Art as an investment hedge is returning amid inflation and a choppy market
“Art is so stable because its value is not tied to the economy or how it performs,” said Emily Greenspan, the founder of TAG ARTS, a Los Angeles art consultancy, who has seen an uptick in interest from clients looking to diversify their portfolios with something other than the usual stocks and bonds. “It really is a safe, solid place to put your money – safer than the stock market or real estate.”
And then of course there’s the risk of buying a fake. Even respected galleries have been burned by greedy fraudsters and highly skilled counterfeiters. In the US$80-million case involving New York’s Knoedler & Company, painter Pei-Shen Qian was able to fool countless collectors and dealers with works claimed to be those of artists such as Mark Rothko and Jackson Pollock.
But there is no question that art as an investment is becoming more popular. Investors themselves are a more diverse group these days – from young tech entrepreneurs to foreign investors to young families looking to diversify their holdings and get personal enjoyment from the art as well. For investors who are also wannabe collectors, Ms. Greenspan advises to wait for off-peak auctions and sales, where there is a good chance to find works by up-and-comers and unheralded works by famous artists. As she says, even a lesser-known Picasso will always be a Picasso.
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