One of London’s top professional art investors is to set up a special fund to cash in on the bargains thrown up by the credit crunch.
From the Sunday Times:
One of London’s top professional art investors is to set up a special fund to cash in on the bargains thrown up by the credit crunch.
Philip Hoffman, chief executive of the Fine Art Fund Group, said he would raise between $50m (£33m) and $100m for an “opportunistic” investment fund.
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Hoffman said he expected prices for some art categories – modern and Impressionist works in particular – to fall by as much as 30% this year.
“I am now regularly being approached by wealthy individuals or family estates that are looking to sell art without the publicity of going to auction,” he said. “Unfortunately, at the moment their expectations on price are way too high.”
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