Looking to make a bit of money? Investing in art is a good option. But just how easy is it to make a proit?
In theory, it’s simple. For example, in February 2010, a sculpture by Alberto Giacometti called Walking Man 1 was sold at auction for $103 million. If you’d bought the statue from the Swiss sculptor in 1961 (when he created it), you’d have made a huge proit… or would you? Giacometti was already a well-known artist in 1961, so the statue would have cost a lot if you’d tried to buy it. Not $103 million dollars, perhaps, but a lot. Then, you’d have to keep the statue for 50 years, which isn’t easy as it’s a life-size statue, so you’d need to have a big lat to store it. And, of course, there’d be no guarantee that you’d be able to sell it for $103 million. Giacometti might become unfashionable, leaving you with a very large, albeit very striking, piece of modern art gathering dust in your living room.