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Investing in art is never a sure thing, but growing affluence in Asia is creating a buoyant market for rare collectables - especially those produced by artists who have passed away.

Much of the demand is coming from newly minted millionaires in China and Russia, according to Gilles Dyan, founder of the Opera Gallery, who says limited supply of classic works of art means prices are bound to rise.

Mr Dyan established an art fund two years ago for  buying and selling  works of deceased European painters.

'We believe that a work by one of these well-known painters is the best possible investment at the present time, yielding a quick return,' he says.

While 19th century painters are his particular field,  Mr Dyan sees a considerable future for investment in living Chinese artists.

'Investing in the work of young mainland painters will not only help and encourage them but I believe it will in time be a profitable investment,' he says.

With Opera galleries in Paris, Miami, New York and Singapore, he opened a Hong Kong gallery last week and plans to open others in Beijing and Shanghai this year to scout for mainland talent. At the entrance to his Hong Kong gallery sits a life-size bronze sculpture of a naked Chinese girl, created by French sculptor Mauro Corda.

A  businessman with a background in advertising and marketing, Mr Dyan looks upon art dealing as strictly business. His fund has six directors cum shareholders, including himself.

'In all our galleries we feature work by 19th century painters,' he says. '[They range] from the Impressionists like Renoir and Monet and all the School of Paris, like Picasso, Chagall and Miro and we have a range of great masters from the 19th and early 20th century who were the leaders of their movement, including the leader of the American Pop-Art movement Andy Warhol.'

The fund sells to museums and art foundations and organises exhibitions.

Since launch in 2002, the Opera  fund has appreciated 270 per cent.

'We do fast trading of Chagall, Miro, Picasso and we put them on consignment all over the world,' he says.  'When the work is sold we keep a small amount for the gallery operating costs, the rest goes back to the fund.'

Acting as both broker and adviser entails a large degree of trust, especially with six-figure deals.

'With regard to the living painters we are carrying, we advise customers on how their work will appreciate,' he says. 'We believe very strongly in all the living painters we handle. We are confident they will be the great ones of the future and we do everything to help them.'

While Hong Kong was considered a difficult place to sell art in the 80s and early 90s, that picture has changed, Mr Dyan says.

He has operated a gallery in Singapore for 10 years and has developed a loyal base of 500 Hong Kong customers who 'spend big money on art'.

In the early days, Hong Kong customers  were buying for prestige value, but he says their views are changing to love of art.

So far the top price for a painting paid by a private collector in Hong Kong  is US$1.2 million, for a work by  celebrated French artist Marc Chagall, sold a year ago.



New gallery to tap Asian market for rare paintings