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Everything You Need to Know About Investing in Art for Your Business

Estimated reading time: 2 mins

Investing in assets as you grow your business is part and parcel of the corporate journey. These assets may include company vehicles, machinery and equipment, stationery for employees, and office furniture – but what about when it comes to decorating your business space?

The aesthetic value of your offices plays a crucial role in boosting (or reducing) your business’s reputation. Therefore, you will want to make doubly sure that you do a great job in terms of making the space both beautiful and relevant to your brand. One of the fastest and easiest ways in which to guarantee a positive impression is to invest in high-value artwork. The question is, what exactly do you need to know about investing in assets such as this? Read on for the details.

Meet with an expert

The art world is incredibly diverse, often making it challenging to decide which pieces will work best for your business. This is why so many business owners opt to meet up with an expert within the artistic realm. Art advisors and investment companies specializing in artwork can assist you in narrowing down the options and ensuring that you get your money’s worth.

If you decide to embark upon this adventure solo and you find a stunning piece that takes your fancy, it is always worthwhile to enlist the services of an appraiser before handing over your credit card.

Go to the right places

There are countless scammers out there who try their best to pass off prints as originals. As such, you need to be extremely cautious about where you go in search of art. Look into local museums, auction houses, and galleries, and ask close friends and families with a penchant for the arts to recommend their go-to distributors.

Get insurance

You have spent a lot of money on your office art, so you will definitely want to ensure that it is properly safeguarded should it incur damage or fall victim to theft. While most general commercial insurance policies won’t provide adequate coverage for high-value art, there is such a thing as specialist art insurance. This insurance will offer you total peace of mind that your proud investments are adequately protected.

Analyze your reasons

The artwork that you buy will depend heavily on your reasons for buying it. Is it your goal to eventually re-sell the piece at a higher profit? Or do you simply want to treasure a beautiful piece and share it with your clients? If it is the former, you will need to be a lot more strategic in your purchase decisions and conduct thorough research on various artists. If it is the latter, let your personal tastes and preferences be your guide.

Most importantly, do not be afraid to ask for advice. Investing in art is an incredibly intricate and complex process, and it isn’t something that you want to do on impulse. Take your time, consult with the right experts, and look for works that truly impact you. Enjoy!

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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