Art can provide a stunning addition to your house and home — and it can also make you cash in the years while it hangs on your wall.
Collectible art, just like any other investment, is not guaranteed to make you money.
All investments have some risk involved, but this risk could be worth the future reward.
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Purchasing artwork is a tremendous way to show support for artists while also giving yourself the opportunity for financial growth in the future.
Here's a deeper dive.
There are several different factors that play into a piece of artwork's collectible value.
All of these factors are important to consider before purchasing art.
The origin of the artwork is one major factor that plays into its value. Who has previously owned the art?
If the answer is a celebrity, notable art collector or reputable museum, this could increase the art's value.
You will also want to do research on the artists. Are they trending? Is their popularity on the rise? Are they already well-established?
A well-known artist, or one on the rise, could make the piece of work more valuable in the future.
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Authenticity is another important part of collectible art.
Authentic artwork is more valuable than copies, but sometimes establishing whether a piece of work is authentic is hard to do on your own. You may need an expert to help you make this distinction.
Auction houses are a great place to shop for collectible art like paintings and sculptures. Auction houses put pieces up for sale, and buyers bid on the lot. The highest bidder gets the artwork.
Some of these auctions happen in-person, but there are plenty that take place fully online, which makes it even easier to buy a piece of artwork.
Keep in mind, especially when buying online, that you are purchasing from a reputable source, to avoid overpaying.
There are many reasons art makes a good investment.
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Remember that it is always good practice to have many different investments as part of your portfolio.
In addition to being a great way to diversify your portfolio, it also tends to stand strong against inflation.
Art can also be enjoyed while you have ownership. Original artwork is a beautiful way to decorate your home. Just make sure to keep it framed and safe so that it does not lose its value.
Like any investment, the amount you spend is going to vary depending on what you buy, but you can purchase certain collectible art without breaking the bank.
In general, artwork is going to be more of a long-term investment. It will likely not rise too much in value in just a few years, but luckily, you can put it on display to enjoy it while it potentially collects value.
In addition to art, other collectible items include comic books, trading cards and old toys.
Any items that previously belonged to celebrities, like old clothing, musical instruments, old journals and more often hold strong value.
All of these items can be bought for a few hundred dollars, all the way into the millions.
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