People mostly buy art because they enjoy looking at it. However, ventures in collectible art, especially antique pieces, can be very lucrative. Here are three tips for investing in antique art for the resale value.
New Art & Vintage Art vs. Antique Art
There is a difference between buying art for its visual appeal and investing in a piece that has value as an antiquity. One of the primary differences is how appreciation affects the value of the piece. Antique art will already have some established value from being designated as an antique. However, newly created art will have to endure years of critical appraisal before it can be labeled as an antiquity. Collectibles attain antique status at different points, as is the case with art.
You need to determine if a piece of art is truly an antique and not just vintage. To be sure, it is wise to have two appraisals done. Start with an appraisal by an art dealer and then a second by an antique expert. Check out companies like Chicago Appraisers Association to learn more about appraisals.
Familiarity With the Art Market
No matter what the age of any piece of art you are considering for resale value, you need to become familiar with investing in the art market. It is not necessary to be an art critic, but you should understand how fluctuations in the art market affect the value of individual pieces.
Antique art will have a more stable value, but the actual price can change with market trends. Since the value of art can be volatile, it is essential to have a basic understanding of current market conditions to appreciate when to sell a piece of antique art, and when to wait. Even though you want to focus on antique art for resale, you should enlighten yourself on the overall concepts behind investing in all art.
Knowing What is Worthy the Investment
When your plan is to purchase antique art for its appraised resale value, you will either want to become an expert art appraiser, or entrust your decisions to a professional who knows the industry. The second choice will save you a lot of time and still allow you to enjoy your pursuits.
The fact is, the art market changes, and antiques in general change. To keep up with all the fluctuation in both industries requires a full time commitment. Find yourself a reliable and trustworthy art and antique appraiser before you start to buy up pieces for investment resale value.
Collecting antique art can be extremely enjoyable, but making a little profit from reselling it can be even more fun. Start with these three tips to begin your journey into the world of antique art for investment.