Yes, you read it right. Buying artworks indeed can make you rich. The painting gifted to you by your uncle years back might actually be worth a great deal of money.
Should you invest in art?
Will that in any way benefit you in the long run?
By the time you finish this article, you would have gotten answers for all your Whys and Hows.
From an investment point of view, art in no way is related to the stock market and is the best way to make a fortune. Even when the stock market crashes, the price of the artwork you just bought is likely to go up. Like a fine wine, as they age, the paintings will sell out better.
Brighten your living space
Artworks brighten up not just our living space, but our lives too. Next to the real estate and the stock market, the art market also has grown to be the hottest craze in current times. With all the uncertainty looming around us, people wishing to invest are looking for diverse investment portfolios that are stable.
In Mumbai, an untitled 60x40 inch artwork of V.S. Gaitonde was auctioned for 32 Crore and set a new record in the art world of India. The unnamed foreign buyer bought it on September 3, 2020, remotely. Purchasing artworks online has become the current trend in the pandemic. The 2019 annual report by Art Basel and UBS Global Art estimates that worldwide art sales surpassed $67 billion last year.
Consider art as a Long-term investment
Though artworks will not make you a billionaire overnight, in the long run, they can yield you great returns. A time frame of 10 years or more and a little patience is required. However, as years pass by, the painting will become an indispensable part of your lives. Like your other prized possessions, they can also be passed down to your generations.
The must-knows before investing in art
Consider art only as a small fraction of your investment portfolio. You will get an enormous return as the artwork ages, but it might not yield you a huge payout if you decide to sell it out immediately after purchasing. Even if the artwork you own has a high monetary value, you may not be able to sell individual pieces on your own. You will be able to sell them with the help of the best art auction houses only. Invest in art to satisfy your cravings for artworks and not as a means to generate income. Modern art auction houses usually own the best works of artists that please both traditional and contemporary art lovers.
How does it work?
Begin by deciding how much you are ready to spend. Be willing to own it for your own pleasure and not let you be influenced by other factors whatsoever.
Visit local galleries in and around your place and check out online art auction houses too.
Chat with curators who will clear your doubts and enable you to obtain a clear understanding of the whole process.
Once an artist or artwork strikes a chord, you can narrow down your search and start enquiring about the cost.
Check the quality of the artwork by approaching a professional appraiser.
Voila, you are a proud owner.
The most confidential place to buy an artwork
With the advancement in technology, the possibility of getting any work done is getting easier by the day. Smartphones and computers help us manage our jobs without setting our feet out. The artworld is no exception when it comes to purchasing online. Online sales of auction houses and private sales are increasing by the year. This new trend exhibits no indications of slowing down. The biggest online auction sites conduct art auctions online to make the purchasing process easy for potential buyers.
Be it the age-old art or the new found contemporary art, name it, you will find it in online auctions. If you are brand-new to the market, online auction sites will match you with the best consultant who will help you narrow down your options. They will also assist you in selling the artwork that you own.
Other factors to consider before purchasing the artwork
There are a few other factors to be considered before acquiring the artwork.
The Artist: Usually, artists who have won awards for their previous works or earned other acknowledgment for their paintings tend to attract buyers more. The artist's age, their unusual back story, past exhibitions conducted in India and abroad, and their place of education also play a vital role in deciding the value of their works in the future.
The Artwork: Getting an absolute understanding of the artwork is as important as getting to know the artist. Obtaining the certificate of authenticity must be your foremost importance when it narrows down to the artwork. Damage in the work of art can affect its resale value considerably. Choosing the best appraiser who is good at what he does can save you from any future mishaps.
The Dealer: Always buy artworks from reputable dealers or online art auction sites. Favor the art auction houses that are knowledgeable in the field and are willing to go the extra mile with their friendly and proficient customer support.
If art is your new-found passion, and you notice yourself getting lost in the mesmerizing works of various artists from different times, then this article would have helped you advance one step to your decision.
Are you ready for your new venture?