When it comes to spending money on something that will add real value to your life, look no further than original art.
The results of a 20-year-long study by psychology professor Dr. Thomas Gilovich revealed that, when it comes to the pursuit of happiness, people should spend their hard-earned cash on experiences rather than things.
He argues that our experiences become part of our identity in a way that our possessions do not. But there are always exceptions to the rule, and in this case, we think that exception is in buying original art.
Here are our top reasons why buying original art can be a great investment.
1. Best of both worlds
Strictly speaking, an ‘investment’ should bring you a return. But if you’re spending your hard-earned cash, it will also ideally bring you an instant buzz. That’s why art is perfect. Although it might not yield the greatest long-term return - author of Art as an Investment? Melanie Gerlis, predicts around 4% if held between 5 and 10 years – if you pick the right piece for you, it can give you years of pleasure, which is priceless.
2. Directly support the artists
Artists usually do the job for their love of the craft rather than earning the big bucks, so supporting them is worth its weight in gold.
3. It will never go out of style
The beauty of investing in original art is that you’ll have chosen it for reasons unique to you, meaning it will never go out of ‘style’. Buying generic art instead can often seem like the more affordable option, but if you consider how often you could potentially be changing your mind on it, it could actually be more costly in the long-run.
4. It’s a conversation starter
No matter who you have visiting, people will notice your original art. Children will be drawn to it, asking questions about what it means and where it came from. And you’ll usually have a great story to tell, unlike if it was a mass produced piece from the store at the end of the road.
5. You’re not in it alone
There are national initiatives to make buying and owning art more affordable. At Hitachi Personal Finance, we support the Own Art Scheme by providing a 0% loan so you can pay for your purchase comfortably in 10 equal monthly repayments, rather than having to pay the full price upfront. You can borrow from £100 to £2,500.
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