Aside from conventional bricks and mortar sellers, it is highly recommended that you look into what is on offer for sale on the internet. An obvious advantage of using the internet is that you are better placed to shop around and compare prices, in addition to doing the necessary research to determine what sort of art is hot or coming up at the moment. In addition to this, products are often cheaper on the internet because virtual shops don’t have to pay rent or salaries to shop assistants. This factor is particularly significant in the art world, where up to 30% of the total sale price for a painting can go to the gallery as commission.
One such online site for buying contemporary art as an investment is Artbank.com, the UK’s premier fine art trading website. Artbank has a wonderful selection of paintings, prints, photographs, sculptures and ceramics for you to browse through. The art is categorised into styles ranging from abstract, figurative and surreal and by the artist’s nationality and subject matter to be easily searchable, and the seller can be contacted directly. One of the features of Artbank that might appeal to the budding investor is that anybody can post art on the site, so it is more likely that they will be able to uncover a hidden gem. Alternatively, if there is a particular artist that interests you, Artbank can contact you whenever a piece by that artist comes up for sale on the site. And remember that Artbank lets you contact the seller directly and doesn’t charge either you or the seller any fees or a commission on the final sale, enabling you to buy the painting at the lowest possible rate.
Insurance issues are also a consideration when collecting art for personal or investment purposes, so seek advice from the dealer to ensure that you are properly covered. Also, it is a good idea to check with your financial advisor for more details about how investing in art might be a valuable asset to your investment portfolio. Once you have established the financial sense of investing in fine art and the various tax brakes attendant to it, in combination with learning more about the art market itself, you are in a good position to start collecting. Here’s hoping you uncover the next Picasso or Van Gogh. The very best of luck!
