By Darla McCammon
If it is too good to be true, it probably is not a good idea to invest in it. For the most part, you will not get rich quickly by investing in art or becoming a collector of art. You can, however, make a modest income with patience and thorough research into what makes a wise art purchase.
In general, it is the wealthy who attend the big art auctions like Sotheby’s or Christie’s who can afford the big investments in artwork for their collections. These people have advisors and research people to help them make a decision on what pieces deserve the bid of the lifted paddle. This is the hope for an increase in value, but also should include work that happens to appeal to them personally. Otherwise it just becomes an impersonal financial transaction. So, art can be an enjoyable addition to a collection, or it can be stored safely somewhere to appreciate in value.
Let’s compare the sale of two famous paintings. First, there is the work by Vincent van Gogh titled “Portrait of Dr. Gachet.” This painting sold in 1990 for a record of $82.5 million. Do you like this paining better than one done by another impressionist called Marc Chagall? Chagall’s work titled “Lesamoureux” recently sold at a record for any previous Chagall painting because it was one of his earlier works and had been in the same family since 1928.
The Chagall painting also broke all records for his work at $28.4 million, but did not surpass Van Gogh in spite of predictions to the contrary by many art collectors. The Chagall work went to a wealthy Russian purchaser. Would you have wanted to hang either painting on your wall? If so, which one would you have chosen? Does this style of work appeal to you or do you prefer more traditional realism in the art you like?
So, rule number one for a would-be collector of art is to collect for your own enjoyment. Do not expect to become rich with your art collection, although with judicious research and wise purchases, you can definitely make it an asset in your financial portfolio. Watch for trends in the art market. Go to colleges and universities when they advertise that student work is on display. You may find something you love that is also on the cutting edge of what will hold value in the future – and at a good price. Go to local art shows and art galleries and compare the quality of work and the styles that appeal to you. And you can often negotiate a price that bends in your favor.
Do you want to get rich quick? Don’t expect it from your art purchase, but quick enjoyment? That is possible, and sometimes that is the greatest of riches.
- Local artists Bondar and Waters will have a live demo and free drawing from 10 a.m. to 3 p.m. Friday, July 26, at Warsaw City Hall Gallery. Enjoy watching two master pastel artists try to outdo each other. You might get to take home a painting. Their exhibit will be on display through August.
- The Gallery at Rua in Warsaw has a new exhibit on display featuring Steve Sult’s clever digital art posters with his “Sitting on the Fence” collection now through Sept. 18. There will be a reception from 6 to 8 p.m. Friday, July 26.
- The Clark Gallery in Honeywell Center will have a themed art competition on seasons now through Aug. 19.