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Investing in Art is the only type of investment to give not only a secure moral satisfaction due to the investment's high yield but also the spiritual pleasure of owing beautiful works of art.
Radio Piece on Art Market Recession
The BBC produced a radio piece on the art market recession. It provides an interesting take on how value is changing in the art world, perhaps for the better. Here’s an excerpt from the accompanying article:
“There is a view that this is all a good thing.
If you do like art, runs the argument in the trade, a collapse of silly prices might winnow the over-hyped rubbish a bit like a fire clears land of weed for new growth.”
And, from the radio piece:
“A really great bubble raises the price of everything, but also, that which is most worthless.”
If the market is in a recession, it’s not exactly frightening. The market has seen similar slow periods in the past and recovered. Russia Today’s article on art investment quoted the Chairman of Christie’s, Brett Gorvy, giving his take on the “recession”:
“People do see art as a tangible asset - something which they can put their money in, in bad times. After September 2001 the art market also was hit by a lack of confidence, but also a little concern as to where it was going. It came back almost immediately and became even stronger.”