No it's art we are talking about not property.
That is according to Harry Underwood over at First Post this morning.
And if you thought that house price inflation was on the sttep side,Underwood says that since 1984,the price paid for a typical popular atr piece has risen by over 4,400%.
Typical is this story
Richard Prince's Nurse paintings, an appealing enough series of pulp romance images taken from the covers of trashy novels. Works like Surfer Nurse, Naughty Nurse and Dude Ranch Nurse were scanned from magazines and printed onto canvas, before Prince splashed on some acrylic to make them something other than photocopies. At Barbara Gladstone's Manhattan gallery in 2003, they were asking for, and generally not getting, $50,000. But last summer, a Prince Nurse fetched fully $8.4m.
But as wih the rest of the speculative market,the sector is under pressure.Empty seats at auctions and unmoved pieces are the norm now and
Just like the housing market boom, it's the Johnny-come-latelies who are now sitting on assets that won't fetch anything near what they paid for them. Some of these are people, one seasoned sale-room hand put it, "who think Piero della Francesca is a shoe shop".
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