The contemporary art market is all too often the target of unfounded criticism and prejudices. Over the years individuals have fallen prey to unjustified preconceived ideas about investing in art. Artalistic has decided to untangle myth from fact so that you can learn more about this quickly growing investment opportunity.
Misconceptions surrounding the contemporary art market
1. It is only for the ultra-rich
Even though the global contemporary art market represents 60 billion euros, you don’t need to be part of that elite social class to invest in art. Taking an interest in contemporary art is not a sport for just billionaires, even if some works by the greatest artists, like Banksy or Jeff Koons, sell for very large sums that would break your more modest piggy bank.
It is important to note that the vast majority of buyers are amateurs who are curious about art and who invest only limited amounts of money.
The contemporary art market is not just for the rich
The contemporary art market is teaming with very talented emerging artists who sell paintings, drawings, photographs, numbered editions and sculptures at affordable prices. Some have very accessible prices starting at a few hundred euros! Your dream of purchasing a piece from one of the famous Japanese artist Murakami’s limited editions at an affordable price might be more attainable than you think. In his essay, The Work of Art in the Age of Mechanical Reproduction, one of the philosophers of the Frankfurt School of Art, Walter Benjamin, said that art is by nature reproducible. This thesis is widely accepted!
2. Novices should not invest in art
Many people mistakenly think that you need to have a degree in art history in order to fully understand the contemporary art market. Being passionate about art means letting your emotions, thoughts, personal culture, memories and desires speak when looking at pieces of art. Don't shy away from exploring galleries, museums or browsing specialized art investment websites. Remember that investing in art is a unique way to diversify your portfolio because you can enhance your home décor and enjoy the powerful emotions evoked by your pieces while letting it appreciate in value while you enjoy its presence on your living room wall.
3. The contemporary art market is an unwelcoming environment
Another notorious prejudice about the contemporary art market is that it is a domain reserved for the elite. The democratization of art is palpable. With countless exhibitions open year round, acquiring a work of art can be very easy! Art touches all strata of the population due to its universal, often unclassifiable nature; the elite have yet to monopolize this sector.
4. Works of art are too expensive
The idea that "Art is too expensive for me" is a quite unfounded statement. The big names and world-famous artists only make up a maximum 1% of the global art market. Most pieces are sold for less than €3,000. 90% of artists do not make a living with their art. Not everyone's name is Damien Hirst!
5. You have to live in a big city to appreciate art
If you are interested in art and its market you have to live in Paris, London or New York. Here again, preconceived ideas can be swept aside, as there are countless ways and opportunities to learn about the contemporary art market and how to invest in art.
There are many art galleries in all of the major cities in the world. Secondly, it is very easy to find out about and buy a piece of art online.
6. Investing in art is only good for earning money
The contemporary art market is not just about making money. Some galleries are run by people who are often struggling to make ends meet. As for artists, as we have already mentioned, their status remains precarious, except for the great figures and celebrities, who are therefore not so numerous. The love of art is much more important than the love of money. It is a lifestyle choice for many of them.
7. Anyone can do it!
Contemporary art is just showmanship, it's easy, anyone can do it and it's worth a fortune! Well, if it's that easy, the people saying this should give it a try! This very widespread idea shows a total ignorance about the process of creation. People who think that anyone can create art should go talk to an artist or specialist working in the field so that they can fully understand what they are talking about. Open-mindedness often leads to a better understanding of the world and the people in it.
8. It's for people with questionable taste
Contemporary art is ugly nonsense. Keep in mind that there is not just one type of art but infinite possibilities. The contemporary art market’s intricacy is largely due to its diversity. It is impossible to easily define this market thanks to the wide variety to styles, trends and media.
9. It is not really art
Contemporary art is useless and it is not really art. It diminishes historical and secular pieces. Contemporary artists are provocateurs that do not have a precise goal in mind. This scepticism and utilitarian vision of art runs counter to its inherently indefinable nature. After all, how can you define beauty or the true purpose of art? To answer those questions one could write an entire philosophical discourse.
10. Investing in art online is dangerous
You have to see a work of art with your own eyes before you buy it. This is not necessarily true. Nearly 70% of collectors purchase pieces from catalogues or on the Internet. If you are looking to purchase a piece of art online, the most important thing is to make sure you are dealing with a reliable website and real professionals. Artalistic is a great place to get started. We have teams of experts working around the clock to make sure that you have a seamless experience investing in art.