With the recent gloom and doom prophecies of pundits and and politicians, you would think that your in some sort of a twilight zone, where humanity is bound to be trapped into an eternal econonomic quagmire. Certainly, we could use some bretah of fresh air. And that is exactly what I have been trying to do in my recent blog entries. There is at least one sector of the market that is relatively in OK shape, and that is of course the art industry, particularly in Asia. Of course, it has not been completely free from economic woes as more expensive artwork from CHina and India have declined in the recent Sotheby auction, but art from Southeast Asia offers more hope. While pummeling house values and tight credits are an everyday reality, so is the increase in the values of many artwork in Southeast Asia. Channel NewsAsia reports that art from that region has received a 30% boost in real value. Not bad. Not bad at all. And the better news about that is that people still buy these works proving that the global economy is not yet on the path to an apocalypse. After all, art is a luxury commodity. And if people still have the energy and resources to purchase these goods, then it just shows that we are not completely doomed. I'm sure the world can ride this crisis out.
ORIGINAL ARTICLE: http://ph.news.yahoo.com/cna/20081011/tap-096-average-price-sea-contemporary-a-231650b.html
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