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Art industry draws collectors new investors

on Tuesday,January 04,2011 20:01

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The 2008 recession hindered the economic growth of several industries, but one that has notably rebounded is the art world. In November, Andy Warhol's 1962 painting, Coca-Cola, sold for more than $35 million. Collectors have shown little hesitation at auctions, and investors are beginning to turn to the art industry to additional wealth, according to The Street.

Sergey Skaterschikov, the founder of Skate's Art Market Research, recently told the news source that the high prices that works sold for in fall 2010 indicate an upswing in the market. Although many big deals are made behind closed doors between private sellers and collectors, the industry has overall become profitable for investors.

"I bought an Old Master painting on October 1, the day the catastrophe hit Lehman Brothers, for $4.7 million" chief executive of The Fine Art Fund Group Phillip Hoffman told the news source. "I sold it one day later for $6 million ...certainly an interesting return."

Employment of artists is projected to increase by 12 percent over the next seven years, according to the Bureau of Labor Statistics. As contemporary art continues to rise in popularity, new professionals in the industry may be able to profit from their works in a short amount of time.

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