Posted by Aboriginal Art Directory | 26.02.08
Author: David Potts
News source: The Age
A response to the recent share market fluctuations, with a focus on different investments. Tim Klingender from Sotheby's is quoted:
If you're thinking of forming your own art collection as an investment alternative, you'll need to be careful. And patient.
"The majority of art does not rise in value," says the head of Aboriginal art at Sotheby's, Tim Klingender.
But there's no doubt Aboriginal art is hot.
"If you buy works of the same quality and provenance that the national and state galleries show, there's a good chance they will increase in value over time," he says. Sotheby will only auction Aboriginal artworks that are equivalent to these collections," Klingender said.
But remember you pay a buyer's commission of 20 per cent at an auction house. As with other collectables, it's much harder to make money when you're paying retail instead of wholesale prices.
"For any art as an investment one should think five to 10 years plus before seeing a substantial gain although sometimes there's the odd anomaly," Klingender says.
As a signatory to the Indigenous Art Code we are committed to ethical and transparent business dealings with Indigenous visual artists and abide by the standards set out in the Code.