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October 7, 2007
Hedge Funds Have Modern Art Market up 55%
From today's FT:The annual art market research index produced by Hiscox, the art insurer, shows that the value of contemporary art has risen by 55 per cent over the past 12 months, an acceleration of the trend over the past five years which has seen prices soar. But much of that price inflation has been fuelled by workers in the financial services industry such as hedge fund managers, boosted by high salaries and hefty bonuses.Darn, I wish I would have kept the painting my 3-year-old did yesterday at his friend's Jackson Pollock splatter-style birthday party.
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@Paul, I'd respectfully suggest you hold onto your kid's art for non-financial reasons anyway ;)
Modern art? Isn't that an oxymoron of sorts?
YMMV and all that, of course.