For the most part, you wouldn't think that artists would have much to like about capitalism. But a new paper, Art and Money suggests that artists can make big bucks out of capitalism.

The researchers, William N. Goetzmann from Yale School of Management, Luc Renneboog and Christophe Spaenjers, both from Tilburg University in the Netherlands, found that art prices rise not only when income or the size of the population goes up, but also when income inequality rises. In other words, the more money around, the more the artist gets. Conversely, the bigger the gap between rich and poor, the more the artist gets.

This is backed up in The Economist which notes that as nations grow richer, their citizens become more educated, have fewer children and, once they reach a certain level of affluence, they also start to buy art. Not only that, the art market is increasingly globalized so supply is on the increase.

As The Economist notes: "In a globalised environment it is possible to be a world-class artist anywhere on the planet, and many of the most exciting artists will be working from places that previously were not even on the art map. That will start a fresh wave of contemporary art. Collectors follow artists, and the supply of art shapes taste. But the artists have to be there, working, in the first place. A few decades hence America will still be richer than China, and far, far richer than Africa. But for every collector who continues to buy evolving European and American art, an increasing number will turn to art from other parts of the world."

Which means the art world, and related industries like agencies, appraisers,
auctions, brokers, consultants and dealers might be sectors to watch, and invest in.