Art demand 'bucks credit crunch'

High-value investors are buying arts and antiques as an alternative to stocks and shares in the uncertain economic climate, a report says.

The Royal Institution of Chartered Surveyors (Rics) says the industry has remained relatively stable between April and July.

But this was the result of a "buoyant" market for work priced at more than £50,000, its survey found.

It says the super rich and Russian and Middle Eastern investors are buying.

Investors are looking to purchase items that will provide a high return in future sales.

Contemporary art, such as urban art, was the strongest sector, the survey found. One work by Banksy called "Laugh now but one day we will be in charge" sold for £100,000.

Lower priced items - particularly ceramics, clocks and furniture - are showing signs of a slowdown in the market, it added.

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