RICS 4th Quarter Arts and Antiques Survey

The Royal Institute of Chartered Surveyors released their fourth quarter Arts and Antiques Survey. As we appraisers know, the forth quarter of 2008 did meet expectations and confidence in the markets was drastically reduced. The RICS survey is an excellent tool to use when analyzing markets and documenting market trends for appraisal reports. A few of the survey categories include books, ceramics, furniture, silver, clocks, jewelry, toys, paintings oil.watercolors and contemporary art.

The RICS Art and Antiques survey confirms that by the fourth quarter of 2008 the top end of the market has also been hit hard. Previously it was only the middle market which was suffering.

The RICS analysis states the key development in Q4 was capitulation at the top end of the market. This area had previously shown considerable resistance to external macro economic forces and the squeeze on credit compared to the rest of the arts and antiques market.

The report also places blame on the financial and housing crisis. Noting the collapse of Lehman Brothers, and fewer homes sales, which translates into fewer sales of the decorative and fine arts for new home purchasers. The report states jewelry and silver did better than most sectors, but oil and water colors, contemporary art and case furniture all showed large declines in confidence.

The RICS surveys are excellent tools for the appraiser. Much information and content revolves around fine art, the RICS survey has great information and statistics on both fine and decorative art. It is a tool all appraisers should be aware of and use on a regular basis to spot market trends.

To read the full 8 page RICS Arts and Antiques survey, click HERE.