It’s not all bad news in the eurozone right now. The uncertainty in the market is forcing investors to store their wealth in a different type of asset: art.
Caroline Garnham, Chief Executive of Family Bhive – an online community of mega high-net-worth individuals – says, “They’re wanting to direct their wealth into something that’s rare, that’s going to hold its value, like art. We’re also seeing a similar trend with wine and also commodities like gold.”
As a result, paintings like Joan Miro’s Peinture (Etoile Bleue) – which just sold for $37 million – are fetching record high auction prices at Sotheby’s in London.
And the auction house is seeing interest pick up from around the world. Jay Vincze from Christie’s says, “Unlike some years ago where it was really just Europe and America who were buying art, at any level, even the top level, nowadays the art market truly is global.”
And with the eurozone crisis still unresolved, and fears persisting about how it will end up impacting the global economy, many are predicting that art will continue pulling in record prices in the coming months.