Fine Art Market 2007 (source:World's High Net Worth Individuals Continue to Seek Luxury Items, Despite Rising Costs and Financial Market Turmoil)
Demand for fine art –– was strong in both mature and emerging markets. As in the past, more Europeans – at 22 percent – and Latin Americans – at 21 percent – invested in fine art last year compared to their counterparts in North America – at 11 percent, the Middle East – at 10 percent, and Asia – at 13 percent. UHNWIs (Ultra High Net Worth Individuals), however, allocated more to art than any other luxury category.
Newly minted millionaires from Moscow to Mumbai, many of whom made fortunes in the global commodities boom, were active at art auctions last year. Christie’s International and Sotheby’s both profited from the expanding Russian economy, with their combined Russian sales totaling $324.9 million, a 45-percent bump from their $223.6 million total in 2006. |
