'Luxury Collectibles evade the recession,' says BBC
Prices are rising as investors look for 'safe' places for their cash
Based on a survey by the Royal Institution of Chartered Surveyors (RICS) the BBC has reported that Art and Antique prices have shunned the recession.
Prices are rising as investors look for a safe place to put their funds.
One of the strongest areas is silver and jewellery with high prices due to the rising scrappage value of precious metals.
Contemporary art was another area showing gains in the last 3 months of the year.
The survey concluded that 17% more surveyors reported rising prices in the final quarter of 2009, up from 14% in the previous quarter.
RICS Spokesman Jeremy Lamond commented:
"Arts and antiques have remained pretty resilient throughout the recession and this latest survey once again demonstrates their strength as an investment class,"
The BBC report mirrors a Times Newspaper report in 2009.
The Times stated that 'High net worth individuals are increasingly turning to alternative investments,'
The article suggested an investment in rare coins typically returns 7-10% per annum and that BlackRock Gold & General fund and Jupiter Asset Management both hold rare coin investments on behalf of clients.
Such high powered involvement lends further credibility to the alternative investment argument.
Rare coins are among the oldest and most prized forms of collectible. Famous collectors include the former British Prime Minister Tony Blair and actress Nicole Kidman.
There are estimated to be around 50 million coin collectors in the US alone. Overall, US rare coin sales are believed to total around $10 billion annually.
But the big growth is in the emerging markets. The gold coin market in India, for instance, is currently worth $2.1 billion and growing daily.
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