Over the past decades, art world has grown dramatically, expanding into a massive $45 billion global market.
The prime factor of the art expansion is the vast growth of the internet. Based on the data from Saatchi fine-art gallery, online art market sales were up 15 percent from 2015, reaching an estimated 43.75 billion. The growth is supported by emerging patterns in buyer behavior and online art discovery.
Now, collectors do not only look at the artwork that they keen on, but also want to seek the poise of potentially great investment. Below is the list of four key tips you need before making a decision in art investment.
Check the authenticity
Similar to branded bags or clothes, the finest artwork may have a museum quality reproduction printed artwork on canvas called giclee. Considering rarity of the original work, giclee can be an interesting alternative since it came along with authentic certification guarantee.
Set dates to visit auctions near you. Charlie Minter, Head of Irish art in Sotheby’s said there’s no place quite like the auction world. Emotional and financial commitment are involved in art buying. Market performance and price sensitivity are important things to sharpen your instinct at auction.
Quality over quantities
Despite the monetary values, social capital and cultural status are reflected through the artwork choices. Be sure to only select aesthetically valuable ones other than hoarding a lot of artworks with no sense of clear purpose.
Find trustworthy advisors
Advice from a knowledgeable and trustworthy advisor is crucial. An experienced advisor will compare each artwork price that had been sold at public auction and explain why the price that’s being paid makes sense.