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Art is acting as a hedge against the macroeconomic uncertainty. This effect was appreciable during the recent auction results with a positive outcome on the art market during London’s October week contemporary art auctions. Presale estimates had been pitched low, given the uncertain economic and political backdrop and some works defied the odds, even factoring in exchange-rate advantages for overseas buyers. A Jean-Michel Basquiat, ‘Hannibal’, sold for more than twice its upper estimate for £9.3m (£10.6m with fees) despite having gone unsold when offered at a lower level 11 months previously. …