The Art Newspaper (Art Basel Edition) reports that the fiscal cliff, and attendant economic uncertainty if anything, has been good for sales of high-end art at the Art Basel Miami Beach art fair this week. Melanie Gerlis, Gareth Harris and Riah Pryor interviewed collectors and dealers who felt that the looming tax uncertainty for the wealthiest Americans was driving a perceived flight towards art as a solid investment. saying that collectors were “using art as a medium-term store of value while other potential investments are proving volatile.”
