RICS Releases 2nd Quarter Arts and Antiques Survey

The Royal Institution of Chartered Surveyors just released its second quarter Arts and Antiques Survey. Overall the news is positive, all though those reporting reporting stated on average positive growth, it has slowed from the first quarter. Of the 10 fine and decorative arts categories surveyed, only two, ceramics and contemporary art failed to show signs of positive price increases.

I always find these reports and surveys useful when preparing market analysis statements for appraisal reports. I print out the full RICS report and save each quarters survey results. I always find them useful and interesting and a fair review of the market in the UK.

The summary report states The net balance of surveyors reporting rising rather than falling prices fell back in the second quarter but it still remains positive overall. The All Lot net price balance slipped from +19 to +7.

Out of the ten sub-sectors covered in the survey, only two (ceramics and contemporary art) did not record a positive net balance during the latest three month period. That said, the net balance still improved in the contemporary arts sub-sector (though it remained in negative territory overall), while it deteriorated in the ceramics sub-sector (from a positive reading previously).

It is notable that in contrast to the contemporary art sub-sector, the oil and watercolour sub-sector recorded a positive net balance overall. Significantly, this was driven by positive net balance readings in the middle and top ends of the market. In the contemporary arts sub-sector, the net balance of surveyors reporting price falls remains the third consecutive quarter that this has been the case.

The best performing sub-sector was silverware (with strong readings in all price bands), followed by militaria and then jewellery. The continued strength of silverware and jewellery can be partly explained by the perceived ‘safe-haven’ status of such items during times of financial and economic uncertainty.

In terms of the demand and supply outlook for the Q3 period, confidence remains generally positive in both areas. However, confidence in the supply outlook fell back slightly, whereas confidence in the demand outlook strengthened for the second successive quarter.

T0 read the full report/survey, click HERE.