|The First Art Newspaper on the Net
||Established in 1996
|| Wednesday, June 28, 2017
|Millionaires Invested More in Art, Luxury in 2010 Says World Wealth Report|
The artwork "Imagineered Continuum: Chain Self History Irretrievably" (2011) by American artist Stephen G. Rhodes is shown at the preview of the international art show Art 42 Basel, in Basel, Switzerland. Art 42 Basel featured more than 300 leading art galleries from all continents. AP Photo/Keystone, Georgios Kefalas.
By: Silke Koltrowitz
ZURICH (REUTERS).- Demand for art, watches, rare wines, vintage cars and other offbeat investments that set pulses racing expanded in 2010 as wealth levels of the world's super-rich rebounded from the financial crisis, a report said.
"The value of many categories of investments of passion rose and HNWIs (high net-worth individuals) made acquisitions for the aesthetic and emotional appeal and their potential to return value," Capgemini and Merrill Lynch said in the World Wealth Report 2011 published on Wednesday.
Growing wealth in emerging economies, especially in Asia -- which surpassed Europe in millionaires and wealth last year -- helped spur a revival in markets for these aptly named investments, the authors of the report said.
In times of low interest rates and volatile stock markets, alternative investments allow investors to diversify by buying assets with little correlation to global financial markets, thus offering potential shelter from market turbulence.
Luxury collectibles such as fancy cars, boats and jets accounted for almost a third of these investments in 2010. Chinese demand for expensive cars made by Mercedes-Benz (DAIGn.DE) and Ferrari (part of Fiat (FIA.MI)) jumped last year, the report said.
Individual tastes tend to determine whether a millionaire prefers investing in cars, watches or wine, while artworks are more likely to be acquired for their potential to gain value, the authors wrote.
"Newly wealthy Chinese buyers are widely reported to be keen bidders and buyers at galleries and auction houses, especially to acquire the fast-diminishing supply of works from native artists," the authors of the report said.
Art aficionados seemed willing to pay high prices at Art Basel, the world's top fair for modern and contemporary art, last week, suggesting the art market is returning to pre-crisis peaks.
Meanwhile demand for diamonds as well as gold jewellery and coins benefited from rising prices for these raw materials.
"Record prices for diamonds at international auctions in 2010 exemplified the growing trend among the world's HNWIs to see large diamonds as a safe and high-growth investment alternative," the report said, adding Russian and Middle Eastern investors were particularly keen on the expensive gems. (Editing by David Holmes)
June 24, 2011
Van Gogh, Bonnard, Vallotton: The Hahnloser Collection at Fondation de l'Hermitage
Most Comprehensive Exhibition Ever Staged in the UK of René Magritte's Work Opens in Liverpool
Archaeologists Lower Small, Remote-Controlled Camera Into Early Mayan Tomb
BBC Uploads 63,000 Paintings Online as It Launches Your Paintings; Aims for 200,000 Works
Exhibition of Artists that Reframe Photography Opens at Marlborough Chelsea
Clock Designed for Napoleon's 1801 Exposition, Lost for Two Centuries, to Sell at Bonhams
National Portrait Gallery to Unveil New Portrait Photograph of the Queen and Prince Philip
Economist John S. Tamagni Elected Chair of Brooklyn Museum Board of Trustees
Art Gallery of Ontario Unveils One of the World's Largest Public Collections of Motherwell Drawings
Rijksmuseum Exhibits Rare 17th Century Masterpiece by Caesar van Everdingen
Van Gogh Museum Announces Renovation, Masterpieces Temporarily on View in the Hermitage Amsterdam
Multi-Sensory Exhibition at the Frist Center for the Visual Arts Features 220 Works by Andy Warhol
Bulgarian Artist Plamen Dejanoff's The Bronze House at Hamburg's Kunstverein
Millionaires Invested More in Art, Luxury in 2010 Says World Wealth Report
Treasures of Heaven: Saints, Relics and Devotion in Medieval Europe at the British Museum
Cantor Arts Center to Exhibit Richard Serra's Monumental Sculpture "Sequence"
Artworks that Challenge the Viewer through their Visual Intensity at Paul Kasmin Gallery
Exhibition at Galerie Lelong in New York Explores Interventions in the Landscape
350 Year Old Tapestries Cleaned in View of Public at Nelson-Atkins
Morris Museum Opens Visual Thoughts: The Art Quilts of Fiber Revolution Exhibition
Huanghuali Chairs Lead Stellar $11.5 Million Fine Asian Works of Art Sale at Bonhams & Butterfields
Whatami by Rome Studio stARTT Transforms the Maxxi Piazza into a Green Archipelago
Lisson Gallery Milan to Open September 2011
Outspoken Chinese Artist Ai Weiwei: Free in Body, Said Little in First Day Out of Detention
Egyptian Archaeologists to Restore Ancient Boat Found Near Pyramid of Giza
Mexican Archaeologists Discover a Second Ballgame Player at Court in Cerro del Teul, Zacatecas
Major Retrospective of Israeli Artist Micha Ullman on View at the Israel Museum
Florence Wants Mona Lisa Back for a Visit
Most Popular Last Seven Days
1.- Art community remains divided over Caravaggio found in French attic
2.- Stedelijk Museum presents a snapshot of Rineke Dijkstra's photographic and video work
3.- Hillwood Estate, Museum & Gardens mourns death of Dina Merrill
4.- Exhibition of new paintings by Gerhard Richter opens at Albertinum in Dresden
5.- 18th-century French paintings from across America on view at National Gallery of Art
6.- Major retrospective of Robert Rauschenberg opens at the Museum of Modern Art
7.- Canaletto exhibition reunites two of the Venetian master's greatest series of paintings
8.- King Tutankhamun's bed, chariot paraded through Cairo to new home
9.- Junk sale diamond ring bought for £10 worth a fortune
10.- Exhibition sheds light on one of the most pressing issues of the 21st century: What will we eat in the future?
Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .
|Royalville Communications, Inc|
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.