The Mei Moses Art Index has announced that artworks at New York's May 2013 post-war and contemporary art auction sales realised an average 16.3% pa increase in value.
After comparing the past auction performance of 33 lots from the high profile evening sales of both Sotheby's and Christie's, whose sale was the most valuable ever seen, Mei Moses states that the results were incredibly strong considering the current economic climate, yet slightly below historical figures.
May's impressionist and modern art evening sales did not fare quite so well, with 34 works at the same two auction houses realising an average per annum increase of 7.6%.
There were 10 post-war and contemporary and impressionist and modern sales held in New York in May, with the 282 previously sold lots generating 7.3% pa returns.
Mei Moses states that this is just above the 7.1% pa returns that would have been achieved if the value of the artworks had been invested in the S&P Total Return index for identical holding periods.
The news shows the buoyancy of the art market, which is increasingly attracting investors looking for an alternative to ailing mainstream options.
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