Investing in art – The West Australian by Penelope Thomas
Art has the ability to punctuate a home by providing a window into the lives of the people who live there.
Finding a piece to fit your home and match the mood of a specific area doesn’t need to be a daunting process. You might have to do some sifting to sort the wheat from the chaff, but if you can stay focused and follow your instincts you will be sure to pick something that works for you. New Homes spoke with contemporary Australian visual artist Lara Scolari, who listed her top five considerations for choosing artwork.
Do your research
Visit public museums, private galleries – anywhere and everywhere that will let you. You want to educate yourself as much as possible – not just in the grand overtures of art history, but in current trends and fashions. You will also want to get an idea of the ebb and flow of the popularity of certain types of art. Get on as many mailing lists as you can and see what kind of things they’re featuring. The better educated you are about this world, the more likely you are to make a well-informed purchase.
Remember what you pick has to hang in your own home
Art is an investment unlike any other – it’s not a bond or a share. It’s something you will likely hang in your home. So it’s imperative you buy a work not only because it makes financial sense to do so, but because you love it as well. It’s important it fits with your personality and your home, as that’s where it’s going to spend many of the next years.
You don’t need to start with hundreds of thousands of dollars – in fact, it’s best you don’t. Get a feel for the art world and the way things work by dipping your toe in first. Having said that, it’s also worth waiting until you have a decent amount to spend. Great art can be bought from $3000 upwards, dependant on the size and scale. Importantly, once you have a budget, you need to stick to it. Be strict with yourself – prices can creep up around you and you could end up spending far more than you initially bargained for.
Buy from a reputable source
This is more pertinent the newer you are to the scene, as not only does it give you confidence in the piece you’re buying, it means you’re not the only person invested in the artist’s success. If an artist has a gallery who represents them, that gallery is also looking for them to succeed, as well as having their own reasons for thinking they will. This can make a compelling case for the artist from a buyer’s point of view – all positives for you as the investor.
Bear in mind you will have to be patient
Remember this isn’t a short-term option, and it’s not even a particularly secure one. Art isn’t a very liquid asset – you need to be prepared to sit on it. But as long as you pick something because it speaks personally to you, as well as has potential financially, that shouldn’t be a problem.
Lara Scolari, www.larascolari.com