Prices of art and antiques have seen a significant rise over the past few months, as more buyers look at alternative assets as tangible investments, a new survey by the Royal Institution of Chartered Surveyors reveals.

According to the Art and Antiques Survey, 26 per cent more chartered surveyors saw a rise in art and antique prices over the last three months, up from 24 per cent in the previous quarter. Their popularity is also being felt at auctions, with 62 per cent of surveyors reporting an increase in attendees to auction houses, up from 47 per cent the previous quarter.

Precious metals continue to command high prices, with the silver and jewellery sectors standing out. Of the respondents, 44 per cent said they expect demand to increase rather than decrease over the next 12 months.

"Asia in general, and Hong Kong in particular, is now a major centre for both Asian and Western art and antiques. The increasing number of major art exhibitions and auctions from a wide range of both modern and historic pieces has led to record prices being achieved," said David Faulkner, chairman of RICS.

"The increasing demand from China, both in terms of money available to buy art and also the desire of Chinese collectors to buy quality items at the higher end of the value chain, means that the arts and antiques sector is set to grow further in Hong Kong," Faulker added.

Published quarterly, the survey measures surveyor confidence in the general arts and antiques market and in certain sub-sectors including gold and silver, furniture, pictures, ceramics and clocks. RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region.