Art fund buys new holdings

Castlestone Asset Management's Collection of Modern Art fund has picked up several new holdings, including pieces by Pablo Picasso and Andy Warhol.

The retail fund, which launched at the end of March, added to its portfolio, made up of works by post-war artists who are no longer producing. It aims to capitalise on a drop in the value of the asset class, following a 40% drop off in auction sale volumes since 2007. The acquisitions, which also included work by Keith Haring, Yves Klein and Arman, join a collection which includes Jean Michel Basquiat, Lucio Fontana, Jasper Johns and Willem de Kooning. Constanze Kubern, who advises Castlestone Management on the art market, says "We saw a good level of bidding activity for museum-qu...