Investing in Art
Buying art as an investment should be carefully investigated, as with any financial investment there are risks but also the possibility of high financial rewards, with the added benefit of enjoyment if you buy art that you are actually interested in.
1) Invest Time in Getting to Know your Market
Credit: Daniel M RamirezAs a general rule you do not need to have a degree in Arts but you need to read about the style and kind of art you want to specialize; try to read art news, latest trends and assist to Art shows and exhibitions; research through magazines, books and internet; the more you know and understand your market the more return you are likely to get, but remember to buy only if you like it and not based on an investment decision; seeing paintings and sculptures increase in value whilst you enjoy seeing them in your drawing room have proved increasingly attractive for art collectors.
2) Art Student Exhibitions: both undergraduate and postgraduate – this is the perfect platform to identify emerging artists and potential stars in the art world, it also gives you the opportunity to buy cheaply.
3) Subscribe to Art Newsletter: In this way you will get a feel of how the art market functions and what is available, it will also help you to master your knowledge.
You would be surprise the amount of people that have inherited valuable pieces of arts without realising; many of them normally end up in garage sales, that is why you should keep an eye on these places, always in the hope of hidden treasures, but be careful with what you buy, sometimes it is difficult to distinguish between a good copy or print and the originals.
5) Art Shows and Exhibitions: Watch what other people are buying and what is in demand; you need to understand what is fashionable and what is not fashionable today.
6) Keep in Touch with the Artist: Be aware of their current works and how much are they selling for; like any asset, you need to have current information about your investment.
7) Capital to Invest: You should invest only in what you can afford; the most important lesson to remember is that, it is not likely that you will get rich overnight; but who would have said to Paul Gachet (a modest French Doctor) that a portrait given to him by Van Gogh as payment for their services has become one of the most expensive paintings in history.
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