As the credit crisis lightens middle-class wallets, the super-rich are continuing to buy the finest art, antiques and wine, according to the Royal Institution of Chartered Surveyors (RICS).

Bordeaux Index, the wine merchant, says that Russian, Latin American and Asian buyers are driving the market in fine wines, while RICS says that Russian and Middle Eastern buyers are helping to prop up the high-end art and antiques market.

Roman Abramovich, the Russian owner of Chelsea Football Club, is believed to have spent £17.2 million on Lucian Freud's painting Benefits Supervisor Sleeping - a record price for a living artist.

Geraint Carter, at Bordeaux Index, said that an unusual number of private collectors had been selling off their wine collections, which has increased supply in the market, while surveyors say that confidence in the arts and antiques market for the rest of the year is weakening as a slowdown in the housing market leads to fewer house clearances, reducing the number of items being offered at auction.

Even so, last month, Christie's, the auctioneer, reported record sales at its Impressionist and Modern Art, and Post-War and Contemporary Art auctions. More than 80 lots sold for in excess of £500,000, while 52 went for more than £1 million. Claude Monet's Nympheas was sold for £41 million, which was a record price for the artist at auction.

Jeremy Lamond, a RICS spokesman, said: “Investors at the top end of the market see arts and antiques as an alternative investment in this uncertain economic climate. The credit crunch has bolstered the sale price of more expensive items but has depressed the lower end of the market, where liquidity is extremely tight.

“The cost of living is on the increase, making the purchase of antiques a luxury few can afford. The situation is unlikely to improve in the near term, but as long as well-heeled investors remain, the market will continue to feel supported.”

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