Art Basel Miami starts tomorrow and runs through December 7. Gawker has a preview here. Let’s face it, in an uncertain market and economic outlook, some of you art patrons and collectors, nay most of you are about to make some foolish purchases over the next four days. There’s a lot of cachet in making ridiculous art purchases at these social functions, but may I suggest that three quarters of the art to be offered up is currently on a downward trend as far as value is concerned? The smart, although less glamorous, choice for you all is to purchase emerging artist works that have a lot of upside and a small price tag now. I know that’s traditionally a risky proposition, but not as risky as dumping millions into established name artists works that probably will never appreciate beyond today’s value. As the market turns, investors will increasingly be looking for art that exhibits skill and craft, as opposed to speculative conceptual works. I know that is horribly droll, pragmatic and downright sensible, but I think you’ll see that will be the trend in investing over next couple of years or so.
A ground floor opportunity exists to purchase one such fresh piece of art. The painting below (currently in progress) is being offered for $100,000. That is a mere pittance compared to prices you’re about to see in Miami. By all means, have a splendid time in Miami, and when you’re through, give some serious thought to purchasing the painting below.
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