While the rise of art collectors in Asia and the Middle East is rightly making the headlines, there are signs that art is gaining greater acceptance as an alternative investment in less celebrated locations as well.

Art sales at auction increased by 124% in Romania last year to €8.3m, according to Artmark's Romanian Art Market Index - evidence that the appetite for the investment area is growing in the country.

The index has charted works of around 1,000 past and present Romanian painters since 1995.

Of special interest to investors is the 36% average annual profit recorded on the sample artworks during the past 16 years. That's far higher than the yields offered by more traditional investments such as savings accounts or property.

A self-portrait by Nicolae Grigorescu, Romania's most expensive artist

Artmark's managing director Manuela Plapcianu told actmedia that investments in art have: "become a common measure to diversify the investments portfolio".

The figures are indicative of a gradual dawning among high-net-worth individuals the world over that, in times of financial uncertainty, collectibles and other tangible assets can make excellent investments.

Nicolae Grigorescu is Romania's most valuable artist. His Peasant Girl Resting sold for €270,000 earlier this year, a record for a Romanian piece at auction.