Value of art auctions up by 17% in 2019

 In the face of growing uncertainty on financial markets, more and more investors are looking for alternatives – including on the art market. In 2019, turnover on the auction market increased by 17 percent to PLN 294.5 million, president of the Libra Auction House Iwona Wojnarowicz informed.

“At a time when fluctuations are observed on the stock exchange, and bank deposits generally do not provide profits, investors and collectors are more willing to invest surplus capital in works of art. There is a lot to gain, but increasing capital is not the only benefit of buying a work of art. It also brings cultural capital – everyday communing with a work of art on the wall in your own home is also a great pleasure and building your own sensitivity. And this pays immeasurably for years,” Wojnarowicz said in an interview with ISBnews.

She emphasized that in recent years interest in investing in artists' works has been definitely growing.

"The potential in Poland is considerable because we will get richer. Therefore, the percentage of very rich people will grow. What is missing is a real offer for the less well-off, along with building awareness that you do not have to be a millionaire to invest in art. However, I expect a boom, " Marek Zuber, the economist, and financial market analyst, added.

(ISBnews)