Art Shock! Collectors Buy Art Because...

The Dream by Pablo Picasso

Please excuse the tabloid headline to this article, but I could not resist. The world of high-end art collecting is vulgar at best these days. Oligarchs and other scandalously wealthy patrons continue to flex their wallets and egos at auctions to purchase art for ridiculous sums. To add further insult many of these works remain hidden in vaults when they should be on display for the world to see. Sad.

However all is not lost for us common folk. While the billionaires buy art for ego, status or even investment there is a growing trend for collectors to buy art for the simple reason that they like it. That was the "shock" news in a recent report in the New York times titled Banking on the appeal of "Bad Art"

Collectors are buying art that is "recognizable and uplifting" and pieces that they can pay for on their credit card without risking  the children's trust fund. 

If you like to purchase original art at affordable prices then this news may seem silly. However for galleries that are struggling in these recessionary times this may be good news indeed. Art that is accessible, such as art in an impressionist style, can sell for good prices for both collector and gallery. It is OK to have art that is beautiful for the sake of beauty. You no longer have to grit your teeth at shock art, for instance, to impress your peers. Political art is one thing, but to grace your home? Perhaps not. 

If you are wondering about the quality of this art then rest assured. A high price does not guarantee good quality. Affordably priced art can be of the highest quality. Most artists are using top quality materials and do take their art very seriously. Any professional artist today will have to strive for producing excellent quality art to survive. High prices at auction has much more to do with provenance. Who owned the art work can hugely inflate auction prices.

The recent BBC documentary, What Makes Art Valuable?, provides a fascinating look into the high end art market. Watch the documentary below and be amazed by the prices and motivations behind the purchases of the top 10 most expensive paintings.

No doubt there will always be super wealthy collectors making up headline prices, but is there a change in sight? Will art be simply about art again? No price tags taking centre stage, but simply for the transcendence that art brings to artists and collectors alike? It is revealing that many art dealers and collectors in the above documentary rue the outrageous prices. Do these prices have any relationship to the art itself? You decide.

Collecting art is fun and I have never regretted purchasing a beautiful painting. I look at these paintings on a daily basis. It is a moment of peace that I am grateful for. I would not like to worry about market prices and insurance.

That would ruin the art.