Why Buy Art?
Updated: Mar 31, 2020
Recently Picasso's Women of Algiers achieved a record sales price at auction for a painting ($160 million). This is clearly at one extreme end of the art market, where works are seen as commodities to be fought for, exhibited in prestigious galleries and museums, or hidden away for many years, then resold again.
It can be highly risky to purchase art purely as an investment, and not a reason we would recommend for most people. Although, having said this we believe that if you choose the right artist, then their work will appreciate over the years.
In our experience the primary reason clients buy art is to decorate their home or office, they want to enjoy it for what it is and as such the work purchased needs to have longevity of interest.
Ancillary to this many clients want to start or build a collection of works, this could be around a single or group of artists or around a genre (landscapes, abstract, figurative for example). In this way they feed their passion in the same way as any other collector, in this case a passion for fine/contemporary/modern art.
Finally, clients purchase contemporary art from living artists because they want to feel that they are supporting a local artist or gallery, and at the same time gaining a wonderful piece which they can enjoy for many years to come.
In terms of timing, the purchase of art may be triggered by moving house, a celebration, anniversary, retirement or special birthday. Sometimes in these instances it may involve a group of friends, family or colleagues getting together to make the purchase on behalf of others, very much like a wedding list at a department store.
We have a more comprehensive Art Buyers Guide on this website, which covers these points and more.