Should you buy art as an investment? It is a good question, and one that merits some careful consideration. Although I love art, my job as the accountant is to advise my clients regarding the tax ramifications and keep them compliant with the tax rules. But sometimes clients need a sounding board so my general advice breaks down into these key points:
1. Love Your Art
Only buy art if you enjoy it. Part of the allure of buying art is being able to enjoy the piece on a day to day basis. Your investment may hang on your wall for quite a while, so you need to really enjoy looking at it. Remember to consider your spouse in this decision, as they will also be looking at it daily. I have accumulated a collection of art that stays in my office merely because I purchased pieces that did not appeal to my wife however I like the work.
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