I went to the opening of a small art collection by Jean Sanchirico and I liked the pieces so much I considered buying one. But is buying art is financially savvy?
I chewed on this question (and the free snacks) while inspecting a pastel landscape of a local hillside that I have hiked hundreds of times with my mother and sisters. Looking at it made me homesick for my childhood. Bushy green trees floated like lollipops above a sloping, grassy meadow.
Idyllic? Yes. Ticks? No.
Then my eyes zeroed in on the price. A la carte it was $1,200. Framed, $1,400.
I poured myself another glass of free wine. I can’t afford it, I said to myself. And besides, isn’t buying art a waste of money?
I could be saving for my retirement or feeding starving children. The return on investment of art is, in this particular case, re-living positive childhood memories and familial relationships. The payoff is emotional, not financial.
The only tangible, i.e. financial, benefit is if I sell the piece. Not a scenario I can count on.
Is a few minutes of emotional pleasure a day worth more than a thousand dollars?
I suppose I should measure the cost over time. Say I enjoy the piece for 10 years, which brings the $1,400 cost to $140 per year, or $.38 cents a day. I spend 4 times that on Internet access every day, 18 times that on car insurance, and 30 times that on food.
The homesick pastel is looking a lot more affordable.
I could also measure the cost – $.38 a day – by looking at what else I could buy with that money. An extra $.38 would get me about 4 miles worth of gas, a homemade cup of coffee, or a small piece of candy. Everyday for 10 years.
And if I saved the money?
If I invested $1,400 off the bat and let it grow for 10 years, a conservative 6 percent rate of return would put $2,507 in my pocket, according to this compound savings calculator. So the price of the art is really $2,507.
The painting moves father out of reach.
There is also the effect that buying art has on the community. Buying art increases the quality of life two people. The artist, who gets paid, and the buyer, who enjoys the art. You can throw in the families of those two people and the benefits are still spread very thin.
By contrast, donating the art money to a charity increases my quality of life, via emotional satisfaction, and that of many others, via the care or nourishment they receive.
Which makes buying art not only more expensive than it appears, but selfish.
And yet…
I hesitate to write off art entirely. I considered a career as a musician, after all. So I turned to my mom.
“Even for all the poverty and hunger in the world, there has to be art and music,” she said, her opinion instant and sound. “You have to reach for something. You can’t always be practical.”
I am very practical. Perhaps too much so because she is right. Enjoying art is valuable and necessary.
But enjoying art – seeing a play, going to a museum – is different than shelling out major cash to hang a pretty picture in my living room.
I cannot justify the latter. Right now in my life there are too many tangible things I need and want to buy and save for to make buying original art a financially savvy decision.
If the artist had a $50 print for sale, on the other hand, I would snap it up immediately.
Is buying art financially savvy for you?
UPDATE: A reader named Maggie had a fantastic answer to this question – so much so that I wanted to share it with you all!
I can’t agree with you on this one; I really can’t put art into a category of bargain hunter. Art is something that makes a house a home…something you look at everyday. I make it a point, anywhere I travel, to buy some sort of art. My home is filled with Mexican & Italian watercolors, Caribbean bowls and picture frames, and of course, my own travel photography, framed. I love looking at the pieces daily and remembering the trips I’ve taken. Don’t they say a picture is worth 1,000 words? You didn’t do the breakdown calculation for that stipulation…
SECOND UPDATE: Reader Keera says some art is so powerful it is more valuable than even shelter.
What is art and what is an investment? As an artist I come to appreciate what I like to make. I also like to go around to fellow artist and see what they love too.
Sure, I too like to think of a piece of artist work as a investment, but I am not like those billionaires that could throw money into the air and don’t care how much it cost.
I have to look at the big picture (no pun there). Do I love this painting or artist so much that I willing to go hungry, not to put gas in my car, or maybe pay my rent late or not at all? Is that painting of a landscape from my distant past worth seeing again? Even if I had a wonderful time at that place and time? Or could I do something better than that piece and still have a roof over my head and food on the table?
What do you think?
Welcome to Bargain Babe! I’m Mara, and I’m so glad you’re here. I am an obsessive bargain hunter and penny pincher, and I am determined to live a full life without EVER paying full price.
I can’t agree with you on this one; I really can’t put art into a category of bargain hunter. Art is something that makes a house a home…something you look at everyday. I make it a point, anywhere I travel, to buy some sort of art. My home is filled with Mexican & Italian watercolors, Caribbean bowls and picture frames, and of course, my own travel photography, framed. I love looking at the pieces daily and remembering the trips I’ve taken. Don’t they say a picture is worth 1,000 words? You didn’t do the breakdown calculation for that stipulation… 😉
(If you want to save money on art, though, there are ways around paying $1,400 for an original. Frame your own photos–they could be better than you think, and with a quick adjustment in photoshop, they could definitely be frame-worthy. Buying a cheaper print, of course, is always a good option. Seek out local artists at craft shows or farmer’s market or little boutiques on Abbot Kinney, etc…you might be able to get an original for less from an up & coming artist! Frame postcards you pick up while traveling. And something I haven’t done yet, but might when I have my own home someday…Dooce, from Dooce.com, has I think a couple times now, recommended a couple of children’s books with vivid, amazing artwork. Not that I’m encouraging defacing a book…but even if that one book costs $80…you’re getting a bunch of potential art. Just a thought…)
Buying art is something you do to enrich your life. It is something you collect or buy when you can afford it and when you find piece you love. If you’re financially strapped it should be off the buying agenda. But good art has tremendous value above and beyond its dollar value.
If you want that art piece and you can actually afford it… buy it , but buy it framed so you can enjoy it immediately.
If you can’t afford it, pass on it. A time will come when you will be able to buy and enjoy quality art work.
Don’t think of it as an investment, if you love it buy it.If you like the frame, $200 is not unreasonable. Custom framing is very expensive and absolutely can make the piece. You could give it to yourselves for birthdays, your anniversary, early Christmas.
I have found some art pieces I absolutely love but also cannot afford. I’ve found that framing the things you already love can make some amazing art pieces for your home. My daughter is 20 years old now but I dug out some old pictures she did in grade school and framed them.
You can also make collages of things that trigger memories – a piece of a worn out baby blanket, a photo, a souvenir. Really the possibilities are endless.
Also if you want to find something that may look more like art take a look for art books at the Goodwill or vintage photos or advertisements and frame a print you like. I went to an amazing yard sale last weekend where they had thousands of vintage prints of ads, articles, magazine covers and art for only $1 each. Wish I could have looked through them all!
You would also be surprised how nicely some things may print from the internet if you have a good printer. Remember copyright issues though!
I also love shopping for art and buying art. I just purchased the fourth piece in my collection … my rule is that I always buy original art and I never spend more than $600 for a painting.
I buy art that I love and I always buy from full time, career artists who promote themselves (gallery, shows, online). I’m not buying art for investment … I buy for enjoyment, but I like knowing that there’s a chance someday it’ll be worth more than I paid for it.
I just happened to be on vacation in the neighborhood when I wandered into an art show. There I purchased an original watercolor from a local artist at a silent auction art sale to benefit a local school. I kept getting drawn back to the piece. I waited until the last minute to enter a bid to keep the price from escalating out of my range.
I didn’t like the clear acrylic frame so I ended up paying more for a custom frame than for the art. I enjoy the picture every day as I walk through my dining room into my kitchen and it is the perfect size and shape for the area.
The piece definitely enhances the quality of my life, which is an important factor. It was definitely worth the money to me.
What is art and what is an investment? As an artist I come to appreciate what I like to make. I also like to go around to fellow artist and see what they love too.
Sure, I too like to think of a piece of artist work as a investment, but I am not like those billionaires that could throw money into the air and don’t care how much it cost.
I have to look at the big picture( no pun there). Do I love this painting or artist so much that I willing to go hungry, not to put gas in my car, or maybe pay my rent late or not at all? Is that painting of a landscape from my distant past worth seeing again?even if I had a wonderful time at that place and time? or could I do something better than that piece and still have a roof over my head and food on the table?
Many times when going to places that a artists are selling their pieces, and I like to purchase the work of art I all ways check to see if they have a more than one copy at a lower price. If not, I would ask for their card or any contact informatiton so that when I am ready to purchase I would contact that person and see what they have at a good price. Maybe for investment, or too reminisce.
I am an artist and also very thrifty. I have found myself in situations where I see someone’s work that I love but due to lack of funds (at this point in my life) I can’t afford. While often it means I have to pass up on buying pieces, sometimes I can find something in my price range.
Other ways I get an art deal:
-If I like another artist’s work (that is a friend) I will ask to trade them a piece for some of my work.
-I am often willing loan work to a friend to hang on their wall so more people can see my pieces. (I have a lot of work still in boxes or closets) They get free art for a while and maybe someone sees my work and I get a sale. I know a few other artist that will do this with their friends.
Final note:I think artists offer the world a wonderful service to society and I am always appreciative of people who see the value in art even if they don’t always buy 🙂
I love the comments above and wanted to chime in. The most talked about “pieces” of art on my wall were bought: 1. at a sidewalk sale for $200 framed (everyone who comes loves it and wants to know the artist), and 2. painted by a friend, a HUGE madonna and child that was a gift. These 2 oils on canvas make a beautiful statement in my home, and I can stare at them for hours. Art doesn’t have to be expensive to be treasured. But it’s definitely a “necessity” that inspires musings and deeper thought!
Sure, buying art is rarely “financially savvy”, but if you’re ever going to buy art, either for appreciation or as an investment, now *really* is the time to buy art, according to the experts. Heck, Southeby’s and Christie’s are having clearance sales for the first time in history! Check out the piece we did for Shoestring back in the winter for our interviews about the state of the fine art world during the recession: http://www.shoestringmag.com/cheap-chic/cheap-chic-benefits-bargains-the-art-giving
Thanks for the tip and sharing the extra info, Melissa.
First, thanks so much for beginning this conversation! As a full-time artist, this is an issue dealt with daily. American society has a very hard time appreciating visual art. In popular media… film, TV…the visual arts are very often demeaned. I believe it is because the visual arts do speak to our spiritual nature, and so call for a degree of quiet and contemplation to appreciate…certainly a perfect element for a true home. I believe “the investment” you are making when purchasing visual art is in YOURSELF…”priceless,” as the familiar ad goes…will your spirit be renewed daily by living with that object? Does it really resonate with your own interior beauty? spirit of playfulness? depth? Will its positive energy enhance every gathering of family & friends you have in that space? That, I believe, is what your are paying for when your purchase a piece of art.
So I read, with interest, your article on the art of sacrifice.
What a brilliantly constructed piece. In it you have provided me with a perfect rationalization to stop purchasing The Newark Star Ledger and get all my news and, heck, even your columns for FREE. I don’t even have to deal with the cheap, knock-off print option.
I realize this might impact the lives of others in a slightly negative fashion but I would donate some of my savings to charity so I felt better.
SO lets see how this works out. If I take the $.75/day for the weekday paper and conservatively figure that I buy it 200 days a year, probably a low estimate, it costs $150 a year or $1500 for the 10 year period you favored in the article and even more expensive than the painting.
Thanks for that tip. I’ll be sure to pass it on to my friends.
BTW, it was really nice that you purposely freeloaded wine and cheese at that opening. I’m sure Jean Sanchirico doesn’t mind paying for it since frequently the artist is responsible for most if not all the costs of an opening.
Dear Bargain Babe,
Your reader Maggie is on target when she states, “art is something that makes a house a home—something you look at every day.” You seem to understand where she is coming from when you when you consider that living with art has emotional benefits. But it did not make financial sense to you after you did an amortization. The easy solution? Do not buy art you cannot afford. For example, rather than pay the $1,400 you quoted for a painting that would detract from retirement savings, buy that $50 print instead (as long as it is genuine). Better yet, buy an original work on paper, like a watercolor or pastel, done by a local artist, for a few hundred dollars. Above all, make sure you are truly “in love” with the art you buy before you “live” with it.
However, there is more to it. Unlike other objects in your home, art has the power to elevate the senses and can be inspirational, even transformative. I have a client who keeps thanking me for helping her acquire art that puts her in a good mood every time she sees it—every day. Sometimes the benefits of living with art outweigh the financial considerations. We all need positive stimuli, especially in these troubling times. Compromise if you must, but do not live without fine art.
Diane P. Fischer, Ph.D.
President, Fischer Fine Art, LLC
We buy original art for several reasons – it looks so much better than prints, it is worth every penny to get real pastels, oils, etc., we enjoy it every day throughout our home.
As Diane says – don’t live without fine art!
If you can’t afford it, don’t buy it — and that goes for cars, furniture, clothes, etc. It would be foolish to go into debt for anything like that.
But if you can afford it, please consider supporting the arts, both visual and performing. I believe that the arts are essential to our lives. They stir us to see things differently. They incite conversation and, yeah, arguments. If we’re lucky, they unlock our own imaginations.
We *could* entertain ourselves solely with free CDs, DVDs and books from the library, and free TV online. We *could* decorate our homes with pages torn from magazines and plastic gewgaws from big box stores.
But I sure hope we won’t.