Kathryn Tully, Freelance Journalist on the Art Market

SHADOWS AND LIGHT

The vast majority of transactions in the art market are not recorded publicly so the prices or not known. There are no public records of art transactions apart from those pieces sold at auction, and even for auctions the prices are not always disclosed. The opacity and the fact that art is not a liquid asset makes the art market all the more difficult for a novice to navigate. There is more transparency regarding sale prices for prints and multiples because of the comparables.

PAINT BY NUMBERS

The value of the worldwide art market $65.1 billion in 2021, making that year the third-best year for sales. Yet despite that number, most of the art produced in the world is not going to be sold for a profit, and estimates say that 90% of art devalues the minute it leaves the gallery. The prices for investment-grade art is generally considered to be $500,000.

LOVE

Because of the lack of resale value for most art it is often considered a good idea to buy art that one likes, making art one of the few assets where it can make sense to be rules by the heart rather than the head. For many buyers, the real value of a piece is in the pleasure derived from owning and displaying it.