Art and antiques sector boosted by high-value deals

The art and antiques market remains buoyant depite tough economic conditions, according to the latest Royal Institution of Chartered Surveyors (Rics) art and antiques survey. Published quarterly, the survey measures confidence in the general arts and antiques market across categories including gold and silver, furniture, pictures, ceramics and clocks. There were price increases across 10 of the 11 categories, with silver and jewellery the best performers as values increased in line with precious metal prices. The worst performers were ceramics and clocks. The report said 24% of dealers reported a rise in prices rather than a fall during the second quarter of the year, with high-value deals driving prices higher. The proportion of surveyors reporting rises in the highest bracket of £50,000-plus items doubled from the first to second quarter. Respondents were asked which sector was the strongest in their opinion. Gold, silver and jewellery were, unsurprisingly, the most cited areas, but a significant number of respondents also mentioned oriental art and ceramics. The watch sector bucks the trend slightly with the sheer volume of lower-priced items supporting the market. In the survey, 33% of dealers reported a rise rather than a fall in prices for lots of between £1 and £1,000. Auction house Fellows & Sons has more than 100 watches for sale today, the majority of which are less than £1,000. Christie's takes its watch auctions around the world, with upcoming sales taking place in Dubai in October, Amsterdam in November and New York in December. One of the most expensive watches bought in recent years was a 1974 Patek Philippe 18ct pink gold wristwatch, which went for $1.35m in 2008 in Hong Kong at Christie's. At a Bonhams auction in June 2010 a rare Patek Philippe 18ct gold chronograph wristwatch fetched £50,400, beating an estimate of £35,000-£45,000. Despite such sales just 6% of surveyors told Rics they had seen a rise in watch prices in the £50,000 and above category. Rics spokesman Andrew Davies said: "Given the uncertain economic future it is of little surprise that buyers continue to invest in more traditional 'safe' categories, such as precious metals and jewellery. However, we are noting a resurgent interest in oriental ceramics and works of art, particularly from middle and far eastern investors. "Over the next 12 months survey respondents expect both demand and availability to increase. However, demand is expected to increase at a faster pace than supply." Chris Ewbank of Guildford-based auctioneers Ewbank Clarke Gammon Wellers said sale entries are up in terms of quantity, quality and value. "We have our largest antique sale for over two years this month. More general auctions are showing increased prices and activity in what has been a very depressed market for several years."