Monday, October 27, 2008 As many people anxiously eye the daily rise and fall of stock markets around the world, some experts are advising they look into alternative investments like fine art.
The art market has a life of its own, and "prices have gone up tremendously in the past five years," Montreal curator Paul Marechal told CBC News.
Not only are high-profile works by masters such as Pablo Picasso or Claude Monet fetching record prices, the markets for contemporary art and for emerging artists are also seeing a boom.
In an economic downturn, savvy investors can find deals by snapping up affordable paintings, prints and drawings for sale later, Marechal said.
"There will be less competition in the sales rooms and at galleries and so on, and so forth. If you are fortunate to have some money, it's a blessed time to buy art, definitely," he said.
"Just as with the stock market, wise investing through art [means] leaning on experts in the galleries, experts in the field. You can actually bring a profit with it as well," said Jeremy Tabarrock, an investment executive with ScotiaMcLeod.