Not all ultra rich people are good at investment but many are, and many regard an oil painting as an excellent investment. Art auctions are attended by many moguls and many others are at the end of a telephone when famous masterpieces are for sale. The example of the well heeled seems reason enough for thinking about why so many of them turn to art as an investment avenue.
Although major works by painters such as Rubens and Renoir are mostly owned by governments and nations there is nevertheless a healthy market for private collectors. Private individuals and some corporations with money to invest attend auctions either personally or through agents and pay very considerable sums to own a masterpiece. They understand the investment and aesthetic value of works that might grace a board room or private collection and at the same time constitute a growing asset.
In 1948 Jackson Pollock produced an oil painting that was sold in 2006 for $156.8 million. In view of the small production costs this might be seen as an investment in time and skill that is worth what an industrialist making T shirts might see as a miracle. It explains why artists are actually among the most highly paid people, although many would find that difficult to believe. It is difficult to sell a painting for this much profit unless it acquires an identity of its own which may be partly it own attributes and partly what other attribute to it.
An anecdote might serve to illustrate a point about why artists are special. A youth who enjoyed painting wanted to make it his career. His father, a wealthy scientist, dismissed the idea contemptuously, advising his son that art was for 'no-brainers'. In doing so he demonstrate an attitude that prevails commonly in materialistic societies.
The boy turned away to became a lawyer, so illustrating an important point about genuine artists. Many would rather die than not do art. That is their passion and they have to take the risk of living by it, often suffering severely as a consequence. In great pictures something of the passion remains on the board or canvas as an irresistible part of the picture.
Oil paintings are highly favored as investments because they afford daily pleasure, appreciate steadily and take very little maintenance. They, frame the daily lives of their owners affording pleasure that eclipses their financial worth. That makes them unique investments. Ownership provides intellectual, social and emotional pleasure.
A story is told that one of Van Gogh's oil paintings was used as the floor of a chicken coop before being discovered and restored to its pristine condition. This illustrates the durability of oil paintings. In addition the oil medium allows artists to work slowly adding layers to create texture and effects of light.
The Internet is a great way to find an oil painting that may be affordable and worthwhile. Although hand painted copies of great works may be bought online they are probably not good investments because they cannot easily be resold. An original work by a little known artist could be a better investment if it pleases. The pleasure that it gives will be worth what was paid for it and if the artist becomes famous its aesthetic worth may be enhanced by a considerable fortune.
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