RICS Releases 3rd Quarter Arts and Antiques Survey

The Royal Institute of Chartered Surveyors just released their third quarter market survey. The results show art and antique markets continue to feel the downward pressure of the housing market. Britain is having some of the same issues we are facing here in the US.

The survey reports the top end of the market is still relatively strong, stating "The top end of the market is still booming, less reliant as it is on the domestic housing market. Anecdotal evidence suggest as yet there is still there is no shortage of money at the upper price tiers".

The survey states the "strongest performing sub-sector was contemporary arts, followed by jewelery, where the net balances were 41% and 20% respectively. The weakest performing sub-sector was Furniture, followed by Oils and Water colors, where the net balances were -6% and -5% respectively."

The market survey states that 6% more surveyors reported a fall in furniture lot prices. This is better than the 20% from the 2nd quarter, so perhaps there is some stabilization i the furniture markets. There were reports of price increases at the top end of the furniture market. For traditional art, including oils and watercolors 5% reported decline prices, although 41% reported a rise in contemporary art prices.

To read the RICS release or full survey, click HERE.