RICS UK Arts & Antiques Survey, Q1 2010
HONG KONG, April 13 /PRNewswire-Asia/ -- Prices in the arts and antiques market continue to rise owing to a lack of supply, with prices at the lower end of the market generally outperforming the higher end says the latest survey from RICS (Royal Institution of Chartered Surveyors) published lately.
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The All Lot price balance, which provides a snapshot of the overall market, continued to edge up in the first quarter of 2010, with 22 percent more surveyors reporting rising rather than falling prices, up from 17 percent in the previous quarter. The lower end of the market is outperforming the higher end, but there are notable exceptions at the high end such as the oil and watercolour categories. Indeed, in the ￡1- ￡1,000 and ￡1,000 - ￡5,000 categories, the All Lot net balances were a positive 24 and 27 percent respectively. This compares with the ￡5,000 - ￡50,000 and the ￡50,000 plus categories, which both recorded All Lot net balances of a positive 18 percent.
Silver and jewellery remain strong sectors with 57 percent and 41 percent of surveyors reporting rising rather than falling prices in these categories respectively. These are traditionally seen as safe havens for investors, but their continuing strength can be also attributed to the high scrappage value of precious metals.
However, signs of a recovery in the contemporary art market proved short lived. The balance of surveyors reporting falling rather than rising prices fell back to -1 percent from a positive six percent last quarter, the only sector to experience an overall negative reading.
In the top end of the market, the oil and watercolour subsector performed particularly well. For lots over ￡50,000, 45 percent more surveyors recorded rising rather than falling prices, up from 17 percent in the previous quarter. In contrast, the balance at the top end was only 10 percent for contemporary arts, indicating that traditional pieces remain more popular for high-end buyers.
Looking ahead, surveyors expect demand to outstrip supply. The expected demand net balance was a positive 48 percent compared to an expected supply net balance of 29 percent.
Simon Rubinsohn, RICS chief economist said:
"Last quarter's improvement in the contemporary art market turned out to be the result of the Frieze art fair last October rather than a solid turnaround. However, the arts and antiques market remains a strong performer as an asset class with prices rising in nearly all categories."
"The lack of supply will continue to push prices up as long as transaction levels remain low in the housing market. The weather has had an impact on quality lots coming to auction but with many bids conducted by phone and via the internet there has been little impact on demand."
For the full report, please visit:
http://www.ricsasia.org/newsDetail.php?id=178
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
Ms Belinda Chan or Ms Ava Lau
Tel: +852-2372-0090
Fax: +852-2372 0490
Mobile: +852-9379 3045
+852-9829 2913
Email: belinda@creativegp.com
ava@creativegp.com
