A new art financing firm has released research figures showing investment in high profile New Zealand artists' work is more lucrative than other forms of investment.

Image: W.D. Hammond, Study (1998)
Private Collection, Los Angeles, USA

A new art financing firm has released research figures showing investment in high profile New Zealand artists' work is more lucrative than other forms of investment.

Image: W.D. Hammond, Study (1998)
Private Collection, Los Angeles, USA

Index Group has been set up by Adam Parore to provide finance for people buying art works costing more than $10,000 through major galleries and auction houses.

Judith Tizard said the research provides fascinating information that investment in NZ art is a worthwhile effort and that, according to Parore's art index, NZ art investments outperform the NZSE40.

"The statistics show an extraordinary growth in sales and selling prices of New Zealand art works. A decade ago, sales of 'traditional' pieces made up 94% of total sales and contemporary works were only 6% of the sales market.

"Now, the contemporary market accounts for more than 51% of sales, and the overall market in sales of New Zealand works has grown to almost $10 million, where it was less than $300,000 in 1990.

Index Group: www.indexgroup.co.nz

Thanks to the Tizard Review for this story.

Image: W.D. Hammond, Study (1998)
Private Collection, Los Angeles, USA