Contrary to what some may say, you don’t need a degree in the fine arts or history of arts to start your very own collection. If you know how to do it, you can keep it for your personal enjoyment at first and then it can slowly transform into an investment. The entire world witnessed Leonardo da Vinci’s Salvator Mundi sell for a whopping and record sum of $450 million. So, there’s big money in art. Here’s your guide to art investing for beginners.
1. The First Step
As you might have imagined, the first thing you need to do is visit as many art galleries as you can. Stay close to both commercial and public ones. Don’t forget that, as far as art goes, they also organize biennales, exhibitions, and art fairs. Mark those on your calendar as well, and visit them religiously. The idea here is that the more art you get to see, the better you will get to understand what your personal taste is and what you prefer as a collector. Is it impressionism? Modernism? Realism?
2. Blue Chip vs. Emerging Artists
Now that you have spent enough time around art to know what you like and what you would want to spend the next 20 years looking at while you eat, it’s time to make a purchase. But should you invest in a blue-chip artist or an emerging one?
Specialists say that they cannot actually answer that question for you. The reason is simple. Money. It all depends on your budget. If you have the necessary millions of dollars, by all means, go for a blue chip. In the long run, it will make for a safer bet. However, you will have to fork over a massive amount of cash to buy it, maintain it, and then keep it somewhere safe.
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If not, you can go for an emerging artist. This bet is, evidently, not that safe. That artist might, in time, not prove to have been that valuable or liked by the public. However, if they do turn out to be great, then you may stand to make a massive profit out of this deal.
If you want an example, a family of private collectors from America, Victor and Sally Ganz, bought Pablo Picasso’s The Dream in 1942 for $7000. They were not rich, not even by far. They lived in a rented house and Picasso, who had painted Le Reve just 10 years earlier wasn’t a big deal back then. 71 years later, in 2013, after Sally Ganz died, her daughter sold The Dream at an auction at Christie’s. It now stands as the third most expensive painting in the world, for having sold for the incredible amount of $155 million. Watch the entire fabulous BBC documentary on what makes art valuable right here.
3. A Mistake You Should Never Make
According to specialists, when it comes to art investing for beginners, you should never ever buy the very first piece of art you see, no matter how much you love it. They teach us that our appreciation and eye for art develops and changes the more we view of it. Therefore, it would be a shame to miss out on everything it has to offer and, possibly the deal of a lifetime just because you took the first thing it has to offer to you.
Here are three solid pieces of advice on art investing for beginners. Take your time and do not hurry. Art is made to endure and, therefore, there is no need to run or rush when you pass in front of it. Let us know in the comment section below what is your favorite piece of art.