Contemporary Art Investment: Patience is Key
Contemporary Art Investment: Patience is Key
It is easy to get caught up in the glamour of contemporary art investment. Headlines blasting out record high auction price's of £4.7 million British pound's would catch the eye of any investor, but it is important to remember that patience is key when it comes to art.
It might take a number of years for your investment to grow and show a return. History is filled with the tragic tales of artists who were not appreciated during their lifetime (think Van Gogh, El Greco and Vermeer). Some artists are lucky enough to make a living off their work, but they are few and far between.
You have to remember that your contemporary art investment will not necessarily double in value overnight. It will keep its value (which makes it a steady investment as opposed to, say, shares), but will most likely only increase and show a return in some year's time. This growth can be dependent on the artist's increasing (or in some cases decreasing) fame, the particular piece you have chosen (if there are more than one of the same, the value is likely to be less), or even current trends in the art world.
To better anticipate this rise (or fall) and to make the wait on the outcome a little easier; be sure to choose your contemporary art investment wisely. Do your research and consult a number of experts before you buy. Choosing a good artist, and a marvellously unique piece of substantial value, will go a long way to reassuring you (and your banker) that you have made the right decision.
If you have been smart in choosing your investment (bonus points if it is something you also actually like), you will have a little piece of history hanging above your fireplace packed with the ability to set you and your family up for years to come - if you play it right. You don't have to be an art critic to appreciate that.
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