Contemporary art is on course to usurp fine wine as the luxury acquisition of choice with shrewd investors, as 2017 draws to a close. Cited as the best-performing high-end investment this calendar year, this now-acknowledged honour has been bolstered by increasing numbers of millionaires opting for modern masterpieces instead of other traditional showcase-worthy mementos of wealth appreciation, such as classic cars, expensive watches, stocks and shares, Chinese ceramics and collectable coins for example. While experts insist that rich people are choosing art for pleasure as opposed to purely material speculation, they also concede that, ultimately an investment opportunity is a likely motivator from the outset. What’s more, you can’t discount the obvious status symbol factor coming into the decision making process either, as the hanging of contemporary compositions lend themselves to this endeavour, unlike, stocks and shares, let’s say.
Percentage gains for contemporary art collecting show that pieces sold at auction rose in value by some 16% over the 12 months to the end of September, making art acquisition the second biggest investment among the wealthy after fine wines (17%). Having said that, authors of the luxury index, Knight Frank forecast that art will ‘comfortably’ overtake wine by the time the New Year’s rung in, and has spoken of art witnessing a marked resurgence in perceived kudos in the last 12 months or so. This renewed interest was highlighted of late by the well-documented – and world record-breaking – sale of Leonardo da Vinci’s,’ Salvator Mundi’ for a whopping £333m. Meanwhile, contemporary artists like Basquiat are also seeing significantly higher prices paid for their more notable works. And while not all artworks sell for anywhere near this staggering sum, a spokesperson for Knight Frank told www.theguardian.com that; “There are plenty selling for $50m, $100m, $200m,” adding; “the confidence is definitely back.”
The Finest Art Money Can Buy, Will Replace Finest Wine in 2017 Luxury Investment League Standings, According to Experts
In terms of the artists who are attracting most fascination with potential big money investors, then it remains the usual suspects for the most part, including the likes of iconic Pop Artist, Andy Warhol and revered abstract practitioner, Lucian Freud; whilst those would-be buyers tend to hail from North America or Europe. However the Chinese have also begun to show their appreciation of art in all its forms (particular western) in more recent times, on which note Knight Frank added; “As the developing world becomes more mature, and people send their children to school in the UK they start to become more exposed to art and become connoisseurs.”
Unfortunately not all of us can write blank cheques when it comes to the acquiring of contemporary art which takes our fancy, and therefore it’s reassuring to learn that a few tiers down from Da Vinci, Warhol and Freud, there’s a raft of incredible alternative pieces of contemporary art from which to choose. And at the forefront of both sourcing and providing a host of big name contemporary artists (who are still in the land of the living and plying their trade as we write), Chelmer are more than happy to help you find the perfect addition to your own collection. Or indeed, land you a piece which will act as a starting point for a future one; courtesy of Doug Hyde, Peter Smith, Stuart McAlpine Miller, Nic Joly, Caroline Shotton and many, MANY more besides.