Until a few decades ago, Old Masters was the most popular segment of the art market. Now it comprises just 10% of the value of the art market with an annual auction sales of just 1 billion euros. Despite occasional moments in the spotlight such as the auction of J.M.W. Turner's "Rome, from Mount Aventine" (see below) for £30.3 million by Sotheby's, Old Masters lives in the shadow of more modern and contemporary art.

Modern and Contemporary Art prices have also risen much more rapidly in the last decade. Despite a significant fall in prices during the financial crisis in 2008, contemporary art prices rose by 70% between 2004 and 2014. But when it comes to diversifying one's portfolio, Old Masters may just hold the edge. Unlike contemporary art which lost 34.4% of its value in 2008, Old Masters held up very well during the financial crisis and in fact prices rose 15% in 2008. In other words, the price of Old Masters rose when almost all other asset classes suffered a fall in prices.

This also means that Old Masters may be a better option than Contemporary Art if one wishes to secure a loan against one's artwork. Contemporary Art may be the flavour of the day but Old Masters still hold up well in times of need. Contact us if you need a loan against your artwork, whether it be an Old Master or a contemporary work.