Interested in the art & crafts market and want to learn more about your investing options? Wondering where and how the best place is for you to invest in art? The art market can be confusing for many, especially those who have no background in the industry.
Art has evolved into a unique type of investment. Art has to be seen as more than just a monetary investment (just like the western world) because it can turn into an emotional investment as well, that is why we came up with these 6 Tips For Investing In Arts in Nigeria.
People have always invested in art, but with the new art investment industry on the rise, it may seem like a daunting task for those who want to join in the action. These challenges fade away when you realize that it’s not as complicated as you might think. In fact, it can be quite simple. As long as you know what to do, and how to do it. Here are our 6 Tips For Investing In Arts in Nigeria
- Research Where To Buy Your Art
Buying art is an emotional process, which is why it’s so important to educate yourself about the market. Start by doing some research to help you identify what you like and what’s in your price range.
Researching where to buy Art can be a bit time consuming and confusing if you don’t know what exactly what you’re looking for. There are so many different types of art that it can be difficult knowing where to start looking for some decent pieces. You can find some useful information on our post on Top 8 places to buy Arts & Crafts in Nigeria.
First and foremost, do your research! There are numerous places that sell art and crafts that you can find online these days and each one has their own pros and cons. Make sure that you take the time to analyze carefully so that when it comes to time for you to actually buy something, you know exactly what you will be getting and from which source.
- Be on the lookout for opportunities
If you’re not a fan of the art world, it’s worth it to get to know people who are. Your social circle is a rich source of information and advice when it comes to art collecting. You’ll find out what they like, where they find it and what they think of it all. You will be exposed to new artists, museums, galleries and exhibitions that you might not have known about otherwise.
Treat this as a learning experience — don’t assume that just because you adore one artist or gallery owner that you will love every piece of art they have on display. Always ask questions and seek out more information before parting with your money.
- Invest in collection
An expertly curated art collection is a great investment for several reasons. It’s an investment into beauty. Art is not just something to put on your wall or hang in your office; it’s something that will last through time and be an enjoyment to look at.
These expertly selected collections are often sold at auction houses, so they’re easy to liquidate and get your money back out when you need it. The bigger the art collection, the higher return on investment you’ll have, since bigger pieces would go for more at auction.
- Evaluate Artist portfolio
You’ve probably heard the saying that “a picture is worth a thousand words,” and that’s true when it comes to buying art. When you go to an art gallery, it’s hard to take in everything you see all at once. Pictures are displayed on the walls in threes, but you really need to see them individually in order to evaluate them. So what do you look for when evaluating art? Here is a quick thing to consider: The artist’s portfolio.
If the piece of art is part of a larger collection, ask if there’s a brochure or other materials that shows the full range of pieces by the artist. Is the artist primarily a painter, sculptor, illustrator or printmaker? What kind of subject matter does he or she work with? Does the work have any particular thematic focus?
- Find an art consultant
Arts in Nigeria is a multimillion-dollar industry, and there are more options than ever for consumers to buy the work of their favorite artists. But in the midst of all that art, how can you tell what’s authentic, what’s a good deal and what’s a scam?
The best place to start is with an art consultant. A consultant isn’t a dealer or gallery owner, but rather an expert who helps clients learn about art and track down the right piece for them.
It can be hard to find out about new artists before they make it big — and even harder to know whether you’re really getting a good deal. An art consultant can help with both of those things.
- Invest in art for the long term
Before you buy art, it’s worth understanding why it’s worthwhile to buy art for the long term. Investing in a piece of art is an investment just like investing in stocks. The difference is that with stocks you have instant gratification. You can check your stock price everyday and see its value rise or fall right away. When you invest in art the gratification is not always so instant or clear.
Whether you’re looking for art to hang up in your office or invest in, there are countless reasons why it’s worth the investment. Just don’t forget about all of the other benefits, like overall health and well-being, greater emotional intelligence, and enhanced cognitive function. And, who knows, a purchase like this could even spike your productivity levels. Why not give it a try?
Art investment isn’t for everyone, and it may never be. Some people will just not have the passion required to become a serious collector. But if you do have an interest in art as an investment, we hope that all of the information shared in our 6 Tips For Investing In Arts in Nigeria has provided you with a better idea of how to get started and what to look for.
Looking to start investing in Art? You can start by shopping for Arts online at the CraftsVillage™ MarketHUB. Visit www.craftsvillage.com.ng now to view our amazing collection and variety of products.