Why you shouldn’t buy Art
Besides an artist I’m also a passionate art enthusiast and collector. Today I’m talking to you with my collector’s hat on.
I’ll be frank, investing in art is a bad idea. We’ve all heard about the painting purchased at the pawn shop that turned out to be worth millions. In truth, I think we all know this is highly unusual. A large percentage of artwork sold today is unlikely to hold its value. And even if it does, after paying taxes, transport and dealer fees, even fewer work could be counted as a ‘good investment’. Economics reporter Shane Ferro wrote “Unless you bought the work of an artist that's already in history books, determining whether they will still be trendy a few years down the line is basically flipping a coin.”
Some years ago I was planning to exhibit at ArtExpo New York. My total budget for this show was $5k including booth fees, accommodation etc. It was early in my career, I did not have the funds but I was as stubborn as a mule and adamant to make this happen. I emptied my account by paying the deposit and was still unable to meet the balance as the deadline approached. Just then I got contacted by a client from California who loved my piece, “Tangled Love” but she wanted a horizontal piece to hang above her bed. I felt this was a theme I definitely wanted to explore, so I readily accepted. Three solid weeks work later I sent my client images of the completed piece. The reply was that a few small things needed to change. A week later I tried again, this time I got images of her bedroom furniture that I had to color match. A green chair, a peach lamp shade. Again and again we went back and forth like a tennis match. Weeks passed and the red mark where my forehead met the wall grew. I needed to keep the integrity of the painting but keeping my client happy was just as important. New York was upon me and I was stuck between a rock and a hard place. Not only was I about to lose my deposit but time to create the body of work I had planned ran out. I was desperate. Finally, we found equilibrium where I was comfortable enough to sign the painting and my client was pleased enough to complete the transaction. However, a few years later she changed the interior of her bedroom and asked me if I could resell the piece.
Then there are fame. It is no coincidence that the world of high end art collecting is associated with the rich and famous. Stefan Edlis laughed when he told the story of him buying a Mondrean for $675k. “Everyone wanted to know who overpaid for this Mondrian… they made pilgrimages to meet me.” Overnight this unknown plastics mogul from Chicago was an art world celebrity. However, most of us are unlikely to be able to buy our path into this world of fame.
So if art has no intrinsic value, zero cash flow, may not hold its value or bring you fame and may not keep up with your colour scheme. Then why on earth were the global art market $64.1 billion in 2019? (According to economist, Clare McAndrew)
Art can inspire us to look at the world in a different way, to feel in ways we have not felt before, to feel more alive, to question and expand our notion of who we are as well as our place in this world.
Over time I’ve purchased about two dozen artworks and this is what I’ve learned. Above all, if you are going to put art in your home, it must be work you love. You will have to live with it and it may become part of your and your family’s narrative. Art is bigger than trends and if you buy something you have a reaction to, something you feel emotionally connection to, it will enrich your life in ways that cannot be measured by monetary value. Art can inspire us to look at the world in a different way, to feel in ways we have not felt before, to feel more alive, to question and expand our notion of who we are as well as our place in this world. Art can connect us to our senses, our body, our mind. It may spur thinking, engagement, and even action.
The biggest mistakes I’ve made was buying art I thought were trendy, because I felt pressured or just because I had an empty wall and needed to room to appear finished. The art I bought from young artists I knew were mediocre at the time, I don’t regret. I may not have it all on my walls anymore but I made a conscious decision to invest in someone’s career whom I thought had potential and I wanted to see their artistic journey continue. (There has been so many generous people who invested in my early work –much of it not even ‘mediocre’!) As an art enthusiast I feel we all have a responsibility. It is us who decide which artists will continue with their creative path and which will have to turn away. Collectors play a crucial role in preserving art for the future and therefore influence the way the history of art is written.
‘I don’t know anything about art’. Honestly my friend, you don’t have to. Can you feel it? Does it resonate with you? Do you want to spend a long time with it? You don’t need to know a thing about juxtaposition, picture planes or futurism. All you need to know is if your life will be better with this artwork in it. Period. Your art choices and curating your own collection is a means of personal expression and this reflects your individualism. Have fun with it. Nobody's judging!
Another obstacle many of us (including myself) face is of course financial limitations. Often focusing on artists early in their career can prove not only crucial for the artist’s future but also a time to acquire reasonably priced work. Places I like to support are high-street galleries who promotes emerging artists and plays an important role in many artists’ careers, artist consortiums and fairs. And of course the endless supply of online venues. No matter where I purchase, what is important is that the artists themselves receive a fair portion of the revenue. (Buying mass produced prints from a home décor chain will do nothing for the future of art!)
I’ll end with one of my favorite quotes are from Thomas Hoving, (former director, Metropolitan Museum of Art , NY) “you'll meet individual works that you’ll need for the rest of your life, works that thrill you, energize you, lift your soul, soothe you, make you smile, make you think about the fate of mankind and the universe, make you have to see them again and again for the good of your psyche, state of mind, and strength of heart.”
Even if you’ve never purchased a piece of art before, I hope that this will happen to you one day and when it does, follow your heart. Your life will be better for it!
Levitate III -Mixed media on board