1. Eveline de Proyart Senior Vice President Christie’s Switzerland

2. Andy Warhol (1928-1987) Dollar Sign Executed in 1981, 229 x 178 cm. Christie's London, February 11th, 2010 Estimate: 1,200,000 – 1,800,000 GBP Sold: 2,281,250 GBP Andy Warhol (1928-1987) Dollar Sign Executed in 1981-82, 229 x 178 cm. Christie’s London, June 26th, 2003 Estimate: 220,000 - 300,000 GBP Sold: 341,250 GBP IS ART AN ATTRACTIVE ASSET CLASS FOR HNWI’s ?

3. GLOBAL ART MARKET

4. CHARACTERISTICS OF ART AS AN ASSET Instrument for portfolio diversification Made up a number of different markets Can beat equities Hedge against inflation Demonstrable diminishing supply against increasing demand Limited liquidity No single index or regulatory authority Non-yielding asset Large costs Need expert advice on market and object to determine price and value

5. SINCE 1985, ART BEATS EQUITIES

6. EXAMPLE - ANDY WARHOL Andy Warhol 200 One Dollar Bills, 1962 © The Fine Art Fund Group 6 Bought for $300,000 in 1986 Sold for $43m in 2009  Total Return 14,333%

7. EXAMPLE – HOUSING MARKET LONDON © The Fine Art Fund Group 7 House in London bought for $300,000 in 1986 Sold for $9.9m in 2009  Total Return 3200% House Chelsea, London

8. AN INFLATION HEDGE

9. ARTIST – SUBJECT – CONDITION – RARITY - PROVENANCE November 1997: Sold at Christie’s $ 48,402,500 March 2013 : Sold privately $155,000,000 PABLO PICASSO Le rêve Signed and dated 'Picasso XXXII' lower left Oil on canvas 51.1/8 x 38.1/8in. (129.8 x 97.2cm.) Painted in Boisgeloup, January 24, 1932 Collection of Victor and Sally Ganz (purchased in 1941 for £ 7’000)