Scottsdale League of the Arts
Invest in your future
If you are thinking about investing in art for your business here are my top tips:
1. Contemporary art is what makes most of the headlines these days and is the most popular and for that reason can offer the highest rewards. However, it is a volatile market. Buy carefully, slowly, wisely, and make sure you do your due diligence regarding proper authentication.
2. Diversification is key! Art is not stagnant and is ever changing. What is popular (and sells well now) may change! Diversify!
3. Art crosses into all mediums. Diversification is more than just different styles of fine art, it can also be decorative art. This Forbes article said, “Philip Hoffman has made investments into Chinese porcelain, for instance, that have served his clients well.”
4. Always buy the best you can afford.
5. Watch out for seeming bargains. You get what you pay for! When it comes to art–play it safe. If a work fails to sell at an auction (or at fairs) there’s a good chance there is no market for it. You may have to hold onto it for quite a while.
6. Buy low, sell high. Many works are down about 30 percent from where they were just five years ago.
7. New young artists (primary markets) can be worth the risk but you have to expect that the vast majority will never make it and be worth much. We covered this quite a bit in my last post but it is worth saying again. The example I gave is of Mr. Abello, the great artist (now owns his own Search Engine Optimization Company ). Read the last post to learn more.
8. If you love it, buy it. If you choose well, one day you will be able to sell it for a profit. And if you choose very well, perhaps you won’t want to! And that, indeed, a good thing too!
9. Join an Art club. There are many art clubs out there just Google your city + art club, or art organization. There are numerous organizations around. Here in Scottsdale AZ is the Scottsdale League of the Arts which is mainly focused on the Culinary Arts.
10. Network: I know it sounds a little weird but some of the best advertising is word of mouth. And if your friends and acquaintances have great taste, then you should be able to get some of their best recommendations of art.
11. Classic can be timeless. Depending on the theme of your interior design. You may want to consider a more modern type of art; however, if your building is pretty generic in theme, classic art is always a fine touch.
12. Don’t forget estate auctions! Yes if you have a retirement community in your area, you may be able to find some absolute gems in artwork, for very cheap.
13. Then there is also simply going through your family artwork. Sometimes you can find heirlooms that will be passed down from generation to generation. These are also incredible pieces of art if placed in the right setting and theme.