The evolution of the Romanian art market over the course of the last 15 years is now included in a catalog. Titled "The Index of the Romanian market", it includes all the sales of art objects (which took place using options) between 1995 and 2010. The catalog includes over 1,000 Romanian artists, both those who are part of Romania"s heritage as well as contemporary ones.
The launch of the index was made at the headquarters of the Bucharest Stock Exchange, in the presence of its managing director, Valentin Ionescu. He said that "art represents an alternative financial market and at the same time a way for artists to secure funding" and through this partnership, the BSE and Artmark (the auction house which launched the catalog) are expanding their base of potential clients.
Manuela Plăpcianu, the CEO of auction house Artmark, says that the "investment in art represents a natural step towards diversifying one"s portfolio". She emphasized that art can be considered a long term investment, given the average annual return of 11% it had over the last ten years. Mrs. Plăpcianu said that the maximum prices at which art objects are selling are rising from one year to the next.
Thus, the most expensive painting sold in Romania in 2009 was "Aişe" by Camil Ressu for 160,000 Euros, whereas in 2010 the most expensive was "Young peasant girl resting" by Nicolae Grigorescu, for 270,000 Euros. In her opinion, over the past five years, art was the most profitable investment, a total gain of 154%. By comparison, between 2005 and now, the real estate sector increased 63%, the BET stock market index increased 60%, and the EURRON exchange rate increased 19%.
* The road to a mature market
Just like when it comes to the stock market or banking sector, the art trade in Romania is still a young market. Events such as the launch of the catalog which tracks the ev
