6. Little wonder, then, that Christie’s, the dominant player in the auction market for modern and contemporary art, is re-marketing its old master paintings as “classic art.” It will be offering old masters and other historical pieces next year at its Rockefeller Center sales in April, rather than January. The week will feature a themed sale that includes 20th-century works. And its “classic art” format will debut in London in July, Christie’s said on Friday.
西西软件园 William Leung, portfolio manager at Cohen & Steers, the US investment house with $4bn of assets exposed to Asia, agrees. He argues that speculative investment will be driven out of the market as prices fall. He adds that a trend in the industry towards alternative investments should mean that the price of real estate investment trusts rises even if the value of underlying assets grow more slowly. “We don’t think this correction will be so sharp,” he says.