Contemporary Art World -101

Art is a crummy investment but if you love it and need it,  now is the best time to buy it.  It is a crummy investment because you must love your art, and enjoy it’s pleasures every day.  If you purchase for investment and see dollar signs instead of art, it is not good for the art or for your soul. In the unlikely case your art appreciates in value be very thankful that you did not have to pay more for the same pleasure.

Also you must realize that 99% of artworks never go up in value and in spite of last year’s art hype, never has.  Art is just like your car which depreciates 50% when you drive it off the lot.  Dealers typically take 40%-50% and so pay the artist 50%.  If you want the dealer to resell the painting, he will still have to make his 50% commission for overhead and thus will give you 50% of the retail.  That is,  if he wants to resell the painting for you.  He will more likely prefer to sell the new work he’s just gotten in by the same artist and be able to apy the artist instead of you.

If,  however, you happen to be among the 1% of collectors who’s art has appreciated, I hope you’ve sold your paintings in the past four years while the art market has bubbled away.  As everyone knows by now, the art market fluctuates along with the rest of the markets.   Art was in the same asset bubble as real estate, and art world denizens have for years been saying “I can’t believe he paid that much for that!!” Just as in real estate, in our heart of hearts, we all knew the prices were a mirage.

But that’s OK,  because, remember, you bought your art because you love it and the change in price won’t affect the art or how you feel about it.  So enjoy!!