For the Love of God!
Yes this piece sold for $100M, entitled ‘For the Love of God’. It is a sculpture by Damien Hirst, one of the biggest names in contemporary art today. He is just one of many artists that are selling their works for seven figures and above, and this is what I would like to briefly discuss right now.
With so much turmoil in the financial markets over the last number of years, investors have been searching out tangible assets to put their money into. Everyone has heard about gold and other precious metals as a safe investment when the value of money is not clear. Even Bitcoins have had a recent spike and then a correction, but still 5X its value from a year ago. Art though, it has been given the most attention over the last few years and it’s exciting but also scary!
Art is an asset that is hard the set a value to sometimes. Traditionally, historical work had value due to scarcity… someone that is passed, can’t come back to create more works. Nowadays, contemporary art is selling at auction houses such as Christie’s or Sotheby’s for amounts that could buy you a mansion and a yacht. There is often marketing and hype in the art world, but the best bet is to judge a piece based on the artists skill, and how the beauty of the piece affects you.
When trying to set a price on the pieces sold on Recherché, sometimes it seems like a lot to ask for one piece. So I recently took a look at a large online gallery for a similar painting themes. I looked for ‘Figurative Paintings’ and I saw this piece by John Dubrow, a nice looking oil painting.
This piece is being offered at a good gallery for $100,000. Quite a high price tag, but just a fraction of a Hirst, Warhol or Picasso!
So after doing some comparative analysis, I felt much more confident about the value of Rechereché’s art. Martin’s piece, ‘Friends Forever’, for example is priced at $8,000 and is also a figurative piece of high quality.
Now there is always the option of buying a print of a famous piece for a few hundred dollars, or maybe even a few thousand, but then it’s not an original… and everyone wants originals! So if you are interested in investing in art, I would recommend doing a little bit of research on the net to figure out how to value a piece. Most importantly though, remember that art is made to affect people in a positive way, so you have to enjoy looking at it… it has to be beautiful to you.
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