As the name suggests, oil paintings are made using pigments of dry oil as the foundation. Some of the most famous dry oils used for the task are linseed oil, sunflower oil & poppy oil. Artists often use oil depending on the kind of texture and color they want to depict on the canvas. Also, some dry oils take longer to dry, and process compared to others.
The custom of using oil paints started way back by the Buddhist painters in Asia, in the 7th century A.D. Such pre-historical work can also be found in India, Afghanistan, and neighboring countries. It got its recognition by Europe only in the 12th century A.D. With such background, richness, and acceptance of oil paintings, the question arises if they make a good investment option.
For starters, paintings aren’t linked to the stock market, and hence a bad day at the bourses doesn’t necessarily mean a bad day for the art collector. In other words, if you have the money then investing in oil paintings can not only help you diversify your portfolio but also act as a hedge for rainy days in the future. Let us look at some of the reasons why you should invest in oil paintings.
If you are thinking of short-term trading in art then do not buy it in the first place. One of the key reasons why you should buy oil paintings is their long-term valuation. Oil paintings mature like fine wine, its essence increases and so does the significance it carries. For example, Albert Bierstadt landscape paintings would fetch you more than it would have during his lifetime.
Think of these oil paintings as a secure way to pay yourself when you are facing a financial crunch or need to mobilize your assets to start a business or repay lenders. However, do not that art is not a super-liquid asset which means that you cannot just choose today to take down a painting and sell it the same day. You will need to plan to resell and allow some time for the right price.
If you look at the banks in the United States, the returns on your savings bank account will be insignificant. Besides, it will not even be able to counter inflation rates (in most countries). The statistical data for returns on oil paintings over a considerable period is around 4% between 1957 and 2007. Hence do your research in the right artwork and invest in oil paintings today!
Buying oil paintings is better than letting money out as a private lender too. A lot of rich folks have this tendency to let out money at higher interest rates to make moolah while they sleep. While this idea may be novel and passive income is something to yearn for, risks associated with private lending are plenty. Even your best of friends and confidants can cross you and you might lose it all, with no legal recourse available to you click this for more.
One of the key reasons that oil paintings are more popular than any other type of artwork is that it is economical both for the creator as well as the buyer. Throughout history, artists have preferred cheaper canvas, pigments of oil paints over fancy material. It makes all the more sense since the result is a shining piece of artwork!
Similarly, buyers have so many options in the 21st century. Imagine if you purchase smaller artifacts that cost millions and then for some reason it breaks into pieces. Blame the kids or your dog, you stand to lose. Moreover, the resell value for such artwork is not a guaranteed fancy return. Whereas, oil paintings can hang on walls, out of the way, and at one-tenth of the cost!
The first thing needed to buy art is passion and love for art. Due to the extra sparkle in Oil paintings simply because of the nature of the material used, it is an excellent way to be a hobbyist or an art collector.
With a personal collection of oil paintings, you can host art meets at home, create a social circle of art lovers and grow your network in return. Not only does it take care of your extra funds, but it also allows you to have a richer social life and be that razzmatazz that you wanted to be.
To invest in oil paintings or not depends on your investment goals, financial standing, and whether you are passionate about art in the first place or not. We’d advise investing in oil paintings only if you have a heart for art at all. Do not simply run after the monetary aspect of the art business.