A couple years ago, we bought our first piece of “real” art (meaning, we didn’t buy it at “Posters Plus”).
It cost north of $2,000, but we liked it a lot and thought it fit in well with our living room’s decor (of course, we’ve moved twice since then, which negated the justification).
Is art a good investment?
Um, no, according to some people who you might assume think otherwise:
“No Picasso is worth what people are paying today,” MoMA president emerita Agnes Gund told us at a party for Joel Gray’s photography last week. “They just aren’t that valuable in comparison. There are really Van Goghs and drawings that are worth more.”
So where should you put your money? “Real estate is always the better investment because real estate will always be here, but the prices of art fluctuates,” she said. “Oops, I guess I shouldn’t say that!”
Guggenheim director Lisa Dennison concurred. I’d have to say real estate,” she said. “You can live in it, you can hang art in it, and the prices seem more reasonable.” Real-estate prices seem reasonable? “As a museum director, it’s hard for me to say you should invest in art.”
Source: MoMA, Guggenheim Experts Say You’d Be Better Off Buying Real Estate – By Justin Ravitz, New York Magazine