The art scene is booming and this no passing fad! The 2019 annual report by Art Basel and UBS Global Art estimates that worldwide art sales surpassed $67 billion last year. Prized art works can get you seriously good returns, however investing in art is tricky.
As with any investment, extensive research is a must. Trust your gut instinct and go for art that speaks to you or appeals to you, but before that, research well into the fine art market, artists and artworks that appeal to you, the market that you plan to buy from or sell into, auction news, trends and more. Visit art galleries and speak to an art specialist or curator who may be able to give you an inside view. Check out online art websites and auctions to see how it all works.
Tips for Investing in Art as A Beginner
• Be informed of the risks involved as with any kind of investment. – If you are looking to make a quick buck, think again. It can take years to have your art piece sold. Art is a long-term investment. Try to invest in a diverse collection.
• Get engaged in the art scene
Start building your contacts by regularly attending art fairs, exhibitions, and auctions. Understand how it all works. Learn to understand, interpret and appreciate art and enjoy spending time at galleries and exhibitions while interacting with artists and curators to know more.
• Use an art dealer/expert
An art investing consultant will help curate art pieces for you, educate you on originals, reprints, serigraphs etc. and prevent you from purchasing a fake.
In short, art investing is not for those looking for a get-rich-quick scheme. It takes many years, or even decades, for an artwork to appreciate, and for this reason, art investing is for art aficionados and enthusiasts. The trick is to find the right artwork, and that is an art in itself!
Written By: Viki Shah
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The Good
The value of an artwork does not fluctuate as with other investments. So perfect for a savvy investor who wants to diversify a portfolio and curtail risk.
The Bad
It is an object and always carries a risk of environmental hazards and/or damage.
The Trendy
Signature artworks offer focal points in a room. It brings personality to your home and can be a central point of conversations over coffee.