Why You Should Buy Art
Why Do People Buy & Own Pieces Of Art?
Art is often considered something that carries an emotional element. Thus, many people acquire art based on their intrinsic and immediate response to it. It’s a reassuring feeling to have a strong connection with a piece, granting enough reasoning to purchase, despite the price tag.
Collectors will purchase art because they love the artwork or artist, or because it speaks to them on a deeper level and is a visual expression of what they find meaningful.
On the other hand, people also buy art because it is one of the best and oldest ways to invest money. This reasoning for buying art has been a common tract for many throughout history. Many successful businesses and individuals build an art collection that will yield some kind of financial return.
What Is The Value Of Art?
Beauty is in the eye of the beholder. The common saying is cliche but holds some truth. A work of art’s value is in the hands of the owner. Most art is valued based on the happiness and enrichment felt by those who own and purchase it.
On the side of buying for an investment, then the value includes several factors to consider. When treating art as an asset, collectors may look at characteristics like size and age, which are comparable to other real assets. Value can also be determined by the provenance or collection history, also if it is an edition, and of course by who painted the artwork.
All these characteristics play into the overall valuations of artwork from an appraisal standpoint. This of course is a more technical way of valuing art, as opposed to other art buyers who primarily look at how enriching and fulfilling the art is to them.
These two mindsets can of course coexist. In many cases, art collectors will buy art for both the potential financial benefit and because the work enriches their life in another aspect besides just an investment.
What Are Some Of The Benefits Of Buying Art?
Some of the potential benefits that come with buying art are that the art could be considered fulfilling for the purchaser, whether that be by enhancing their space or benefiting their mental health and overall well-being. With all things considered, art lovers buy and own art because it is something that inspires them and brings joy to their lives.
Aside from that, art, especially fine art, is something that can be seen as both culturally and socially enriching. Art is great for improving your home’s aesthetic appeal, and it can make a big impression.
Additionally, an art collection can be used as a means of self-expression. It will also provide insight as to who you are and what you value.
As an art investor, it may be helpful to understand that one of the benefits of buying artwork is that it can serve different investment purposes. For instance, it can be used as a portfolio diversifier. This means you’re only going to be allocating a certain percentage of your money to art.
Apart from seeing art as a portfolio diversifier, you can also see it as a way of preserving your wealth. Unlike bonds and stocks, art isn’t affected as much and in the same way by the financial markets.
How To Start Buying Art
If you want to buy art, whether it be for pleasure or as an investment, there are a couple of ways to get started on building your own collection.
One way many people buy art is online. Buying art online saves time and energy allowing ease when researching different artists and pieces.
For those that prefer to buy art in person, visiting an art gallery or art fair are some of the best ways to start art buying.
However, sometimes breaking into the art market can seem intimidating and overwhelming. This is where art funds and fractional ownership of art can be an accessible route to get started in buying art. Platforms such as Masterworks offer individuals the opportunity to invest in fractional shares of blue-chip artwork.
Finally, another option for buying art that is more affordable and accessible is through prints and editions. Instead of buying an original work for a much larger price point, one can purchase an edition of the artwork at a fraction of the cost.
This content is provided for informational and educational purposes only. It is not intended to be investment advice and should be relied upon to make an investment decision.