There are lots of reasons why the affordable art market is booming and some I believe may be related to the property market. There is a very new culture around collecting art nowadays that the Internet has opened up with websites like our own (New Blood Art was founded 10 years ago). Collecting art is no longer the exclusive domain of the very wealthy it’s much more accessible with the birth of affordable original art available at the click of a mouse.
Art has the capacity to entirely alter a space and whilst more and more people are beginning to buy property, with various initiatives available, there are still large bodies of people who are unable to scale the property ladder, yet who still have a relatively healthy disposable income. When buying art you invest in something that alters your living space and that you can also take with you to the next property, which is very appealing – especially when you can invest in a piece of affordable art and see significant returns too. I can’t think of any other alternative investment that relates so directly to the fabric of your home and day-to-day experience. Certainly people can spend money decorating their homes, building onto them, or altering the structure in some way, but they don’t get to take that investment with them, so directing these funds to the purchase of art is quite savvy from an investment perspective.
And of course there’s a feel good factor in supporting young artists and buying authentic original art also has an eco-edge to it – for the same price as you might buy a reproduced image you can buy an original piece of art by an emerging artist. There’s something about the authenticity and craftsmanship, the hand-made nature of original art, which fits with the current zeitgeist and the demand for authenticity. For those people renting – of which there are many, owning art is a way to meaningfully connect with their homes. When you can’t paint the walls and don’t know if your sofa will fit into your next property, here is something you can put on your wall and take with you to your next home. Starting a collection can somewhat compensate for the lack of interior design latitude that tenants have. Buying art is not something you need to wait on. When your living circumstances are uncertain you can go ahead and buy that piece of art that you love (assuming it’s not 6ft x 6ft!) and you’ll find a home for it in your next property. The 2014 art degree shows start this week – and there will be an influx of wonderful new art to New Blood Art soon!