On Saturday afternoon, I went to an art gallery and bought my first very high quality painting. I have graduated from the college days of posters to the grown up days of fine art. A lot went through my head before I handed over my credit card.
I Will Look at It Every Day
First off, I am not trying to say that I am an art investor. There are people around the world that buy art simply to sell it for more at a later date. I am not planning on that.
I bought a beautiful painting by my favorite artist that I will look at every day. Unless I am out of town, I am at my home regularly. In fact, I live there. I want to be comfortable and happy with the place I live, and having beautiful art will make spending time in my home more enjoyable.
The painting is not to everyone’s taste, but I love it. I had a martini the other day and just sat there looking at it. I think it is an amazing addition to my home and I get a lot of value from it.
This Was Not an Impulse Purchase
I didn’t walk in on Saturday knowing I was going to buy it, but I have been planning to buy a Michael Godard painting for over three years. I first discovered Godard about five years ago, and couldn’t afford any of his work.
As time has gone, my income has increased. Buying a painting was no longer an issue of being beyond my means.
You all know that I hate impulse purchases, and I would never have spent so much on a whim.
The Value Will Increase Overtime
I know I just said I didn’t buy it to sell it, but I know that I always can. There is a big market for paintings by Michael Godard. He has made a name for himself over the last 15 years and has become known as the “rock star artist.” Having had the pleasure of meeting him on Saturday, I can personally verify that he has earned the nickname.
The market for Godard paintings is alive and well on eBay and galleries across the country. His giclée limited editions have all increased in value over time, generally doubling or more every five years.
I know exactly what I could re-sell the art for today and can estimate what it will be worth in the future. I am proudly owner of #43 of 200 prints of my specific painting, called “Cosmos in Love.”
I Could Always Sell It
Worst comes to worst, I could always sell it. Unlike most purchases, art is an appreciating asset. Quality art does not go down in value over time. It is important to understand exactly what you buy, where you buy it from, and have a way to verify the authenticity to be able to sell. I have all of those easily accessible.
Over time, I can track the market value of the 200 copies of “Cosmos in Love” and can easily value my asset. As long as I keep it in perfect condition, I don’t need an appraisal to know the value.
Make Sure Your Property is Insured
I have already contacted my insurance agent to make sure this valuable artwork is covered. It would be a shame if anything happened to it, but it would be even worse if it were not covered by my insurance.
If you own any expensive art, jewelry, or other property, make sure it is covered in your insurance policy or get an adder to cover yourself.
Do You Own Valuable Art?
Have you ever bought an expensive painting or other artwork? Did you view it as an investment or something you planned to keep? Please share your thoughts and experiences in the comments.