National Public Radio(NPR) had a piece this morning
talking about the current financial crisis and Russian art
collecting. Typically when there are issues with the
stock market, people look elsewhere to invest whatever
hard cash they have to ride out the bad times. Gold
always goes up in value. Property normally is a good
buy as well. I hadn't thought about it before, but art
might be a good investment. If you knew what to buy,
didn't over pay, buy low, sell high... hmm sounds
very familiar. The story talked about the Russian art
market's evolution and how the newly rich Russians
didn't necessarily know what to purchase. They would
stick to local artists, as well as the more well known
international artists. Almost like buying bluechip
stocks thinking that you would be protected by that
valued company from market fluctuations. That
didn't happen just now. Even some of the art can't be
guaranteed. I believe the Getty announced fairly
recently that one of their pieces that was supposed to
be from a well known artist, was actually a forgery.
While art could be an investment opportunity, I don't
believe that it is not necessarily any safer than stocks.
I'll just stick to my emotional purchase of art for enjoyment.
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