Katie Hope, business reporter for the BBC in a recent article, seemed to summaris the general consensus when buying artwork as an investment, when she said “It's a fantasy akin to winning the lottery.”
Whilst we at ArtGallery.co.uk concede that it is incredible difficult, is in a rare talent and very difficult to master, there are certainly things any art lover can do to give themselves the best chance, which we delve into further on in the piece.
Patrick Connolly, a financial adviser at Chase de Vere gave the best advice, which was simply “with extreme caution”, and we couldn’t agree more with him. Now this is a sentiment we agree with wholeheartedly.
The below is a handy guide, but it is by no means exhaustive. If you are keen to buy artwork specifically as an investment, we absolutely recommend seeking expert, professional advice.
What to choose?
We’d always recommend buying what you love. Just because you’re buying as an investment, it doesn’t mean you should try and jump into a potential buyer’s shoes. Stick to what you know and love, and don’t be led solely by a painting’s financial worth or the artists reputation. If you’re new to art and you aren’t what your tastes are, visit your local art gallery! Browsing an art gallery is a good way to experience new types of art and can broaden your horizons.
When considering art as an investment, it’s also worth finding out about an artist’s beliefs, creative processes and overall vision. To find this out, speak to gallery staff, they should have an excellent relationship with their exhibiting artists and be able to explain everything you need to know.
As with real estate, it’s all about location, location, location!
Where you place/hang your artwork can make a huge difference and greatly enhance the overall impact if placed in the appropriate place. It ensures the best light, the right view and the ideal focal point. "People have a tendency to hang art too high," says Linda Crisolo, Art.com director of merchandising. "The center of the image should be at eye level."
Planning ahead for future valuation
One fantastic positive about buying art as an investment, is that you can enjoy it in the meantime!
As with all this, an expert opinion is certainly worth the money. There are many expert art consultants out there, usually on the end of a Google search.
If you need any advice from us, give Chloe in our Sales team a call/email.
Call 01666 505 152