The fine art market is booming, which means there has never been a better time to invest in this lucrative market. That being said, there is no denying that the world of fine art is fickle, so you need to make sure you know what you are doing before you invest your money.
So, how do you get started investing in fine art? Let’s take a closer look below.
Is now a good time to invest in fine art?
Yes, now is a great time to start investing in fine art, with plenty of opportunities for beginners and seasoned investors alike. Ideally, you should already have a passion for fine art as well as some financial acumen, but even if you are completely new to the fine art industry, you can still make money.
Historically, fine art has outperformed more traditional investments such as stocks and bonds, and this does not look to be changing anytime soon.
How do I start investing in fine art?
If you are new to investing in fine art, then you first need to take the time to understand this complex niche.
- Do your research
The first step is to do your research so that you can make informed decisions. Take time to study art history and the world’s most renowned artists. Make sure that you are familiar with the language of art and that you keep updated on the latest trends.
- Set a budget
Whatever you choose to invest in, you need to set a clear budget before you start making purchases. Determine the amount of money that you are comfortable spending and that won’t affect any of your other financial goals.
Remember, fine art is a long-term investment, and you are unlikely to see substantial returns right away.
- Build your collection
This is the exciting part, where you get to explore different art styles and periods and slowly start to build your collection. It can be a good idea to diversify your portfolio by investing in well-established artists as well as emerging ones.
Where can I find fine art to buy?
There are several different places where you can find fine art for sale, including:
- Art auctions like Sotheby’s and Christie’s
- Galleries
- Online platforms such as Artsy and Saatchi Art
How to store and insure fine art
Once you have started to build your art collection, you need to make sure that you take care of the pieces. When it comes to preserving antique art, you need to store your items in very specific conditions.
If you do not have suitable storage at home, then you should consider renting a professional art storage facility, as these provide temperature-controlled environments that are specifically designed for art investments.
You also need to make sure you insure your fine art collection, as this will protect you from loss or damage and provide you with peace of mind as an investor. There are lots of different types of insurance for fine art, so make sure you choose one that covers the specific needs of your collection.
