Buying art as an investment is something most collectors seek after. It is a profitable business given that the art market has had major earnings in past years; just in 2017, the art market generated about U$64 billion dollars. To make the best investment possible, there are certain factors to consider before making the purchase of what might be a potential venture.
Where to buy the art
Art galleries are a great place to start for you to get the “feel” of the art market. Get to interact with the gallerists and ask as many questions as you need, they are there to help you get the best pieces of art from the most reputable artist from the past and present. Compliment this with research from other reliable sources like auction houses.
Be Ready to Spend
Pieces that tend to be secure investments in the art market are the ones by established artists, whether they are dead or alive. These come usually at a high price but are the pieces that most likely will give a return over the coming years. The art market fluctuates now and then, so you’ll want to be on top of the news of the art world. You can also try and invest in the work of new and emergent artists, whose prices are on the more affordable end, but there is no telling whether their careers will boom in the future or not.
Know What Determines the Price
Apart from who the artist is, the price of a piece of art is dependent on other factors. For example, how rare is it, what is the provenance, when was the piece created? Have in mind that there might be additional costs like insurance, shipping, framing, and a buyer’s premium if you purchase your piece at an auction.
And if you feel that perhaps this is too much for you to do, or don’t feel like you would be able to do comprehensible research…
Hire an Appraiser
A professional appraiser will be able to give you detailed information as to the background details of the artwork as well as an accurate estimate of its worth. It is a great resource for those who do not feel knowledgeable in the world of art and would like in-depth and experienced advice. There are some appraisers who apply their trade to a specific type of art or artist.
If you feel ready into becoming an art collector or if you would like to get to know a little more about art, you are welcome to visit our gallery where our staff will gladly help you get a better understanding of the art world, and perhaps we might have the piece you are looking for.
