“ART IS THE NEW BLACK”

The art market is defying the economic crisis and is the only market that is witnessing positive growth while stocks continue to tumble. One has to just read the art sections of any major publications to see for themselves the record prices that are being fetched at art auctions,  and also how art fairs and festivals are fast gaining popularity.

The major reason why the art market is performing so well is rush by shrewd investors to ring-fence their wealth from the full effects of the impending global economic crisis as art has historically been a safe haven during times of economic instability.

The art market has yet to reach its peak as there are signs of an upside to the market.  Prices are set to rise and new records broken, as there will soon be less artworks on the market, which in turn will drive up market prices up due to scarcity.

Another exciting trend which is being witnessed in the art market, is the emergence and rise to prominence of little-known art-forms from emerging nations and the new legions of art collectors who have a distinct taste and preference.

Those who where fortunate to attend the premier art festival “The Art Basel” would have witnessed this new trend.