Seven Masterful Tips for Investing in Art

Seven Masterful Tips for Investing in Art
News from Fox Business:

Art Has Cachet — and Risk

Art can be a tempting investment, with its creative mystique and potential for soaring values. Attending glittering events such as the annual Art Basel Miami Beach, a four-day, celebrity-studded event representing more than 2,000 contemporary artists, makes it that much harder to resist.

Whether your tastes are classic or avant-garde, art is a tangible commodity and, as with any commodity, many investors view it as a hedge against stock market volatility. But before you drop a bundle at a gallery or raise your bidding paddle at auction, understand that art comes with its own risks and expenses.

Aside from the added costs associated with maintaining art, there are the fickle tastes of buyers. “Art follows fashions and trends,” says Dorit Straus, worldwide fine art manager at Chubb Group of Insurance Companies. The popularity of various artists and periods fluctuate, so one year’s must-have Andy Warhol is another year’s Monet.

Having said that, Straus says art investing can be lucrative.”If you take a long view of art, many investors have reaped the benefits, but you have to buy right and know what you’re buying.”

Read on for seven special considerations when investing in art.

Investing in Art is the Like Investing in Gold

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