Fine Art Now Seen As Safer Haven Than Equities Or Bank Deposits, Survey Reveals

Jemimah Patterson and Ray Waterhouse

Waterhouse & Dodd - Palmer Mummy Investors and High Net Worth Individuals (HNWIs) now see fine art as offering more security and better returns than either the equities markets or bank deposits, according to the findings of a survey conducted by leading international art dealer, Waterhouse & Dodd. The survey, carried out in February amongst the firm’s clients and collectors across the world prior to the opening of Art Dubai in March, also reveals that people are still keen to buy high quality works if the price is right. The findings are backed by broader evidence which shows the international art market is holding up better than expected, with many of the top auctions returning good results in recent months.

“We have been encouraged by the ongoing positive response from many collectors and investors to the opportunities afforded by the best quality in each price bracket and each style. We don’t only mean incredibly expensive art, but our clients say they will buy actively but selectively, only being interested in the best in each field,” said Ray Waterhouse.

“What’s more, this message definitely coincides with our own sales experiences; for example we recently sold a painting by Matisse at the Palm Beach fair, have just sold a fabulous Post-Impressionist in London for $250,000, and continue to sell Middle Eastern art by artists such as Parviz Tanavoli and Lalla Essaydi to our clients in the Gulf. And we still sell contemporary British art in London,” he said.

At Art Dubai Waterhouse & Dodd will be showing a unique tapestry by Dr Ahmed Moustafa, one of the most eminent artists from The Middle East and a world authority on calligraphy. Only 15 tapestries by Moustafa were ever made; 12 have been sold and the artist is retaining 2, so this monumental work, woven in the famous French tapestry town of Aubusson, is the last remaining Moustafa tapestry. “We are also delighted to exhibit a very rare large oil by Moustafa. Prices are $375,000 and $500,000, which represent good value for collectors, as he has made more than $650,000 at auction,” said Waterhouse.

Fine Art Now Seen As Safer Haven Than Equities

Dr Moustafa, 66, is Egyptian but has lived in Europe for 30 years. His PhD reappraised the science of Arabic penmanship, illuminating at a conceptual level the geometric principles that underpin the visual harmony of all Islamic art and architecture, and at a practical level the terminology, practice and construction of letter shapes of Arabic script.

Alongside the works of Ahmed Moustafa, Waterhouse & Dodd is showing a combination of Middle Eastern and Western art, by both eminent and emerging artists. Highlights include a unique bronze by the highly sought after Iranian sculptor Parviz Tanavoli for $250,000 (Iranian, born 1937, auction record $2.8m) and a variety of photographic work by the world famous Shirin Neshat (Iranian, born 1957) and the up and coming Youssef Nabil (Egyptian, born 1972).

“We will be showing an eclectic and exciting range of works at Art Dubai, among them the extraordinary glass sculpture ‘The Ashmolean Mummy’ by Angela Palmer, which comprises 111 pieces of glass and is derived from CT scans of a real 2000 year-old Mummy. About two-thirds of our exhibits will be Middle Eastern contemporary and a third British,” said Waterhouse.

Waterhouse & Dodd is increasingly showcasing contemporary Middle Eastern art and has a growing presence across the region. It is also building its reputation and client base in Europe for Middle Eastern art. Last October in London it held the first Routes exhibition, sponsored by the Europe Arab Bank, which was the largest selling exhibition of contemporary Middle Eastern art yet held in the UK. The second show in the series will take place in October this year, Waterhouse announced.

For further information about Waterhouse & Dodd at Art Dubai, please contact: Jemimah Patterson, jjp@artroutes.com or on +44 20 7734 7800.

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