Art market acquired a somewhat bad name with huge sums flying around for pieces of art that out of context often don’t make sense. It’s not unreasonable to ask how do some artists manage to be able to ask such extortionate amounts for their art. The answer is complicated and the path there not straightforward. A combination of luck, and being in the right place at the right time is often as important as working hard. After all, if artists were not committed to working hard, they wouldn’t be in the business.

 

Damien Hirst, Away from the Flock, 1994
Steel, glass, formaldehyde solution and lamb, 95.9 × 148.9 × 50.8 cm

 

Art market is often unpredictable. It’s likely that famous artists who are either dead or already in art history text books with large retrospectives in big museums (think Jasper Jones) will keep up their prices and they will be steadily rising. However, even well-known and shown artists can fall out of favour and their art may go significantly down in value.

 

Jasper Johns,
Flag, 1958.
Encaustic on canvas. 104.4 x 153.7 cm

 

Whatever the budget therefore, what is most important when buying art, is the enjoyment of it. Of course, if you buy extremely expensive pieces, they’ll need to stay in storage, but can still bring enjoyment. If you do not have an expansive budget, buying pieces that you fall in love with is the best way forward. After all, there’s always the chance the artist who caught your eye will rise in name within few years; however, it’s probably best not to bet on it.

 

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