Are you an art enthusiast who sees an artwork as a potential money machine? Or you are an artist looking to maximize his profits in selling artworks? You will be happy to know that in the recent years, the art market has been profitable, with sales reaching a record high.
Art investments, however, are not regulated by any governing body. This means that if something goes wrong with your art investment, you have no fallback. They are also not easily liquid, which means you cannot sell them right away whenever you want to. Not to mention that buying artworks comes with a high cost (usually for storage and insurance).
Nevertheless, investing in art is a worthwhile endeavor for some art aficionados. If your heart and mind are set on buying artworks for selling in the future, keep in mind the following art investing tips:
Purchase relatively unknown but valuable art pieces
The prices of obscure and authentic items are low because only a few people know that they actually exist. This is a good investment strategy because you can earn profit from buying low now and selling high over time.
Purchase something you like and can afford
This is also a sensible strategy to protect yourself from losing money out of investing in art. In case you cannot sell an artwork, you can just keep it for your own viewing pleasure.
Purchase something that is out of style
Because chances are, you can get that artwork at a low price. And since art changes all the time, that piece of art might just become a trend or in vogue again—at which point, you can sell your investment at a much higher price. So that is profit for you!
Have you tried investing in art? Did you make good money from it? Share your story in the comments!