Eight points to ponder when purchasing art or property
It is often said “life imitates art”. Buying property and buying art actually have more in common than one realises.
Mike Greeff, chief executive of Greeff Christie’s International Real Estate, says purchasing art is as much a process as purchasing a home.
“Our company has a significant understanding of the kinship between art and property and the importance of grasping both worlds.
“This understanding is highlighted as Greeff is exclusively aligned to Christie’s International Real Estate, the powerhouse which owns the world’s most revered art auction house, Christie’s.”
Here are eight points to ponder when buying art, that are also applicable to property:
Stick to your budget
It is imperative to draw up a budget and stick to it. This is especially relevant when you feel you may have an emotional connection to a piece of art or a property that tugs at your heartstrings.
Beware hidden costs
With art, extra costs to consider include packing, shipping, insurance and installation.
When buying a home, transfer duties where applicable, moving costs and getting settled in could be the difference between enjoying your new purchase from the start or having the first stressful month of many.
Know your tastes
This will help eliminate the weaker options you might have come across.
You don’t want to spend the next 10 years in a house in which you are not comfortable; neither do you want to spend the next decade looking at a painting you think is average.
Speak to an expert
When purchasing art, it is imperative you speak to an expert in the field. He or she will be able to steer you in the direction that makes the most sense logistically and financially.
The expert will advise you on investment returns, pieces to look out for and the best possible piece for your collection.
The same can be said about purchasing property.
Speaking to a reputable estate agent is key when you are in the market for a new home. The agent is instrumental in locating a home of your choice, budget and liking. They will also ensure they have secured the best possible price for you, whether you are buying or selling.
Do your research
Check around and compare pricing. Find out about averages, growth trends and return on investment.
Homework goes a long way and if you exercise due diligence, you may end up saving money, either initially or in the long run.
Look for quality
Whether art or property, the quality of the purchase should always be of prime importance. A quality purchase appreciates in value and becomes more sought after as time goes by. When defining good quality, consider materials, workmanship and reputation.
Look for originality
Originality in art offers a unique selling point and is a hook to aid future marketability.
The same can be said for property that is uniquely designed, furnished or located. This is the hook that can increase its future value and desirability to potential buyers.
Make sure it’s a good fit
Art should always be properly displayed and should fit with the rest of the theme of one’s collection. It is imperative before buying any piece to earmark a location for it.
When buying property, a good fit can refer to the suitability of the property to meet your needs or the needs of your family.
Don’t buy what you don’t need, or use, and more importantly, don’t buy anything impractical as novelty value wears off quickly.