In a world where an unmade bed surrounded by empty vodka bottles and cigarette butts can fetch £2.54 million, it’s not surprising that many of us find investing in art somewhat baffling.
The returns, however, can be phenomenal. In 1967 Roald Dahl used some of the proceeds from the sale of Charlie and the Chocolate Factory to buy a small oil painting by his friend Francis Bacon for £2,850. When Study for Head of Lucian Freud eventually sold at Christie’s in 2014, it fetched £11.5 million.
But with no clear concept of cost, how can a novice buyer know if they’re getting value for money? In many cases, the simple answer is that art is worth whatever someone is willing to pay for it. Factors that artists take into account when deciding the price of their work include the time taken to make it and the materials used.
Buyers on a budget can head to the Affordable Art Fair that starts in Battersea Park, southwest London, on Thursday. More than 100 galleries will be selling original artworks for between £100 and £5,000. Angie Davey, the creative director of Eyestorm Gallery, says that rarity affects value. “A limited edition print from an edition of five will be valued higher than an edition of 50, even if it’s the same size and by the same artist. Sometimes as an edition sells, it then rises in price. It’s also good to ask about the artist — where they studied, where they are in their career and how well their work sells.”
Solo international exhibitions or shows in well-known Bond Street galleries can be good signs, as can any commercial collaborations. Diane Tuckey, the director of Outline Editions gallery, says that the materials used can affect pricing. Some works that she has sold have included gold leaf, which pushed up the costs, and another range involved the artist buying a special die-cut machine that cost several thousand pounds.
Advertisement
Ultimately, most experts advise that you buy for love not money. As Ms Tuckey says: “The best reason for buying an artwork is because you like it.”