13 Aug 2011

Art work still attracts buyers despite financial turmoil

7:54 am on 13 August 2011

In a week of global financial turmoil, New Zealand investors have been spending top dollar on art work and jewellery.

More than $2.7 million changed hands at Webb's Auction House in Auckland, in a busy week of sales.

The sales included works by Bill Hammond and Charles Frederic Goldie, and a solitaire diamond that fetched $194,000.

Auction house director Neil Campbell says it was interesting to see most of the high value works and objects finding buyers and many pieces significantly exceeding expectations.

He says it echoed what has been experienced by international auction houses such as Christies and Sotheby's, where there has been a strong surge in demand for tangible cultural assets.

Mr Campbell says it probably reflects some of the cynicism surrounding the financial sector.