Buy now, sell later: Modern art increases in value
Published on: 01-Oct-2007
The value of modern art has risen by a dramatic 55 per cent in the last twelve months, new research has revealed.According to the annual Hiscox Market Research report artwork in general is showing a massive rise in value. Pieces from the 1890s to the 1970s have also rocketed in value, enjoying an increase of 44 per cent.
Commenting on the findings, Art expert Charles Dupplin, from Hiscox, said: "It has been a tremendous year for modern and contemporary art.
"It seems that every few weeks, another record-breaking price is being paid for a leading artist. The market for this art has never been so buoyant."
He added: "You don't have to have a Banksy hanging on your wall to see huge returns on art. Even relatively modest pieces are increasing in value."
The most expensive modern artwork is a diamond encrusted skull by Damien Hirst. The piece was sold to an investment group for £50 million back in August.
Can't find art to match your decor? You can now...
