Last week two Andy Warhol pieces sold for a total price of $98.7 million (£61.7 million). While the figures may be staggering, this is actually part of a larger trend in the art market.
According to a recent survey by the Royal Institute of Chartered Surveyors, the financial value of art and antiques has risen significantly over the past 12 months. Due to ongoing economic uncertainties, art is proving to be a popular alternative investment. In fact, the growth in demand has not been caused exclusively by the fabulously wealthy or global corporations; more and more people are exploring galleries, fairs and exhibitions in the hope of finding work by up-and-coming artists.
Sarah Ryan, founder of New Blood Art, has noticed these changes but doubts that funding cuts will negatively affect her clients:
Arts & Cuts 