How to invest in art
Start by deciding how much money you’re prepared to spend. It should be an amount you can afford to part with in case the artwork depreciates. Don’t forget to factor in possible storage and maintenance costs.
Then learn as much about the art world as you can. Visit local galleries and see what they have to offer; chat with curators, who will usually be eager to answer any of your questions.
If you live in or near a city, you’re probably close to gallery openings and art fairs, where up-and-coming artists tend to showcase their pieces.
Once a piece or artist catches your eye, you can start narrowing down your research to see how much a particular artwork costs. The app Magnus provides up-to-date pricing information for potential investors – take a photo of the artwork and they’ll tell you the details. Your next step is to get the artwork appraised by a professional appraiser to determine its quality.
You can either purchase an artwork yourself – often the costlier option – or buy shares in artwork through an online marketplace.
Since this is the information age, plenty of high-end artwork sells online. But before you buy over the Internet, make sure you’re purchasing from a legitimate gallery, dealer, or investment firm.