The potential of the art market
Nowadays, with the stock market volatility and the poor rates of return available, more and more people are seeing the potential of the art market. In 1945, the world market numbered 500,000 collectors. There are now 70 million collectors. In addition, 700 world-class museums, most of them in China, open their doors every year around the world. The Economist magazine often mentions that the art market, which is a thousand years old, generates a return that rivals that of the stock market. In Quebec, the average annual return is 8%, but you have to keep your artwork for at least ten years to benefit from it.
There is no magic recipe, but contemporary art is full of opportunities. All Quebec experts and collectors will confirm it: for $500, you can find a painting by an emerging artist. You can also discover many interesting artworks under $3,000. One shouldn’t get involved only on the spur of the moment or on the recommendation of a neighbor. You have to put your mind to it and read in order to understand the market and, at the very least, overview the history of art. You must also visit museums, galleries, attend exhibitions and auctions. If an artist catches your eye, do some research! You will need to consult the artist’s portfolio and CV. Has he or she ever had a gallery exhibition? Nowadays, with the popularity of social networking sites, internet provides a rich and fast information source. But once again, caution and double-checking are essential. There are many fraudsters in the field.
The bright side? You will be able to admire the fruit of your efforts by contemplating your artworks well exhibited on your walls
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