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For many centuries people have been drawn to fine art. Collectors around the world spend billions of dollars each year purchasing art. Many of the collectors have a fondness for certain types of art and buy art for the purpose of viewing it. But there are other collectors that are purchasing art as a financial investment. These collectors are hoping to one day get a return on their investment and many of them do.
Investing in art is not to be taken lightly and is certainly not an investment activity to be taken for the short term. Experienced collectors and brokers may be able to turn a quick profit but the average investor really needs to be prepared to stay for the long term in order to be successful. That will mean having to tie up cash for some time before reasonable returns are made.
You will need to make sure that sufficient funds are in place at the outset and you will need to be in a position not to have to make a quick sale in the short term as that will usually create a loss. You will also need to keep track of your costs and funds so as well as using some artwork logging software you will need to have some sensible online bookkeeping arrangements in place, using something like Xero software.
In 2012 one economist estimated the value of the global market to be in excess of $60 billion. The biggest market is for modern and contemporary art, which covers all artworks from 1875 to the present day. This sector accounts for almost 70% of the global market.
The art market is a mysterious place where things aren’t always how they seem. However, owning works of art is still seen to be as romantic as it ever was. But is it wise to invest in art, especially if the buyer intends to make a return when they sell on the piece that they purchase? And what makes a piece of art worth investing in? Find out in the articles listed on this site.
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