The newly added category of watches showed greater strength in the lower price brackets - in contrast to the Q2 trend - with 33 per cent of surveyors reporting a rise, rather than a fall for lots between £1-£1,000. In the £50,000 and above category, just 6 per cent of surveyors reported a rise in prices.
Over the next 12 months valuers predict demand will outstrip supply, as buyers look to invest in alternative areas as a way of holding wealth against tax rises and inflation.
Commenting, RICS spokesperson, Andrew Davies said:
“The results show buyers are placing a premium on the very best material often due to its relatively low availability. Recent aristocratic sales have highlighted this trend, revealing the investors who are willing to pay large sums for ‘museum quality’ items. However it is worth remembering the broader mid portion of the market often presents a more mixed picture.
Given the uncertain economic future it’s of little surprise that buyers continue to invest in more traditional ‘safe’ categories, such as precious metals and jewellery. However, we are noting a resurgent interest in oriental ceramics and works of art, particularly from middle and far eastern investors”.
For the full report, please visit:
http://www.ricsasia.org/newsDetail.php?id=221
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: www.ricsasia.org .
Media enquiry, please contact:
RICS Asia Public Relations Representative
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