Art buyers are in the Monet with top returns

Auctioneer Sotheby & # 39; s has set a new house record of £ 121m for 1917 nude Nu Couche (Sur Le Cote Gauche) by the Italian artist Amedeo Modigliani at a sale in May

We are in Monet: a wave of interest in the old masters makes fine art the best performing luxury investment

City & Finance Reporter for the Daily Mail

Visual art was the best performing luxury investment in the last 12 months amid a wave of interest in old masters.

The value of visual art rose by 25 percent last year, according to the Knight Frank Wealth Report.

But buyers in the long term would have done better if they put their money into classic cars – which have increased by 289 percent since 2008.

Auctioneer Sotheby & # 39; s has set a new house record of £ 121m for 1917 nude Nu Couche (Sur Le Cote Gauche) by the Italian artist Amedeo Modigliani at a sale in May

Auctioneer Sotheby & # 39; s has set a new house record of £ 121m for 1917 nude Nu Couche (Sur Le Cote Gauche) by the Italian artist Amedeo Modigliani at a sale in May

The research showed that luxury investments are on average 9 percent higher in the year to 30 June and 103 percent in a decade.

This is better than the FTSE 100, which yielded a return of 8.7 percent and 98.2 percent respectively if dividend payments are included, says investment firm Hargreaves Lansdown.

In the art world, working with well-known names works best. Auctioneer Sotheby & # 39; s placed a new house record of £ 121 million for 1917 nude Nu Couche (Sur Le Cote Gauche) by the Italian artist Amedeo Modigliani at a sale in May.

Old masters painted by renowned artists active before 1800 performed best, with a 25 percent increase in value during the year.

On the other hand, the value of contemporary art declined somewhat.

Veronika Lukasova from Art Market Research said: "Unassigned works that have to do with famous name artists can regularly achieve higher prices than some of the fam works of lesser artists. & # 39;

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