By James McCarthy
Fine art has gained popularity over the recent years as more and more people purchase sculptures, paintings, and prints as an investment. The global art market, however, is a complicated place that works based on mechanism never stay the same. As such, there is no guarantee of making a profitable investment. That means that you may have a beautiful sculpture or piece of oil painting in your home whose value may depreciate in the next few years or it may significantly increase in worth.
Fine art enthusiasts and collectors from around the world still regard it as an attractive and worthwhile investment. They are continually scouting the globe in search of exceptional pieces to add to their priced collection. But success in this type of investment is not possible without doing in-depth research about a piece of art before buying.
With that in mind, below are expert tips no how to navigate the global fine art market and find items that are worth adding to your art collection.
1. Analyze The Fine Art Market
You first should do your homework and have a better understanding of the fine art market and prevailing trends. Research your favorite artists as you try to track their performance and creations. And while at it, learn how to measure the potential as an investment.
2. Be Curious
Exercise caution when investing in fine art; do not be overconfident about our purchase. Check out different shows and art openings. Befriend art dealers and curators. Talk with fellow art collectors about the fine arts markets, be inquisitive about the artworks that are of interest to you among other things. With such steps, you better your chances of making a wise and potentially profitable investment.
3. Beware Of Fakes
Unfortunately, the global fine art market is bedeviled by fakes and fraud. As such it is wise to check and recheck the originality and authenticity of every artwork you buy. Consider enlisting the services of a reputable and experienced art appraiser before you make any purchases.
4. Pay Attention To Newer Artists
While new artists are often regarded as a risky investment, it is wise to look into them and see if you can find a diamond in the rough. It may be an opportunity to make an inexpensive purchase of a piece of unique art that you can add to your collection. That young talent may be your next profitable investment.
5. Buy Fine Art Pieces Online
Purchase fine art online also present numerous benefits that include having a seemingly endless selection of different pieces of art that exude an array of personalities and styles to suit various tastes and preferences. And you can get some items are ridiculously low prices. However, it is wise to exercise caution when buying the artwork, taking into consideration different factors, especially authenticity.
6. Make Long-Term Investments
Understand that what you buy and that art collection you have at home will not increase in value overnight. Those looking to Invest in art should be a long game, and that means exercising patience and making wise purchases of items that have a promising potential for profitability. Part of said wise purchases is the use of money that you have set aside for your investment and not what you need to sustain your livelihood.
7. Store Your Collection Carefully
The perseveration of any piece of art is of utmost importance. You should store and conserve what your purchase the right way. It will not only speak highly of you as an art collector but also show your intent on protecting your investment so that it can increase in value.