A large painting can cost upwards of $15,000, with some famous art pieces going for over $65 million. What determines the quality of a piece of art?
Most of the time, these original pieces of art have increased in value over the years, making them worth millions. Art investing is a great way for gaining assets and branching into new hobbies.
It can also add an aesthetic appeal to your house and supports local artists. If you have an interest in finding your artistic style for art investing, then keep reading on.
First, find out what type of art interests you. Contemporary art offers a broad range of innovative and unique styles that anybody could enjoy. Today's art can be anything from graffiti, digital art, sculptures, pop art, and more.
Contemporary art is more of an art movement rather than a category. It started in the 20th century and has continued to this day.
There are largely seven different forms of art, although you may find subcategories beneath them. Some of the more common ones are:
When people are considering becoming an art investor, they are mainly talking about painting or other forms of tangible art. However - digital art (which is mentioned later on) has changed the playing field for artwork collections.
First, determine what your niche is and then consider the types of artists you like. Next, spend time looking at art galleries and researching artists.
Becoming an art investor and collector takes time, money, and patience. Top artwork collections and galleries are typically defined by one overwhelming characteristic - quality art.
How can you spot artwork that is high quality?
Sometimes, pieces of art stand out and are obvious crowd-pleasers. Contemporary art can be a bit more challenging since abstract and geometric art has taken shape.
There are a few things to look at when you aren't sure about the quality of the artwork. These are:
The artistic style will fluctuate between artists. Instead, look at how a piece of art was constructed. Do the colors show significance?
Is the texture hinting at something more? Sometimes splashes of paint or grittier textures are aimed at portraying emotion from its viewers.
The composition can also be a telling story of where the artist wants to draw your eyes when you view the painting. A good artist can draw you in with a focal point and then carry your gaze across the canvas.
The composition of artwork includes:
The composition does not necessarily point towards the subject of the art piece. Rather, it organizes the piece in an aesthetically appealing manner. You should be engaged in the artwork, and there should be an obvious focal point that brings the collection together.
NFTs are non-fungible tokens. Essentially, it is the cryptocurrency of the art world. A digital file can convert to an NFT, which then gives it a unique and original copy of the file.
At its core - it puts artwork into a blockchain, and then it can be sold. At that point, it operates in a similar mannerism to physical art. The prices and the value of the original artwork are almost the exact same.
The original and physical artwork may still hold greater value. It also does not mean that you have copyright ownership. You won't gain royalties off of the reproduction of that artwork.
However, it is a great way for supporting artists, and you don't have to hunt down local artwork collection galleries in person. These are great ideas if you love gaming or the digital world.
The creativity behind digital artwork continues to break boundaries as technology improves. Be careful over where you purchase your NFTs - sometimes artists rarely see the proceeds and buy-in costs.
They can also take up a large amount of computer power. Some NFTs take up so much energy that artists are starting to advertise them as carbon-neutral.
For getting started with investing in NFTs, you will need a high-functioning laptop or computer. Not every artist has carbon-neutral NFTs, and if you are looking at investing in multiple NFTs, it can quickly take up space.
Next, you will need a digital wallet. Depending on the platform you buy your NFT from will likely determine what type of cryptocurrency you will need. There are different requirements in each marketplace, so make sure you do research beforehand and that you have the right kind of digital currency.
You will open up your digital wallet on these marketplaces. This allows you access to trading, purchasing, or storing assets. Once NFTs are on the marketplace, they might have bidding wars, or you can purchase it for a set price.
NFTs may be the choice for you if you love digital art. Keep in mind - just like cryptocurrency, the future of NFTs is largely unknown. It may be risky to invest in artwork that could depreciate over time.
However, it is a promising new future of trading, selling, and buying digital art. Current projections are not showing it slowing down anytime soon, and the pandemic pushed even more artists to take advantage of creating art in the digital realm.
If you have a painting, avoid putting it in glass and keep it out of direct sunlight. Paper and photograph artwork collections can have glass over the top. Make sure it protects against UV rays.
Always keep your artwork in an area that has stable temperatures and is not exposed to an excessive amount of light. Also, only clean your artwork with a soft rag and avoid using chemicals or other cleaning products.
If there are concerns over damage to your artwork, then take it to a local art collector for advice and repairs.
You can start building your artwork collection today. Find out what type of art investing interests you by visiting local galleries or browsing online. There are plenty of creative and innovative artwork pieces out there.
Make sure you are investing in something that interests you while supporting artists.
If you have an interest in a particular piece of art or an artist, then contact us today. Let us set you up with your first art investing pieces.
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