People who buy art are typically motivated by one of three factors: cultural, social or financial, says contemporary art specialist and dealer Boris Cornelissen.
Deloitte’s 2023 international Art and Finance report found that more than 80 per cent of younger collectors were motivated by investment returns, up from 51 per cent in 2021, while 51 per cent described art as a safe haven.More than $140 million of artwork was sold at auction in Australia last year, just under the $145 million sold in 2022, reflecting one of the best years for sales since 2017.
“Demand for works by specific artists – or a period within their career – always influence future sales. What is always important to look at when purchasing – from an investment perspective – is exceptional quality combined with impeccable provenance.” Meagher’s advice is to worry less about certificates of authenticity, and more about where the artwork has been traded.While there is no minimum price point for buying good art, and price is less of a reflection of quality and more about the artist’s career stage, Meagher says if he’s buying for his own collection his rule of thumb is works under $10,000.
“In the primary market, it can be very different. But if an artist is deemed collectable by the market early, prices can accelerate quickly,” he adds. “Collectors need to immerse themselves into these markets so that they can make astute decisions and not miss out.” It’s also worth checking out publications like Artist Profile, Art Collector and Vault in Australia. Internationally, look to Frieze.