Over the holidays some of us might decide to invest in art. I would never be in a position to enjoy that luxury, but I do love going to art museums to look at paintings. Some of the detail in the canvases are truly amazing. If you really look at the detail, you begin to realize what it took and what kind of knowledge it takes to create a piece of work whether it is a painting, sculpture, or other artwork.
If you are someone who sees art as an investment, I found an article listing the Top 7 Tips for Investing in Art.
Art can be a tempting investment, with its creative mystique and potential for soaring values. Attending glittering events such as the annual Art Basel Miami Beach, a four-day, celebrity-studded event representing more than 2,000 contemporary artists, makes it that much harder to resist.
Whether your tastes are classic or avant-garde, art is a tangible commodity and, as with any commodity, many investors view it as a hedge against stock market volatility. But before you drop a bundle at a gallery or raise your bidding paddle at auction, understand that art comes with its own risks and expenses.
Aside from the added costs associated with maintaining art, there are the fickle tastes of buyers. "Art follows fashions and trends," says Dorit Straus, worldwide fine art manager at Chubb Group of Insurance Companies. The popularity of various artists and periods fluctuate, so one year's must-have Andy Warhol is another year's Monet.
Having said that, Straus says art investing can be lucrative."If you take a long view of art, many investors have reaped the benefits, but you have to buy right and know what you're buying."
Here are the top 7 reasons listed for investing...
Just a little sideshow here, but I never heard of Dirty Car Art.