Home is where the art is: over £5.6 billion spent on affordable art in the past yearhome is where the art is: over £5.6 billion spent on affordable art in the past year

• A quarter (24 per cent) of UK adults have purchased affordable art in past year spending an average of £476 each
• In the past year, over four million Britons bought from specialist art fairs, auctions and art shops on the hunt for a masterpiece
   

New research1 from Direct Line's SELECT Premier Insurance (SELECT) reveals the UK is in the midst of an art obsession, with a quarter (24 per cent) of Britons buying affordable artwork2 in the past year.

This new 'art enlightenment' has seen the average art buyer spend £476 on affordable pieces over the past 12 months, amounting to a collective £5.6 billion. Nearly one in 10 (nine per cent) of these buyers have spent upwards of £1000 in the past year.

It is not just simply the aesthetic appearance of pictures, sculptures and photographs that is driving sales. One in eight (12 per cent) have purchased affordable art because they think it is a good investment and will appreciate in value. One in six (15 per cent) have done so to add to an existing collection, while nine per cent have purchased affordable art pieces based solely on the artist's reputation.

Although half (56 per cent) of art buyers think the appearance of the work is still the most important factor, the social and financial power of investing in art is a major consideration. Eight per cent of affordable art buyers have made a purchase because they believe it will impress visitors and three per cent have done so to highlight their wealth to others.

Britons are not afraid to make a special effort to find the dream social and financial asset for their home either, as over four million Britons (46 per cent of art buyers) bought their work from specialist sellers, art fairs, auctions, art markets or directly from artists3.

Stephanie Norton-Henson, Appraiser at SELECT Premier Insurance, says:"We have always been a nation of art lovers, but it seems people are now putting a bit more thought into what they are buying. Art fairs are springing up all over the country and offering the chance to get hold of some real gems at very reasonable prices.

"Aesthetics are, and will most likely always remain, a key reason why people choose affordable art, but the value of these pieces as an investment and marker of social status is becoming increasingly important.

"Buyers with a keen eye may well see the value of their pieces appreciate over time, which is why it's important to have these artworks regularly valued and comprehensively insured by a policy that properly covers these prized possessions."

Men are investing more heavily in affordable art than women, with purchasers spending on average £602 over the past year compared to female expenditure of just £352.

London is perhaps unsurprisingly the centre of Britain's affordable art movement, with the average art buyer in the capital spending £968 in the last year. Londoners are also more likely to seek out specialist art sellers, with two in five (63 per cent) buying from fairs, auctions and the artists themselves.

ENDS

1. Study conducted by Opinium Research 5th – 8th April 2013 amongst 2000 UK adults Results have been extrapolated up based on applying the percentage of UK adults in the nationally representative survey to the number of people in the UK (50,371,000) according to Opinium. Spending figures taken by applying the mean average spend to the calculated number of buyers.
2. Affordable Art is a defined as a painting, picture, photograph, print or sculpture bought for less than £4000
3. Specialist art sellers are defined as art fairs, craft fairs, specialist art shops, art markets and sales made directly by the artist
    

About SELECT Premier Insurance

Direct Line offers SELECT Premier Insurance to cover homes, cars and valuables of high worth, as well as breakdown cover, pet and travel insurance, all covered under just one policy. When taking out SELECT Premier Insurance, Direct Line will even pay your cancellation charges from your previous policy, making it even easier and affordable to have all your policies under one roof, with one payment plan and one renewal date.

At SELECT Premier Insurance we help you stay in control by offering you a truly personal service. To begin with, one of our accredited insurance advisors will carry out a complimentary individual telephone review with you. Then they'll give you tailored advice, based on your unique needs, for example, specialist cover for valuables such as fine art and jewellery (without needing to list individual items worth less than £10,000) or for your property portfolio, to ensure you get exactly the right level of cover.

To find out more about what Direct Line SELECT Premier can offer, go to  or go straight through to an expert, not a machine, on 0800 206 2849

Direct Line

Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides motor, home, travel and pet insurance cover direct to customers by phone or on-line.

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Customers can find out more about Direct Line products or get a quote by calling 0845 246 3761 or visiting