London's Contemporary Art is Moving the Markets
A recent trend in collecting art has been on the uprise since Sotheby's has increased its distribution to Hong Kong and China over the last two years. There has always been contemporary art for sale in London, but it is becoming more widely recognised as a global hub for the contemporary art market. With the Contemporary Art Society of London and the Institute of Contemporary Art, just to name a few, the place is a sure-shot spot for contemporary art sales. The city is bustling with galleries and vendors, as well as world-renowned artists in residence producing works while living there.
When asked where is the best place to buy contemporary art people say New York, Paris, and London, and London has been working to improve that reputation. Auction houses such as Bonhams and Christies are offering contemporary art for sale in London at the auction, and many other public and private art auctions can be found there as well. Since London has always been one of the best niche-markets for all things collectible, it is no surprise they are leading the pack in contemporary art. Since the debut of some of the finest and most valuable pieces have traditionally come from London, it only makes sense to see London as natural choice.
To have celebrities and art collectors all over the world visiting from abroad to see contemporary art for sale in London is truly a testament to the developments of the art market and its poise for growth in the months ahead. With the rising value of the currency, London buyers are also looking to increase their art holdings from international vaults as equity in the art market continues to hold traction year over year.
As always, Compare the Financial Markets gives sound advice on art investment options to diversify your investment portfolio.