T he contemporary art market is starting to look like the lame duck of the arts and antiques world, according to the Royal Institution of Chartered Surveyors in its report for the third quarter of 2009.

It says that 34 per cent more of its auctioneer members report that prices are falling rather than rising in that sector, compared with 24 per cent from April to June.

Otherwise, RICS tells of a rather more cheerful picture across the board, with the all-lot net price balance doubling in the past three months from plus seven to plus 14 per cent.

In fact, the latest responses suggest that prices are rising in 70 per cent of the market, and that it is the top end that has the strongest readings. With fewer lots of quality coming on to the market, however, the major international auction houses are struggling to keep up their profits, while some of the provincial auctioneers – or should we say those that are still in business? – are doing pretty well.

Fourteen per cent more auctioneers saying that things are going in the right direction rather than the reverse is a promising, rather than a resounding verdict, and that just about tallies with the feelings of auction rooms in this part of the country.

Most of them have been sheltered from the worst excesses of the woes of contemporary art, simply because it does not play a major part in West Country auction life.

On the other hand, they have not consistently benefited from the boom in the top end of the market, either, since middle-of-the-road lots (or worse) are the staple of provincial salerooms. When they do get their hands on anything a cut above, they are well equipped to publicise it and market it and do very well with it indeed.

Almost all our salerooms have done just this in recent months, and revelled in seeing high-rolling bidders clamouring for their wares.

It's a great feeling. But for most auctioneers around here, all they can do is take the money, enjoy the moment and wish it could happen a bit more often.

Where their experience does chime in closely with the RICS report is in its assertion that the traditional "safe havens" of jewellery, gold and silver are continuing to enjoy strong readings in these unpredictable times.

The institute tells of positive results in all price bands, with 44 per cent more members feeling that jewellery prices are still rising, and 37 per cent more asserting that silver prices are on the up as well.

That latter figure will surely begin to tail away soon, if the general feeling that we have bottomed out of the recession continues to grow, and the stock market's fledgling recovery goes on.

RICS spokesman Chris Ewbank's verdict is: "The arts and antiques market has held up well under the duress of the recession, with many investors looking for a safety net for their savings.

"Cheap money and downward price adjustments in the last five years or so are helping drive up prices in nearly every part of the market.

"But with contemporary art suffering, buyers are concentrating on more stable and traditional markets that tend to hold their value or at least pose less risk."