May 21, 2012 Leave a comment
For art aficionados, an art investment is akin to hitting two birds with one stone. You get to satisfy your taste for artwork, while making a profit at the same time. People who truly love art do it for passion’s sake, with the monetary gain only acting as a second pleasure. Indeed, few things beat being able to enjoy your investment everyday while reaping financial benefits from it. Of course, there’s absolutely nothing wrong with investing in art from a purely financial standpoint. However, some considerations have to be made if you want to stay safe and use your money wisely when investing.
Do your Homework – Art aficionados have one thing in common when making an investment in art-they do their research first. When it comes to investing in art, it’s not enough to select pieces that match your taste or find appealing, you also want to make sure that its value appreciates over time. It’s important to remember that art investments are somewhat unstable investments, in that the value of a piece can fluctuate on any given when market trends and demand are taken into account. Aside from the mercurial nature of the art market, you also need to take note of other factors when investing in artwork, such as the age, condition and rarity of a piece.
Check the Artist’s Background – Much emphasis is given to the style and beauty of an art piece, but don’t forget a key component in art investment: the artist’s worth. The artist’s value will matter a great deal in ascertaining how valuable an art piece is, or not. When buying art, the last thing you want is to spend too much on one piece because of the hype it’s getting. That said, make sure you check some artist factors first, such as the price of the pieces the artist previously sold, industry opinion and reviews of the artist and his, or her, work, and who represents the artist in the industry.
Be Wary of Scams – It takes a certain cunning, a business flair if you will, for to be successful in art investment. This is crucial if you want to stay two steps ahead of the latest scams in the art industry. Forgeries and fakes for instance, are far more common than you think, and it’s not just the art pieces themselves that are affected. Everything from signatures, titles and forged paperwork can destroy your investment and render it worthless.
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