The global market for works of art comprised an estimated ¿60 billion worth of sales in 2008, the bulk of which took place in the art centres of New York and London. With prices for some artists soaring to record levels and reports of spectacular profits, speculation in the art market is on the rise. Savvy investors are increasingly realising that far beyond aesthetic appeal, investment in this unique and specialized asset class can be used to effectively diversify risk, provide a hedge against stocks and other assets, and potentially generate significant returns in the medium to long term. In this revised and updated paperback edition of The Art Economy, Clare McAndrew looks at the development of the global market for works of art and focuses on the value of art as a financial investment, explaining the features of the market and breaking down some of the myths about the art economy. There has been a renewed shift in writing about art for investors within art and finance magazines, often by respected economists and market research groups. However, despite this interest, until now there was no one book that married the world of finance and art into an understandable guide that appeals to both aspiring art collectors and investors, as well as providing an invaluable resource for those already in the art trade. The Art Economy fills that void and provides a title that has both international and long-term appeal.