Art Funds Looking Far East

As West's growth slows, managers aim to buy, and sell, in China, Middle East, India
By Rob Quinn,  Newser Staff
Posted Mar 20, 2008 11:54 AM CDT
Art Funds Looking Far East
Staff members hold a Chinese oil painting titled "Put Down Your Whip" by Xu Beihong during an auction in Hong Kong Saturday, April 7, 2007.    (AP Photo/Kin Cheung)

With major economies slowing and the US dollar near historic lows, art investment funds are looking to move away from the slowing Western art market, Bloomberg reports. Funds are sinking millions into works from China, India, and the Middle East. One leading fund has met its target for contemporary Chinese art and is aiming to expand into older works.

Investment chiefs think the slowdown in the West could be a bonus for art funds looking to pick up some bargains. "This is a good time to start an art fund," one manager said. "I believe in the next two years things will slow down and there will be opportunities to buy collections and distressed portfolios.'' (More art market stories.)

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