The Art Newspaper highlights one of the more interesting facts included in this year’s Hiscox Online Art Trading Report. Two thirds of the respondents are buying with the hope their art will increase in value. Of new buyers, that portion is even higher at 75%.
Robert Read, the head of fine art at Hiscox, says rapid growth in the contemporary art market, coupled with a lack of options in other markets, is enticing people to “get on the art ladder”. He sounds a note of caution, however: “I wonder whether this change in attitude is genuine, or whether it is a dot.com moment where people feel they are missing out if they don’t invest?”
The idea of art as an asset class has been gaining momentum for several years. But, as Read points out, art is not where people park the majority of their wealth. “It’s not a major investment such as your pension or property; art is a side bet,” he says. The prices paid for art online reflect this—84% bought works valued at below £10,000, the report says.
Most new collectors buy art online for investment, study finds (The Art Newspaper)
