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SINGAPORE : Auction houses are reporting brisk sales for art pieces amid the rise of the nouveau riche in Asia.
They also say they're seeing new money pouring in from the Middle East and Russia.
With individuals amassing dramatic sums of wealth in the Asia Pacific and even Eastern Europe, auction houses say sales are brisk, and reaching a wider group.
"The hedge fund guys, Asian entrepreneurs, Russian oligarchs and Middle Eastern oil families have all come into our market. And it's had a dramatic effect on the prices we're seeing at auctions. The art market is stronger than it's ever been. We've seen three or four years of unparalleled growth," says Edward Dolman, CEO of Christie's.
Sales at Christie's jumped by 38 percent annually over the past three years, driven largely by post-war, contemporary and impressionist art.
A large part of this boom is propelled by rich Asians.
There has been a shift in profile as well - the buyers are not only younger but are also buying at a faster rate.
And a growing number are keeping a keen eye on potential returns.
"There is now much more of an element of investment in buying works of art than we've seen 10 to 15 years back. The really spectacular price rises of late have been in the areas of post-war and contemporary art. We were selling works of art costing $200,000 three or four years ago, but now, they are now selling for $6 million to $8 million," says Dolman.
With new wealth in Asia, there has been a growing interest in Asian art.
"We're now seeing, in the field of Chinese contemporary art, quite significant prices gained for the works of living artists. And I think all this is part and parcel of this phenomena we're seeing in Asia - the new wealth we're seeing created here, and the interest they have in acquiring Chinese, Asian, Japanese, Korean, Indonesian works of art," says Dolman.
Market watchers say recent surveys show that over a period of time, returns from art hold their own against equities and bonds.
But experts call for caution as well.
"It's something that we always advise great caution in, because there are no sure bets in the art world," warns Dolman.
In the first six months of this year, Christie's worldwide sales grew by 45 percent over the same period last year to hit US$3.25 billion.
Riding on the boom, Christie's plans to expand its office space and staff numbers in Asia in the near future. - CNA /ls
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