How Collecting Art Can Lead to Wealth

Many collectors are unaware that they can build their wealth as art works increase in rarity and value. They have never heard of the benefits of purchasing works in private collections, and rarely venture outside of their chosen sources. This can lead to poor comparison shopping skills and an inaccurate understanding of the marketplace. Buying from one source only limits your opportunities to expand your knowledge and expand your collection.

Art investments can increase in value significantly. In the last several years, there have been numerous auctions where artwork has fetched more than their original price. While you may not become wealthy by owning a piece of art, it can still be a great way to increase your net worth and enjoy collecting. Consider Robert Scull, a taxi tycoon who sold a piece of his collection in 1973 for $900. Today, his art collection is valued at nearly eighty million dollars.

If you are looking to start a collection, you should begin by researching the history of each piece. If you are not sure about the value of any particular piece of art, you can always buy an appraisal to see if it is worth the price. However, if you want to start a collection of art, you should do it early. If you plan on selling or giving away your collection, then you should think about creating a list. Ideally, you can also keep a spreadsheet of the price of the pieces you have purchased.

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