As the pandemic changed our lives and confined us to our homes, it gave us more time to reflect on our bare walls. 2020 forced us to become remote workers and art galleries and auction houses to officially move online, bringing fine art to more doorsteps.
During the last 12 months, people’s connection to art has been reinforced as a means of escapism from an unprecedented time. With more time at home, first-time buyers and collectors have had time to focus on their passions – whether they wanted to grow their collection, start a new one or simply use the time to redecorate their homes.
While first-time buyers previously preferred seeing works in person, both generations are becoming confident in the digital space and buying art more aggressively. The biggest challenge now is to accommodate both seasoned and new buyers and to retain their interest.
In the last 5 years, the original and fine art market has become one of the biggest investment crazes with frequent buyers keeping their eyes peeled to grow their portfolios and new buyers keen to get involved.
Here are some reasons why now is the right time to invest in original art…
- Art that was previously inaccessible is now available for viewing and purchasing.
- The digital transformation has given buyers more time to research and has reached a whole new consumer generation. People feel less pressure transacting online and galleries and auction houses have improved ways of interacting with the items for sale.
- You can invest in art without having to purchase or store it.
- Unlike mass-produced art, original paintings take time, thought and talent and there is something quite special about owning one of these unique pieces. Simply admiring art releases endorphins, brings you into the present moment and empowers you to want to understand the complexities of the artist’s thought process and emotions.
- Like any investment, original and fine art can increase in value, but it is a long-term investment. Depending on the painter, art will ideally continue appreciating in value over time as originals never depreciate. In fact, the older the better!
- Art is a relatively safe and notable asset to include in estate planning to pass on to descendants.
- Exquisite art can transport you to a different time and place altogether, a place unexplored by the human mind.
- Art can enrich any environment it is placed in and has a positive effect on the people within that space. Not only can it brighten and add warmth and character, but it can also spark conversation and act as the perfect ice-breaker.
- Lastly, there is a simple joy that seasoned collectors will tell you about. The joy of collecting starts with your first piece – whether it is mounted or locked away for private viewing… once you see your collection grow you will not only feel proud but be determined that you need more. Your collection will speak for itself, with its own voice and story. A small piece of each artist’s life will now live with you.
Key points to consider before you buy your first piece:
- Speak with curators and auctioneers about the piece, the artist and your budget
- You can either purchase an original artwork or buy shares in high-value artwork with several other people through an online marketplace.
- If you’re buying art for its value, it should only be a small part of your investment portfolio. Non-liquid assets often take longer to sell even if they have a high monetary value.