According to the Stonehage Group, long-term returns on art, particularly at the high end of the market, continue to perform well relative to many other asset classes.

Steven Kettle, executive director at Stonehage, said: “We have seen clients significantly increase the level of insurance cover for their art collections over the past couple of years.

“The long-term performance of the art market, particularly at the high end, has delivered impressive returns, so collectors increasingly need to ensure they have the right cover in place.”

“Demand for high end art is increasingly being driven by overseas and non domiciled investors, including Asian, European, and Russian buyers, who are prepared to outbid each other for trophy works.

“In the past, the vast bulk of art buyers would be highly knowledgeable about the market, but we are seeing a newer type of client who is often younger than the traditional art buyer, and who may not have such in-depth knowledge.

“These younger buyers often don’t have very established collections and are looking for guidance.”

The report says that buyers need to be aware of how to manage their collections appropriately in order to protect and increase their value.

This can involve ensuring the art is hung and lit properly, with comprehensive insurance and regular condition checks.

Stonehage also advises buyers as to when to loan work out to museums and galleries, which can be useful in terms of raising its profile.