The Benefits of Buying Australian Contemporary Art
Australia is well-known for The Great Barrier Reef, Surfer’s Paradise, Sydney Opera House, and Harbour Bridge. It is also famous for its diverse and vibrant arts scene, with countless galleries showcasing works from international and local artists. The Australia Council for the Arts says over 1.65 million Australians attend art exhibitions and events annually.
Furthermore, contemporary Australian art has gained recognition and acclaim globally in recent years. So, investing in such pieces can be wise for those who appreciate art and want to diversify their investment portfolio. They offer several benefits, including the potential for significant returns on investment, the opportunity to support local artists and the enjoyment of living with and experiencing art. Read on to know more benefits.
Potential for Significant Returns on Investment: One of the primary benefits is the potential for significant returns on investment. According to the Art Market Report 2021 by Art Basel and UBS, the global market saw a rebound in 2020 despite the pandemic, with global art sales reaching $50.1 billion. In 2023, this market is experiencing 3 per cent growth in global sales. Additionally, such pieces are gaining increasing recognition on the global stage, with Australian artists achieving significant success and recognition in international fairs, biennales, and exhibitions.
By investing in their works, you can benefit from their rising value, which has increased by an average of 16% per annum over the past decade, according to the Australian Art Market Report 2022 by Artprice.
Supporting Local Artists and the Arts Industry: Buying such works is also an opportunity to support local artists and contribute to the growth of the Australian arts industry. Many struggle to make a living due to low sales and limited opportunities for exposure. By buying their works, you provide them with much-needed financial support and encourage them to continue creating and contributing to the country’s cultural landscape.
Moreover, investing in them can positively affect the broader arts industry in the country, helping to create a more sustainable and vibrant ecosystem. According to a report by the Australia Council for the Arts, cultural and creative activity contributes $112 billion to the economy, making it a significant contributor to the country’s GDP. By investing in such pieces, you can help support this critical sector, contributing to the country’s overall economic growth and well-being.
Enjoyment Living with and Experiencing Art: Art can enhance lives and provide joy, inspiration, and a sense of connection to the world. By investing, you can create a meaningful and enjoyable living environment surrounded by beautiful and thought-provoking works that reflect your tastes and interests.
Additionally, owning such works can also be a source of intellectual and emotional stimulation, encouraging you to think more deeply about the world and your place. Their works, in particular, often explore themes related to the country’s history, culture, and identity, providing a unique and engaging perspective on Australian life and society.
Like any other investment, they require careful consideration and research. It is crucial to work with reputable galleries and dealers and thoroughly research artists and their works before purchasing. It is also crucial to consider the logistics of owning and storing them and the costs associated with insurance, framing, and maintenance.
Furthermore, buying Australian art can be a smart financial and cultural investment. It provides the potential for significant returns on investment, the opportunity to support the local industry and enjoy living with and experiencing art. However, it is crucial to approach such investment cautiously and thoroughly research before purchasing. By working with reputable galleries and dealers and considering all the factors involved in owning and maintaining them, you can make informed and rewarding investments that will bring joy and value to your life for years.
Alison Lurie is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.