You collect fine art, collectibles, furniture, or decorative crafts and want your children to learn…
One of the best things about art is that it appeals to everyone in totally different ways. Some people like certain styles of art. Others just like the way art adds character to a room. In fact, more than 90% of respondents say art makes their workplace more welcoming and another 61% say it helps stimulate creativity.
Here are some good things to know if you want to take your love of art a step further and invest in it.
Know Your Stuff
The more you know about art valuation and art in general, the better off you’ll be. Knowing about different styles of paintings and how to differentiate paintings is important. You can easily build your knowledge by attending art events, visiting art galleries, and reading art publications. You likely won’t turn into an art expert overnight, but knowing the difference between Expressionism and Impressionism can boost your knowledge of art valuation.
Know the Risks
Art and art valuation can be subjective. Value changes with shifts in society’s taste, so what’s trendy today can change by tomorrow. Above all, you must be aware of the risks that come with investing in art. You may add pieces to your collection, but you need to be aware that their value can shift over time.
Find Credible Sellers
Having a one-of-a-kind piece in your collection can be nice to have, but art collectors have long battled to avoid being bamboozled into buying fake works. If you’re new to art investment, take things slow. Know how to tell the difference between real and fake pieces of art and take time to find credible sellers. One way to avoid being swindled is to buy pieces from places of renown, including auction houses.
Know What You’re After
Art purchases basically boil down to three types: originals, reproductions, and prints. Before you make any kind of investment, you need to know which of these you’re after and how much you’re willing to spend. Not only do you have to figure out how much you’re willing to spend, but you’ll need to think about additional costs associated with a purchase or losses due to a fall in worth.
By making an investment in knowledge to learn all you can about art, you can make smart decisions about art investment, both in the pieces you buy and the money you spend.