Eveline de ProyartSenior Vice PresidentChristie’s Switzerland

Andy Warhol (1928-1987) Dollar Sign Executed in 1981, 229 x 178 cm.

Christie's London, February 11th, 2010 Estimate: 1,200,000 – 1,800,000 GBP Sold: 2,281,250 GBP

Andy Warhol (1928-1987) Dollar Sign

Executed in 1981-82, 229 x 178 cm. Christie’s London, June 26th, 2003 Estimate: 220,000 - 300,000 GBPSold: 341,250 GBP

IS ART AN ATTRACTIVE ASSET CLASS FOR HNWI’s ?

GLOBAL ART MARKET

CHARACTERISTICS OF ART AS AN ASSET

• Instrument for portfolio diversification• Made up a number of different markets• Can beat equities• Hedge against inflation• Demonstrable diminishing supply against increasing demand• Limited liquidity• No single index or regulatory authority• Non-yielding asset• Large costs• Need expert advice on market and object to determine price

and value

SINCE 1985, ART BEATS EQUITIES

EXAMPLE - ANDY WARHOL

Andy Warhol200 One Dollar Bills, 1962

© The Fine Art Fund Group6

• Bought for $300,000 in 1986

• Sold for $43m in 2009

Total Return 14,333%

EXAMPLE – HOUSING MARKET LONDON

© The Fine Art Fund Group7

• House in London bought for $300,000 in 1986

• Sold for $9.9m in 2009

Total Return 3200%

House Chelsea, London

AN INFLATION HEDGE

ARTIST – SUBJECT – CONDITION – RARITY - PROVENANCE

November 1997: Sold at Christie’s $ 48,402,500 March 2013 : Sold privately $155,000,000

PABLO PICASSO Le rêve Signed and dated 'Picasso XXXII' lower left Oil on canvas 51.1/8 x 38.1/8in. (129.8 x 97.2cm.) Painted in Boisgeloup, January 24, 1932 Collection of Victor and Sally Ganz (purchased in 1941 for £ 7’000)