Page last updated at 16:30 GMT, Friday, 8 January 2010

Art and antiques evade recession, says Rics

Display of Kate Moss by Banksy
Contemporary art has come back into favour, the survey says

Art and antiques have shunned the recession with prices rising as investors look for "safe" places to put their funds, a survey has suggested.

Surveyors say silver and jewellery are the strongest sectors owing to rising scrappage values of precious metals.

Contemporary art also rose in value in the final three months of 2009 after falling for the rest of the year.

The Royal Institution of Chartered Surveyors (Rics) said books, clocks and ceramics were the only negative areas.

In general, 17% more surveyors reported rising rather than falling prices of art and antiques in the final quarter of 2009, up from 14% in the previous quarter. This was the highest since the first three months of the year.

"Arts and antiques have remained pretty resilient throughout the recession and this latest survey once again demonstrates their strength as an investment class," said Rics spokesman Jeremy Lamond.

"It is interesting to see the contemporary market improve, although whether this is a temporary improvement following the Frieze art fair last October or a more solid turnaround remains to be seen."



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