Are you looking to diversify your investment portfolio? Sure, stocks, real estate, and even gold are common methods of growing your money, but is there more you may be missing?
The answer is, yes.
Famous art pieces have long been known for making owners millions, but these seemingly rare opportunities are not as hard to come by as you may think. Investing in art can be both rewarding and lucrative–if you have the right know-how.
Here are some tips for finding and investing in art today so you can enjoy a fortune tomorrow.
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How to Choose Investment Art
While there isn’t a specific equation for selecting famous art pieces or artists to invest in before they are worth millions, there is an “art” to it. Two sides of the art-investing coin include developing an eye for what’s trending now.
The more familiar you become with modern art movements, the more easily you will recognize popular patterns. This will enable you to discern artists who have honed their skills and who are creating the style of art that buyers are interested in right now.
Another aspect of choosing investment art is recognizing potential.
As you familiarize yourself with budding artists, (a task made much easier thanks to social media), you can begin to see who has real talent that could eventually lead to the creation of larger masterpieces.
It’s recognizing this potential combined with popular trends that can lead to great investments. Just remember, art investing can be a game of patience.
Even some of history’s greatest artists were never appreciated during their own lifetimes.
Aside from familiarizing yourself with art, trends, techniques, and budding artists, you must establish a budget. Decide now how much you are willing to invest in art.
Then, decide how long you are willing to wait to see a return on that investment. Art, like wine, can increase in value exponentially given the right length of time.
Modern Artists Worth Noticing
Claude Monet’s “Meules,” 1890, was sold to a collector in 1986. It was priced at $25,300,000. In 2019 this same painting sold at auction for $110,747,000. At that time it became the most expensive impressionist painting ever sold. While you may not find the next Monet at a modern art show, plenty of current artists are worth millions.
Today, rising artists like Hunt Slonem, STIK, and Xie Lei are among modern art’s potential Monets. Familiarizing yourself with these artists and their styles will give you a jump-start on recognizing current trends.
Because of their existing popularity, if you can get your hands on some of their work now, its value may increase greatly in a matter of very few years.
Additionally, these good art investments are likely to grow in value and represent only a small sample of modern artists who are making their investors very wealthy.
Keep in mind that art worth investing in extends beyond paintings or photography. Sculpting, landscape design, architecture, and even graffiti are modern forms of art that can be very profitable investments.
Investing in art is creative and will broaden your mind as well as your wallet.
Investing in Famous Art Pieces Today
Even a total novice can quickly catch on to investing in famous art pieces and make great strides in building their wealth. It all starts with a little research, curiosity, and wise budgeting.
For more helpful tips on diversifying your portfolio and choosing the right investments for you, browse the Investing portion of our blog.