In downturn, investors drawn to art

"The art market did not suffer repercussions when the Internet bubble burst and it is doing extremely well today, even after the credit crunch," Robert Tomei, CEO of Italian fund manager Advanced Capital, who is launching his third art fund.

Tomei's 150 million euro Advanced Capital Art fund, run with art dealer Simon de Pury of Phillips de Pury, will focus on contemporary art, photography and design and hopes to replicate the 20 percent annual returns he achieved with past funds. [from reuters]