Auction houses are undergoing a boom as more people choose alternative investments such as art.
Auction houses are experiencing a boom as a growing number of Britons seek alternative investment opportunities away from the property market.
Figures suggest that the value of art sold at the two biggest auction houses, Christie's and Sotheby's, has increased by 12 per cent in the past year. The two firms sold art worth $7 billion (£3.5 billion) in the first six months of this year.
Worldwide sales at Christie's reached £1.8 billion over the past few months, with investors buying items in traditional auction sales and via private treaty sales, reports the Financial Times.
Sotheby's sold £1.5 billion worth of art over the first six months of the year at auction, with figures expected to reach £1.6 billion next month when it holds it annual contemporary art sale. This suggests that more people are buying into contemporary art as an alternative investment.
There has been strong growth in the UK with Christie's sales in the country totaling £837 million, compared to £631 million in the US. Sales in Dubai stood at £20 million and for the Middle East were £179 million.
The recent Arts and Antiques Survey from the Royal Institute of Chartered Surveyors found an increase in the number of people buying art at auction.
Spokesperson Jeremy Lamond explained: "Investors at the top end of the market see arts and antiques as an alternative investment in this uncertain economic climate."
