HOW TO BUY ART AS AN INVESTMENT BEFORE YOU RAISE YOUR PADDLE AT SOTHEBY’S, HERE ARE A FEW THINGS YOU SHOULD KNOW.
1. You don’t need an art-history degree, but be sure to have some context of the work (how relevant it is to the practice of the artist, what movement it’s part of, whether or not the artist has exhibited before and where — e.g., the Guggenheim versus a neighbourhood art fair). 2. You might not always make a ton of money. The contemporary-art market (contemporary art = art from the past 20 to 30 years) can be quite volatile, says Verna. Auction sales are like bidding wars in the housing market—they can inflate the price of a work. 3. You don’t have to do it on your own: Art consultants can guide you on which purchases are likely to have the biggest gains.