Whenever there is economic uncertainty in the markets people look for the best ways to protect their money, it's only natural, and it's not only the very wealthy who holding onto what they've got. Russian Oligarchs and millionaire entrepreneurs may look for different ways to invest and buy up shares but the man in the street without such extravagant wealth will also be looking to get the best interest rate on his savings or look for the best five year savings plans on offer. Nobody is immune.
Of course the very rich have a lot more to loose, but even that's relative, and it's been pointed out by several well respected commentators that the best way to weather any crisis of this sort is to be rich already. The super wealthy can move their wealth around the world and into different areas like gold and diamonds or sell bad shares, shares that once looked like they would reap rewards, in exchange for something more safe or stable. These are not options open to someone with an average sized mortgage and savings account. But there is one area which, although on the surface looks like the preserve of the very rich, could be worth looking into, even with very little money saved; fine art.
There is a great tradition amongst the wealthy of buying and collecting fine art. Some regard it as merely a way to decorate their great houses and mansions, but there are some who look at it with a bit more respect than that. Fine art for some is as much an investment for some collectors as stocks and shares or gold bullion, and history tells us this is a very shrewd way of looking at it.
Fine art rarely depreciates over any period of time, this is not a written rule but the exceptions are rare. Most good art will appreciate in value over time and the rest will remain at a constant level. The best collectors are able to spot trends or hear who is making a name for themselves in the industry and buy accordingly. Russian art recently saw a boom in prices purely because it became more and more popular and therefore collectible and students from the best fine art colleges in London are always being looked at by collectors looking for the next big thing.
Fine art isn't out of the reach of the man on the street though and it could be a profitable venture if you regard it as an investment and follow some simple rules when choosing what to buy.
Some people who are unfamiliar with the world of fine art are often bemused or intimidated when faced with the sight of a modern gallery. The thing is to remember that they are places where you can buy things just like any other shop; you are the customer and they want you to buy something. Use that to your advantage. There's nothing wrong with trying to get a better price on a painting in the same way you would any other product.
Ask lots of questions about the work you are interested in, you my even be introduced to the artists if the gallery owner thinks it'll secure a sale. One major consideration is does the artist regularly sell work? Some artists, even small local artist, gain a following and a reputation. If you want to sell the fine art at a later date this might be something to think about.
Artists never sell as much work as they produce so they will welcome any enquiriy about sales. Find out if there are any open studios near you or contact artists directly. Commissioning a piece of fine art can save you hundreds of pounds as there is no need for framing or gallery and dealer fees; most artist will welcome enquiries of this kind.
Author Resource:-
Dominic Donaldson is an expert in the art and design industry.
Find out more about fine art and buying works of art.
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