It’s no secret that one of the first areas to suffer from a recession, or any economic downturn, is the luxury item market, and that may include art. I don’t include art in that market myself, but some other people do, but watch those folks out there who are still buying art. Why would they do that at a time like this?
Simple: the old adage of “buy low, sell high”. Or, as is often the case with art, buy low and keep it.
This doesn’t just apply to commodities and precious metals. Actually, for the savvy art buyer, art is often a better investment than any of the above mentioned because it survives in ways other materials can’t. It ties in with our emotions, our sense of belonging in the turmoil of advertising and hype. It gives us warmth of being. It stimulates our soul. It usually increases in value no matter what other financial events are going on. It even has the potential of becoming priceless. The advantage extends to all levels of art buyers, not just the wealthy.
Those art buyers that are out there now (and, thankfully, a few are in here at Parks Gallery), are smart buyers who sense the opportunity to buy when the market is soft. They may pay the going rate, but that rate hasn’t ballooned recently and will probably stay steady for some time. Many is the time in recent, prosperous years when a fan of a particular artist has decided to buy and discovered the prices had risen out of their range. So right now, for those collectors, and even the just-starting, is an excellent time to buy that artwork you’ve been contemplating. Not only are the prices stable, but you can usually always find a payment plan (remember “lay-away”?). Some galleries will even extend discounts if possible-it never hurts to ask.
When prosperous times return those buyers will feel the advantage of their thoughtful collecting.
Ultimately art dealers and galleries are that special bridge between artist and the buyer. Right now the favor is with the buyers and the galleries and dealers will certainly be grateful for your good business. Happy art buying!
-Steve Storz
