Contemporary art offering big return for investors
on Monday,November 29,2010 18:11
The 2008 recession made a negative impact on a number of industries, but the art world has shown signs that it has rebounded since the economic downturn. Many people are looking for new places to invest their money, and art may be the golden ticket, the Miami Herald reports.
Buyers in South Beach will be doing more than looking for an eye-catching piece of art at upcoming exhibits, according to experts. A new trend has emerged that has collectors looking for works that will be worth more within the next few years.
"It's an interesting place to [invest] when you have a lot of money," Alexis Hubshman, Scope art fair founder, told the news source. "You can't buy real estate. You’re scared to put money in Wall Street. It seems to me that the art market is kind of standing around."
Contemporary, post-modern art is currently offering the biggest return, according to industry experts. It has the least-established price range and is particularly appealing to newly wealthy people.
Artist jobs are predicted to increase by 12 percent over the next eight years, according to the Bureau of Labor Statistics. Individuals who invest in a postsecondary education in art may see a large return when they enter the industry.
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