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Art Funds Looking Far East

As West's growth slows, managers aim to buy, and sell, in China, Middle East, India

By Rob Quinn, Newser Staff

Posted Mar 20, 2008 11:54 AM CDT

(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.''

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)

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)

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)

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Art Funds Looking Far East

As West's growth slows, managers aim to buy, and sell, in China, Middle East, India

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Modest Success at Christie's Cheers Art World

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Collector says he bid $36 million on antiquities as protest

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Art Funds Looking Far East

As West's growth slows, managers aim to buy, and sell, in China, Middle East, India

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OTHER STORIES ON OUR RADAR

art market • art • Christie's • hedge fund • investment • Fine art market • ArtTactic • Security and Exchange Board of India • Phillips de Pury

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Modest Success at Christie's Cheers Art World

Hockney breaks record as auction house sells $93.7M

Strapped Art Market Preps for Auctions

Expectations low as auction houses try variety of tactics

Auction Winner Won't Pay for Chinese Relics

Collector says he bid $36 million on antiquities as protest

Christie's Cuts Jobs as Art Sales Slump

250-year-old auction house downsizes to stay afloat

Major Works Fail to Sell at Christie's

Dismal auction season continues as Bacon fails to find buyer

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