The Question of what makes something, anything, in art, has baﬄed scholars for centuries. The popular adage “beauty is in the eye of the beholder” has also not helped to resolve the issue. But whichever way it is looked at, art has value. There is no doubt that artworks found in a museum or art collections are perceived as priceless.
People often think that art collections are all about buying art at aﬀordable prices, and then selling it once the artists strike big and the value of their piece’s rise. In reality, things are a bit more complicated than that.
The price of a piece of art depends on many factors, some of which can be manipulated by collectors to increase the value of their pieces. For example, a great exhibition list that includes shows, at prominent galleries and museums will undoubtedly raise the price of the art.
Also, artists’ professional development including artists’ education and the number of attended artist residencies is a factor in determining the price of art, especially for young and emerging artists.
But maybe the most important factor for determining the price of art is the artists’ popularity aka the ’Brand’.
Everyone wants to invest in artists that are unique right now, those who are being talked about and getting a lot of coverage in the press. These artists are much more likely to sell their works at higher prices than their less “fashionable” colleagues.
Art collectors like to invest in promising young artists that are expected to shoot to stardom in the years to come. To increase the value of unknown artists’ pieces, collectors often work together with artists to help them turn their name into a brand. Talk about investing towards a worthwhile future, something we know quite a bit about.
Just as we have ways of creating wealth, art collectors have a few tricks up their sleeves when it comes to getting value for art collections. Art collectors would:
- Show works in collector-founded venues.
- Lend art to major institutions.
- Invest in artist’s professional development.
- Host exhibitions at home.
- Invest in art branding.
All these eﬀorts focus on creating value not just for a piece of art but also for an artist brand that would appreciate over time. So, how about you think of yourself as an artist and we are the art collectors. Imagine how far we can go, together!
Visit a FirstBank branch near you or visit www// ﬁrstbanknigeria.com and let’s talk about it.
Meanwhile, can anyone ﬁnd out how much the Mona Lisa paintings cost?
Image source: SHUTTERSTOCK