Christie’s International (CHRS) said there was a surge in demand for contemporary art as an investment, after its sales climbed 9 percent in 2011.
The London-based auction house sold 3.6 billion pounds ($5.7 billion) of art and collectibles last year, a pound- sterling record for the company, it said in an e-mailed release sent last night. Contemporary works led by Roy Lichtenstein, Andy Warhol and Mark Rothko were the most lucrative category, contributing 735.7 million pounds at public sales, an increase of 22 percent.
Diminished returns from stocks and other financial investments have encouraged wealthy individuals to turn to art, particularly classic contemporary works, as an alternative asset class.
“Investors are entering the market and existing collectors are buying more,” Steven Murphy, Christie’s chief executive, said in an interview. “The ease with which information and images can be accessed through the Internet is also helping create a fundamental increase in demand.”
Equivalent auctions for Impressionist and modern pieces, a powerhouse of record results since the 1980s, declined 28 percent to 548.6 million pounds, behind Asian art at 552.9 million pounds, which increased 13 percent in 2011, Bloomberg reported.
