Sunday, February 5, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Real Estate

Why some investors are choosing art over property as the real estate market heats up

MtR by MtR
June 13, 2021
in Real Estate
0
Why some investors are choosing art over property as the real estate market heats up

Related articles

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

Global anxiety over Chinese real estate crisis

August 10, 2022


Artist Tania Blanchard had just finished building a new home studio when COVID-19 hit and, as the economy plunged into recession, she began to feel nervous. 

Key points:

  • Auction houses say art sales have doubled since COVID-19 hit
  • An increasing number of investors are choosing art over property
  • New art gallery HOTA, on the Gold Coast, has welcomed 28,000 visitors in its first month

“I was really worried that I wouldn’t be busy and people wouldn’t be able to afford art,” Ms Blanchard said. 

But her concerns were short-lived.

With people spending more time at home, embarking on renovations and unable to book overseas holidays she witnessed a COVID-inspired renaissance.  

Cashed-up art lovers opened their pandemic purses and started spending big. 

“Suddenly, I just became really busy,” Ms Blanchard said.

“It was a really crazy time.”

A young woman sits in front of a colourful painting.
Singer Amy Shark recently purchased a Tania Blanchard painting.(

Supplied: Tania Blanchard

)

Ms Blanchard recorded a significant increase in the number of requests for valuable commissions.

“The commissions that I was doing … most of them were large artwork,” she said. 

“People were willing to spend that money.

“They thought, ‘OK we’ll invest in the art that we’ve been wanting for a while.” 

Picasso or property?

A man conducts an art auction in front of a crowd of people.
Charles Ninow, the head of art at auction house Webb’s, says there has been a dramatic increase in art sales. (

Supplied: Charles Ninow 

)

According to New Zealand auction house Webb’s, a growing number of investors are choosing art over property, as the real estate market continues to soar.

Head of art Charles Ninow said buyers were increasingly looking for alternative investment opportunities. 

He said art sales at Webb’s had doubled in recent months as people looked to diversify.

“I think that people can see that the property market is incredibly hot, I think they can see that the share market is incredibly hot,” he said.

“In the age of very, very, very low interest rates, people are looking to other things to put their money into.

“We’ve dramatically increased the amount of business we’re doing.”

A man makes a bid for a piece of art at an auction.
Auction houses say there’s been a resurgence of interest in art. (

Supplied: Charles Ninow

)

Mr Ninow said while the art market hadn’t kept pace with the steep rise in property prices over the past 50 years, it wasn’t too far behind and was still an attractive option for investors.

“If you put into the share market and put into Bitcoin, anything like that, you’re really betting on an idea and if that market goes down, the money is gone,” he said.

“But with an artwork, you actually have a real physical thing.

“You don’t have to pay tax on it when you resell it and prices do not go backwards for art.

“What other things can you buy that gives you a cultural experience, something you enjoy that also goes up in value — I mean, it’s quite unique.” 

‘Great art does appreciate’  

A painting in an art gallery.
Smith & Singer recently sold Fred Williams painting, Guthega Landscape (1975) for $1.2 million.(

Supplied: Smith & Singer

)

Auction house Smith & Singer, formerly known as Sotheby’s, conducts regular art auctions in Melbourne and Sydney and has also experienced a spike in activity.

CEO Gary Singer said travel restrictions meant art lovers had money to spend on other interests.

“People are engaging with us more than they were pre-COVID,” Mr Singer said.

“They’re willing to engage because they’re not spending money on other things like travel, not going out to restaurants as much and not shopping as much.”

Mr Singer said the majority of his buyers were motivated by a personal or emotional connection to artwork, rather than by a particular asset class.

“It’s a by-product of their passion and their interest because great art does appreciate,” he said.

Find more local news

“People really need to have an interest in it, to decide to buy it and look after it and enjoy it in the meantime.”

He said people who bought significant works of art generally also had other investments.

“They’re just deciding to maybe buy an investment or something that gives them pleasure, at the same time.”

New gallery attracts huge crowd

Bright multi-coloured building.
The $60.5 million HOTA Gallery is now Australia’s largest regional art gallery. (

Supplied: HOTA

)

Australia’s newest art destination is the $60.5 million HOTA gallery on the Gold Coast.

Since it opened four weeks ago, it has attracted an overwhelming number of patrons.

CEO Criena Gerkhe said 28,000 people had visited the gallery since its May 8 opening.

 “There’s no doubt that we’re hitting above and beyond what we’d expected,” Ms Gerhke said.

“We were expecting a lot of interest but that has just really blown us away.

“So there’s definitely something in the air.

“People are craving this connection with arts and culture.

“People have been in lockdown, you know, and they haven’t had the opportunity to have that human connection.”

A woman stands in front of a graffitied wall, with artwork in the foreground.
Burleigh Heads artist Tania Blanchard with works from her latest series, Gravitation.(

Supplied: Tania Blanchard

)

For artist Tania Blanchard it’s a connection that transcends state and international borders. 

“I sell a lot of my art interstate and overseas,” Ms Blanchard said.

“I just sold two paintings to Barcelona and I’ve just got a commission for someone in Germany.

“It’s an absolute blessing, I just don’t take it for granted for one second. I just love what I do.” 



Source link

Related Posts

Investment in overseas real estate surges : The DONG-A ILBO

by MtR
August 11, 2022
0

Ms. Kim in her 50s plans to go on a field survey to New York to see a studio condominium...

Global anxiety over Chinese real estate crisis

by MtR
August 10, 2022
0

The world’s second largest economy might have a real estate crisis looming. If that reverberates over to it’s globally-wired-in financial...

Health Care Real Estate Company Names New GC Ahead of Possible IPO

by MtR
August 10, 2022
0

Irvine, California-based real estate investment trust American Healthcare REIT has hired a new general counsel, less than a month after...

A day in the life of a Blackstone real estate associate

by MtR
August 10, 2022
0

Day in the life: Serena, Real Estate Management Associate at Blackstone, London Serena graduated from Cambridge University with a degree...

Boardwalk Real Estate: Q2 Earnings Snapshot

by MtR
August 10, 2022
0

CALGARY, Alberta (AP) _ Boardwalk Real Estate Investment Trust (BOWFF) on Tuesday reported a key measure of profitability in its...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter