Art collecting can be traced back to early civilization. Most museums, art galleries and grand houses illustrate the display of prestige, wealth and status, as much as love for the art itself.
Globally, an increase in wealth and prosperity has seen higher demand for ownership of original works. The art markets expansion has been driven by growth and wider global distribution of high net worth individuals. Consequently, there has been a tremendous growth in the value of the art market worldwide. The sheer size of the market has attracted both managed funds and financial institutions. As a result institutions and private art buyers have increased their focus on art as an asset class.
“The rapid internationalization of the art market over the last 5 years was causing a collision of buyers from china, the Americas, Europe and the middle east in competition for the same works.” Source: Financial Times
