Art Market Update
As we approach the end of the year, the loved ones of art collectors may get the idea that they should give the gift of art for Christmas. But, should you really be buying art for Christmas? While this is not an altogether terrible idea, the subjective nature of what people consider ‘good art’ means that gifting art can be a gamble. Unless you have a firm idea about what the receiver already likes, I would probably not recommend surprising someone with an artwork. Instead, choose an artwork together and negate the possibility that the recipient gets stuck with an artwork they are not entirely proud to say is part of their collection.
On the other hand, if you are confident in the work’s appeal or investment potential, the gift can become something the recipient grows to love over time and/or profits from when they resell it in the future. Tread very carefully if you plan on this gifting strategy, though. You may be misguided about the kind of artwork the collector likes or the investment potential of the work (especially if you have never been exposed to art collecting before). Additionally, you should bear in mind any additional costs that may be incurred such as framing.
On a different note, if you are buying a gift for yourself (I’ve heard people do this), then now might be the right time to add to, or start, your art collection. As I’ve noted in previous posts, works can be acquired for less than $1,000 rather easily, and with sellers in the Christmas spirit (and doing brisk trade at this time of year), might be more open to discounts. I recommend checking out our newest section that showcases investment-grade artworks from a mixture galleries for prices ranging from US$200 to US$5,000.
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