Art is Now an Asset Class

said Irving Blum...

"Art is now an asset class,'' said veteran U.S. collector Irving Blum in an interview at a reception for Koons's sculpture. ``When financial advisers divide up investment portfolios, they're often now talking about allocating a certain amount to art.''

said Cheyenne Westphal...

Contemporary art has performed well as an investment,'' said Cheyenne Westphal, Sotheby's European chairman of contemporary art. ``Though buyers aren't thinking solely about investment, it's definitely becoming a stronger consideration.'' [from bloomberg]