The picture is clear enough, if a little fuzzy around the edges – putting money into art has been no trompe l'oeil for high-end investors.

Despite the credit crunch and chilly economic winds buffeting all manner of assets including shares, property and investment funds, art has been one of the very few to show bold resilience – so far, at least – to the slowdown.

Eye-popping prices to wealthy international private collectors at recent auctions include Claude Monet's Le Bassin Aux Nympheas water lily paintings fetching a record £40.1m at Christies in June; Francis Bacon's Triptych , 1976 , for £44.2m in May at Sotheby's in New York; and Three Self Portraits by Andy Warhol, a 1986 trio of red white and blue canvases, nudging close to £11.5m (also at Sotheby's).

Specialist indices underscore the price rises for major works of art too.

Firstly, the art market information provider Artprice charts an index that jumped 31% between Jan 07 and Jan 08.

Secondly, new figures from Hiscox insurer reveal a mix of modern, contemporary and 19th century European art has recently benefited from a spurt in double-digit growth.

"Art has – so far, at least - been one of the very few assets to show bold resilience to the slowdown."

It's Hiscox-Art Market Research Index monitored auction sales from March 2007 to March 2008, and recorded a 29.7% rise in value of modern art; 14.4% in English 20th century painting; and 13% in 19th century European art.

Critically, given that its index covers the crucial months before and after the credit crunch began to bite hard into global markets, it indicates that the high-end art market is in a robust state of health to withstand the current financial climate.

"These record-breaking items are being snapped up by very wealthy individuals, in particular from Asia and Eastern European countries, including Russia where those whose business is in oil or commodities have clearly been doing very well recently – and are clearly spending their money," says Charles Dupplin, art specialist at Hiscox.

With oil prices at vertiginous highs, the millions already spent this year could well be followed by more of the same later this year.

However, not all art investment appears to be defying the gravity effect of a credit crunch and deteriorating economic conditions pulling down the value of other assets.

"Whatever you buy, it’ll be on your wall or stand in your home for some time and so it’s crucial that you like it."

The fortunes of those hunting for art with a more limited budget have not been as kind. Plenty of item lots have languished unsold or failed to reach anywhere near their asking price; at this financial range, art's 'liquidity' – or ease of finding a buyer – as an investment has been in danger of drying up.

How long this lack of confidence will last is unclear, and could depress prices, but what is without doubt is the growing interest in art as an investment opportunity at all levels.

It isn't just the myriad ways to invest that continue to excite those looking to spot the earliest signs of a nascent talent who could turn into a rising star to rival Damien Hirst or Lucien Freud in the years to come; it's also the aesthetic pleasure, a world away from owning a bond or share, that stems from being able to enjoy your investment.

While Coutts does not advise on making art investments, it always recommends that clients select art that they like and will get pleasure from hanging on their wall. Which suggests that you won't do as well if you just pick a piece or artist that you simply think will appeal to others and grow in value.

For beginners or those with little experience of buying art, visiting a gallery or art fair is still the most convenient way to see the art and get a feel for it and its author while heading for an auction will usually pitch you against a more competitive breed of buyer. If you choose the latter, it's worth visiting two or three auctions as a bystander simply to pick up tips and familiarise yourself with the procedure.

Certain galleries such as the Andipa in London will also help you build a portfolio of work around one – or several – artists. Alternatively, the Affordable Art Fair that pops up in London and Bristol each year showcases work costing less than £3,000 from emerging talent.

Most important, though, is to "be well-advised on either an individual artist and/or the traits of their era" Dupplin says. To this end, if it's a contemporary artist, it'll be worth studying their oeuvre and even meeting the artist if possible – unless, of course, it's the elusive Banksy that you're interested in.

Of course, your own research can be conducted through galleries, studies and books.

If, however, you're more interested in the financial side of art, an alternative is to opt for an art investment fund, which tend to either sign a roster of artists and have an option to buy their work, or will also look to buy and sell art from individuals that consistently sells well over a five-year period.

If you are interested in attending this year's Affordable Art Fair, click here (LINK) for a 2 for 1 ticket offer, exclusive to Coutts Woman.

By Sam Dunn