Sunday, August 24, 2008

Do people buy paintings in a recession?

Thoughts about Art in a recession.
  1. Art is a luxury item
  2. In hard times people spend less on luxuries.
  3. In hard times people like cheap up lifting entertainment.
  4. So entertaining art may sell better to the public.
  5. Some people do well out of a recessions and become wealthy.
  6. Wealthy people like to buy luxury items.
  7. People buy art as investments.
  8. Buying good quality art at a low price in a recession may pay off at the up turn.
  9. Original famous paintings are a safer investment than bank notes which devalue over time.

On the whole I feel that the higher end art market for well known and good quality items will either not change or actually increase.

The lower end art market for amateurs and production line paintings may decrease as the majority of customers will be watching their wallets. This could mean an increase in print sales and entertaining light hearted art, but could just mean less art sold to the general public.

If anyone has any thoughts, figures or info on this I'd love to hear about it

1 comment:

Catriona Nason said...

Hi Sam

As an online art site I have found the last 6 months to be pretty good. There are less Limited Editions being sold but a lot more fine art prints on canvas. Poster sales remain quite static and framed art has gone down just recently, although we expect framed art to be very popular again at Christmas. Office and corporate art has gone up but that is partly due to our increase in marketing in the sector. The next quarter should tell all as Christmas season sales are usualy the best time of year for us. (for retail in general of course)