The art market is to experience a "10-year boom" according to an expert, as investors from China and the Middle East drive demand towards unprecedented levels.
"You're seeing a huge influx of money into the London and New York markets. I think we're going to see a 10-year boom in the art market," Phillip Hoffman, CEO of the Fine Art Fund Group, told CNBC on Friday.
That influx is being driven by the Middle East in particular, as vast museums spring up in Qatar and Abu Dhabi to create demand in areas which previously made up just a small part of the total market. Investors in these countries now have the finances to satisfy this demand and as a result their share of the market has increased exponentially.