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August 29, 2008 4:28:11 CDT

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Art Funds Looking Far East

Posted Mar 20, 08 11:54 AM CDT in Business,  Arts & Living 

(Newser) – With major economies slowing and the US dollar near historic lows, art investment funds are looking to move away from the slowing Western art market, Bloomberg reports. Funds are sinking millions into works from China, India, and the Middle East. One leading fund has met its target for contemporary Chinese art and is aiming to expand into older works.

Investment chiefs think the slowdown in the West could be a bonus for art funds looking to pick up some bargains. "This is a good time to start an art fund," one manager said. "I believe in the next two years things will slow down and there will be opportunities to buy collections and distressed portfolios.''

Source Bloomberg

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Staff members hold a Chinese oil painting titled "Put Down Your Whip" by Xu Beihong during an auction in Hong Kong Saturday, April 7, 2007.   (AP Photo/Kin Cheung)
Visitors look at a painting 'Untitled (sheep herd)' by Chinese artist Yue Minjun on display at an auction house in London, Monday, Feb. 4, 2008.   (AP Photo/Sang Tan)
A visitor talks on his mobile phone backdropped by 1993 painting "Sunshine" by artist Yue Minjun in London, Wednesday Oct. 10, 2007.   (AP Photo/Lefteris Pitarakis)
"The Massacre at Chios" by mainland Chinese artist Yue Minjun at a Sotheby's auction preview in Hong Kong Wednesday, Oct. 3, 2007.   (AP Photo/Vincent Yu)
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art  • hedge fund  • art market  • Christie's  • investment  • Fine art market


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