The thought of a global epidemic fuelling art purchases may seem ludicrous, yet that is exactly what happened during the pandemic.
Curiosity and the desire to invest in art, as well as technology, have all contributed to the growth and expansion of this creative economy. In recent years, we have witnessed a considerable increase in new purchasers who have indicated an interest in acquiring art in a variety of areas with sales by art dealers and art auctions reached $65.1 billion and is up by 29% since 2020.
The art market is only one of several venues where potential collectors may learn more about investing in art. However, there are certain critical factors to consider before making an offer.
You should first find that artwork interesting, and you should be able to emotionally connect with it, Art as an investment should be a separate concern, and it is critical to select something you will like living with.
It is beneficial to absorb as much art as possible to obtain a sense of what one is drawn to and to learn about it from specialists. Data driven decision making can increase the likelihood of selecting investment components intelligently and at the proper moment.
Once you've decided what you want to buy, it's time to conduct some research into the artist's life. Study the artist's performance over the previous five to eight years, if not more, to determine where the movement is, if it's on the increase, and how his/her average prices are trending. During the prior financial year, a considerable number of modern and female artists were also added to the mix like our artist Becky. (click link to Becky)
Check out different auctions and online galleries. Virtual galleries really made a significant impact on the art world. When the global lockdown forced the whole world to go online, the art world became more accessible to those who were interested. The internet has altered the way consumers and sellers view art. There was 54% increase in millennial buyers that were interested in online art sales.
Remember to diversify your portfolio! It's important to buy what you like but for the more savvy investor its integral to your future ROI to be strong and the way to do that is through a diverse portfolio, the price tag of fine art might be daunting but there are so many different art categories to start you off on you journey like NFT art, contemporary art, art prints.
If you need some guidance feel free to Contact us and speak to a member of our team to get you started! This is your comprehensive step-by-step guide to acquiring art prints.
