Hedge funds seeking respite from the tumultuous financial markets are dipping into art. The concept of art as an investable asset class, as well as an object of beauty, is not new for the hedge fund industry. Fund managers active in the sector say the current recessionary climate has created an environment brimming with buying opportunities.
The price of art skyrocketed during the credit boom as interest from wealthy individuals and institutions awash with cash helped drive up prices. The market