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Art Investment Guide
By Staff Writer
Buying art can represent a fantastic long-term investment opportunity. We have put together some key considerations to bear in mind when selecting work.
1. Buy what you like
It's important to trust your own taste when buying art. Artwork should add interest to your home or office, a talking point that enriches your environment and lifestyle. Great art needn't be expensive, and buying artwork should primarily be an expression of your own personality. Like stocks and shares, the value of artwork can go up or down, so it's crucial you buy what you like and can afford. Ultimately, the true value of art is in the pleasure or feelings it evokes. The more people that find it appealing the more demand increases, which inevitably increases the value.
2. Do your homework and understand the value of the work
When you view a piece of artwork to buy, pay attention to detail. If you look into the way it has been physically created, how much time it took and the journey the artist went through in producing the piece, you will come to appreciate the skill of the artist and the effort involved in making the work. When it comes to value, don't be taken in by the medium either. For example, oil paintings are in general more expensive than watercolors, but the latter can require more skill to achieve the desired impression.
The more artwork you look at and the more background information you obtain on various artists and how they work, the more you will learn what you like and why. Comparing the merits of a work with other artist's work will help you determine the inherent value in any given piece and assist your buying decision. If you want to know what similar work has sold for, use a source like The Art Sales Index, which has catalogued art prices since the 1950's, or the Mei/Moses Fine Art Index, which tracks various auction price indexes and compares them to the stock exchange to gauge relative performance.
The comparative merits include:
3. Buy from a reputable dealer
Only buy artwork from a reputable dealer. The best ones will provide extensive background information on the artists in their portfolio, giving details on how they work and what inspires them. Knowing the artist's passion might also help you find a work that is right for you.
Reputable dealers will also provide a 'Certificate of Authenticity' with all original and limited edition artwork sold. This will be signed by the artist and proves the work is 100% genuine and has been accurately valued. These also include the following information: