Over the recent years art market has seen a steady rise all over the world. Prices of any form of art be it paintings, sculpture, and installations have touched the skies. Young upcoming artists are quoting exorbitant prices for their art and upcoming nouveau riche art collectors caught up in this art frenzy are paying such high prices for it.
Yes, art has become a trendy alternative for investment, however one should remember that art like gold is not a sound investment. It will not give you easy returns like real estate or jewellery piece. So then should you stop buying art as investment? The answer is no. Yes, you read it right the answer is no.
One can still buy art as an investment, however one should keep certain basic things in mind before one buys a piece of art. Here are few guidelines that will help you while buying a piece of art.
1. Study the market: It simply means that you need to do your homework well and try to understand the value of the work. You would do that if you were buying the land or any other mode of investment so why not when you are planning to buy art for the same reason. In fact it is all the more important while buying art as the fake pieces will fetch you less or no returns especially in the case of antiques.
2. Know your taste: While buying art especially as an investment it is better to research various art forms and media (like oil on canvas, acrylic on canvas or water colours) which one does you prefer? In the long run your taste will matter most than the monetary value of the art form. Also you should know which type of art attracts you. Do you like miniatures, traditional Tanjore paintings, and modern art, abstract; decide all this before you venture out to buy your art.
3. Budget: In other words limit your spending; even better know the worth of the piece before you buy the art. If you can trust your judgment nothing like it but if you feel that you may falter then it is better to take an advice from a veteran collector as they would know the exact price of the piece and will be able to tell you whether the particular piece is overpriced or not. Ideal way to limit your spending will be to plan how much can you spend and how much are you ready to spend. Then you will not go wrong.
4. Trust your instincts: While buying have faith in your instincts and buy what you like. Don’t try to follow trends and fad as that will not fetch you returns and will make you feel that you wasted money on something you didn’t like.
5. Avoid getting caught in fad buying: By fad buying I mean don’t let other’s buying decision influence yours. You do your own research and based on that select what you want to buy. That ways you will same cash and because the art piece is your favourite you will enjoy it for a long time to come.
6. Try to be different: While buying the art piece don’t follow the trend. Try to buy which others are not buying. Art pieces which are not in trend can come at reasonable price and can fetch you good returns later on.
7. Read: Read a lot about the artist you are planning to buy. About the kind of work he has done so far, what inspired him and any other stuff you can get about the artist you want to buy.
Hopefully these tips will help you in buying the coveted art piece by your favourite artist.