Investors 'turning to antiques'

Anthony van Dyck's self-portrait could fetch £3m at auction in December

Investors looking for a safety net for their savings are turning to traditional art and antiques, according to a survey.

The most expensive art is increasing in price, but more contemporary work is less popular, the Royal Institution of Chartered Surveyors (Rics) said.

Oil and watercolours were strong at the top end of the market. Jewellery and silverware also remained successful.

Prices rose in 70% of the antiques and art market during the third quarter.

The Rics poll found that a growing number of surveyors said prices of arts and antiques were rising rather than falling.

'Safety net'

Volatile stock markets and falling property prices, as well as the low returns currently being earned on deposit accounts, were all pushing investors to the market, the report said.

They were also attracted by falling prices of art and antiques during the last five years.

"The arts and antiques market has held up well under the duress of the recession, with many investors looking for a safety net for their savings," said Chris Ewbank, of Rics.

"However, the contemporary market has suffered quite a turnaround in fortunes over the last year, as those turning to the arts and antiques market are concentrating on the more stable and traditional markets, which tend to hold their value, or at least pose less risk."