Art for enjoyment
Over the centuries, art has always attracted interest from the masses. However, it is only recently that people from across all financial spectrums have showed an interest in purchasing artwork for their own financial benefit and of course (and probably more importantly) their enjoyment.
Art for passion
Art is always something that will invoke opinion, and sometimes controversy. People believe passionately in certain items of artwork, whereas other people will think it is a load of rubbish. I believe a lot of people will be driven by the enjoyment of artwork, not just because it is a fantastic piece of artwork (but using the story of the emperor and his new clothes) not everyone else likes it.
If anyone has ever been to Paris and seen the Mona Lisa painting, they will realise what I probably mean. Ok, fair enough it is a painting but it is quite small and not particularly good. When the Louvre is open, it tends to be surrounded by throngs of people whilst covered by a huge glass case. Is it priceless though? Quite frankly I do not think it is, but someone has deemed it that way.
This is what happens with any form of investment, there will always be some items that for some reason are worth more than others and it does not equate to how long someone spends or dedicates their life to it, it just happens to be the case.
Art for money
Money is an important part of an artwork collection, unless of course you already have money to throw around and you do not care. There are however not many people around like that and if they are, they tend to spend more money to the point where it does matter. Original pieces of artwork can be purchased from between £150 for local artists and small canvasses through to tens of millions of pounds for well-known or collectable artwork.
My comfortable range for looking at artwork by artists is when they have broken through the initial quagmire of artists and have their heads slightly above the parapet producing slightly different work. Sadly, despite the amount of time and obvious talent, many thousands of artists have their art cast to the wayside and will only ever produce artwork which is worth around £150.
If you enjoy it though – you should buy it. If you do want to make some money, however, then it is probably the artists above these that you will want to look at. Having a spread of those particular artists is also a good idea. Prices can range from the high hundreds. The more adventurous and artists may range between £10,000 to £20,000. This is a range that I am comfortable with, personally, and I know artists who produce work which has a value today of around these figures, but with the potential for increasing over a period of time.
A bit of both to spread your bet!
It is important with artwork to look at, but do not let your heart get carried away, and make sure that your head is still in control in terms of what you believe is a good investment and also how much money you can afford to tie up within a piece of artwork that you will have in your home for years to come.