3 reasons not to buy a piece of art

Fsp Invest, 12 Sep. 2013

Tags: art, what to look out for when buying art, fake, overpriced, piece of art,

Investing in art is a great way to diversify your portfolio. But if you’re new to the art world, and even if you’re experienced, the market has hidden dangers. Read on to find out three reasons not to buy a piece of art…

When you invest your hard earned cash into art, you don’t want to make the wrong decision, The South African Investor’s team of experts explain.

When not to look twice at a piece of art

Avoid buying a piece of art if any of these three reasons apply…

#1: When it’s a fake
Just like any other creative field, there are many imitation artists out there that plagiarise the work of famous artists. So, do your research and ask an expert before buying a piece.

If you discover the work you’ve bought is indeed a fake, or worse copied, you’ll battle to get your money back.

Also be careful of auctions held in storage facilities or hotel lobbies. Yes, you may pick up amazing bargains there, but ONLY if you know what you’re doing.

Research is the key.

#2: When it’s overpriced
The value of a work of art is determined by what the buyer’s prepared to pay and what the seller’s willing to sell for. So do your homework.

If you’re interested in an established artist’s work, find out how much previous pieces from the same period went for. This way, you’ll have a good indication of how much the work should sell for.

Websites like www.artprice.com are a great tool to help you do just this.

#3: If you don’t like it
This should go without saying: Don’t buy something you can’t live with. You wouldn’t want to be stuck with a piece of art you don’t like and can’t sell for the rest of your life!

So there you have it, three reasons not to buy a piece of art.

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