Is investing in art a stroke of genius?

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3 minute read

Updated 20th May 2024

Art can be a very good investment and a profitable way to generate income in the future, and as auction sales in 2023 demonstrate, some art has the potential for huge returns. According to Artelier, Art typically holds its value over time, and unlike traditional investments like stocks, it is less likely to see its value go up and down in response to market fluctuations. As shown during the COVID-19 pandemic, while other markets experienced significant volatility, the art market remained relatively stable.

However, the value of a piece of art can often be driven by market demand and is only worth what others consider it to be worth. Therefore, with changes in fashion and taste impacting market demand, there’s no guarantee your investment will pay off. That’s why investing in art does come with a degree of risk. You cannot quickly liquidate (exchange for cash) as this involves getting it appraised and working with an auction house to sell it. Consequently, many people who invest in art keep their collections as part of a diversified, long-term investment portfolio, and those who decide to buy and sell art on the market regularly, particularly high-value art, should always insure their pieces to maintain quality and asset value.

The highest value art purchases in 2023

In 2023, the art world saw incredible high-value art purchases. Here are five of the highest-value art purchases in 2023:

Mark Rothko, Untitled (Yellow, Orange, Yellow, Light Orange): £36.4 million, sold at Christie’s 20th Century Evening sale.
Wassily Kandinsky, Murnau with Church II: £37.2 million, sold at Sotheby’s Modern & Contemporary Evening auction.
Claude Monet, Le bassin aux nymphéas: £58.1 million, sold at Christie’s 20th Century Evening sale.
Gustav Klimt, Lady with a Fan: £85.3 million, sold at Sotheby’s Modern & Contemporary Evening auction.
Pablo Picasso, Femme à la Montre: £109.5 million, sold at Sotheby’s New York, taken from Emily Fisher Landau’s collection.

Where are the best places to buy Art in the UK, and why?

The good news is that there are many places across the UK where you can buy art, whether through the artist’s dedicated website, specialist shops, independent galleries, or auction houses. Cities like London, Brighton, Bristol, Glasgow, and Edinburgh, in particular, boast vibrant art scenes with studios and galleries displaying the work of British and international artists.

You can buy art at any time during the year, with galleries, auctions, and events continuously showcasing and selling work. However, some of the UK’s major art events and auctions coincide with peak season, in the latter months of the year, to attract dealers and collectors worldwide. Some of the best places to buy art in the UK include:

Auction houses

The UK has several well-known, established auction houses, such as Bonhams, Sotheby’s, and Christie’s. These prestigious auction houses are renowned for their extensive selection of artworks from a diverse range of periods, styles, and price points.

Physical galleries

Traditional brick-and-mortar galleries are still a popular way to purchase art. London is home to an array of internationally renowned galleries, from the National Gallery and Tate Modern to smaller independents.

Online auction houses and galleries

Thanks to the array of online galleries and auction houses, art can be bought from anywhere worldwide. Several platforms, such as Artsy, Saatchi Art and Artfinder, also provide personalised recommendations, virtual viewing rooms and curated collections.

Art fairs

Several cities host art fairs across the year, including the London Art Fair, Bath Art Fair, Affordable Art Fair, Manchester Art Fair and Printfest. These events enable artists, dealers, and galleries to display their works and provide opportunities for art lovers to discover new artists and purchase art.

Worried about when you move? Here is the best way to transport art when moving house

If you’re moving house, you must take meticulous care when transporting your art. Whether you have a collection or a single piece, you must ensure that it is given special attention and not simply treated like any other household item to ensure it reaches your new home in pristine condition. It is common for people to hire professional transit firms with experience in packing and transporting antiques and fine art to ensure their collection reaches their destination in perfect condition.

Here are some examples of professional art movers in the UK:

Before selecting a company to pack and transport your art, it is a good idea to look into the credentials and reputation of the firm you are considering, checking whether they:

Have positive online customer reviews, testimonials and ratings, and feedback regarding reliability, professionalism, and service.
Have a proven track record of successfully transporting art.
Are a member of professional organisations such as the International Association of Movers.
Use vehicles that have climate control if your artwork is particularly delicate.
Offer adequate insurance for transporting art, including cover for damage, theft, or loss during transport.

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