Buying New Art

Last year's study conducted by the AXA Art states that new works of art are more popular among the art collectors than older art objects and that tastes strongly depend on age. The study shows that 94% of the collectors under 40 years of age prefer to buy contemporary artworks, and that this category of collectables is the favorite among the collectors over 60, who claim 68% of the ownership over it.

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The data suggest that although contemporary art is considered to be the most volatile market it is highly sought-after by young collectors. On the one hand, contemporary art is appealing to them because they understand it and love it, and on the other hand, it's one of the means for acquiring the status in the community. Last but not least, precisely because contemporary art is a risky investment it can offer the top rewards, which is of the greatest concern of those interested in high returns. 

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But what about the new art by young artists? Is it appealing enough for art collectors and investors? In terms of financial rewards, the primary contemporary market is one of the riskiest. A huge amount of artworks by young and emerging artists sold in the primary market (i.e. where new art comes to the market for the first time such as a gallery or art exhibition) will never be sold again. But some will, which raises the possibility of their value to increase. It has happened. Remember Banksy! Some young artists did emerged rapidly and achieved astronomical values for their works. The chance that you’ll discovera new Banksy, of course, depends on many factors and demands a great deal of research, study, and visiting galleries and art fairs. 

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But if you, in the first place, love art, plus feel excited about discovering new names, buying artworks by young artists may not be risky as it seems. The cost of a work by a young artist is small, so you are intrinsically buying low for your enjoyment. At the same time, you are supporting the up-and-coming artists which is a great joy too. Finally, if you develop a sharp eye for spotting big and promising talents along the way, you may actually make money out of your passion. 

 

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