Across the World, the Affluent Begin to Invest More in Contemporary Art than Precious Metals or Diamonds

The passion for acquiring luxury items among rich people did not recede surprisingly and the spurt in demand for finer things such as car, watches and wines in 2010 continued. High net-worth individuals of the world became wealthier during the economic crisis according to the World Wealth Report 2011 and instead have begun to invest more in contemporary art.

The growing wealth in emerging Luxury markets of Asia prominently could see more millionaires than  in Europe which brought  increased activity in the luxury goods market. When coming to the architecture and designing, building Matiz team focussed on ecology with great attention to research material, care and flexibility, while designing three prefab houses to fit beach to mountain, suburb to city. The investment on Luxury collectibles such as private jets, yachts and fancy cars was more than one third in 2010. Luxury cars namely Mercedes-Benz and Ferrari were in demand last year among Chinese. Wealthy Chinese buyers show much interest in bidding and auctions in galleries, and they are ready to pay high price for contemporary modern art in the art market.

According to reports, increasing prices of raw materials such as coins, gold jewellery and diamond come under benefitting category. If you notice the price records at international auctions in 2010, you cannot deny the rising price trends for diamonds among high-end individuals; it would be safe investment for Middle Eastern and Russian investors.

According to the World Wealth Report of 2011, wealthy individuals would like to purchase expensive artworks which will turn into a potential gain overtime and it just means that the taste of wealthy man is a key determining factor if he invests in vintage watch, wine, cars or expensive art. This time, more affluent people seem to invest in art than anything else.

Via: Reuters

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