5 Reasons The Rich Collect Art: Why Salvator Mundi Sold for $450m. Fine Art Collecting Pursuits. Fine Art News.
5 Reasons The Rich Collect Art: Why Salvator Mundi Sold for $450m
Recently, the world of art shook to its core when the Salvator Mundi (Savior of the World) painting by the legendary Leonardo Da Vinci sold for a staggering $450 million. Gasps and awes characterized the intense 19 minutes of bidding as the figures shot up by eight figures. As the price got high, the bids increased by five million and later on by two million. Finally, the last two horses standing had a head-to-head and as a notable strategy, the winning bidder made a couple of two jumps that saw him win the race to acquire the 500-year-old masterpiece at a not-so-modest price of $450 million. Indeed, as the auctioneer, Jussi Pylkkanen stated, it was a historic moment, particularly for the souls that appreciate art. Now, what begs an answer is – what motivates individuals to spend such humongous amounts of money to acquire pieces of high-end art?
Here Are the top 5 Reasons The Rich Collect Art
1- Degree of Interest
Art like any other sphere of life brings forth varying reactions from different people. While as some people have a deep connection and appreciation for art, others are simply out of touch with that kind of work or rather art conjures no special type of emotion in them. Whether the different reactions are due to cultural backgrounds or it’s embedded in the DNA, is a mystery. However, the fact remains that to spend one’s money to purchase high-end art require some level of interest.
Art and in particular original art is a luxury item. Definitely art is not a necessity; you don’t have to buy it. However, if you have a connection to it and it gives you a sense of satisfaction or gratification, it becomes something you would want to have. Some people may have a type of connection with the artist- his/her ideas, style, point of view and so on. Here the buyer may display the artwork for private or public viewing. The gratification that comes in seeing the artwork every morning is immeasurable.
3- The Adrenaline Rush
Most of high-end art such as paintings are sold at auction centers and one has to bid to acquire them. The adrenaline rush that comes with this kind of competition is one good reason to put that money on it.
4- The Statement- Political, Social… You Name It!
The social and economic statement that the new owner of a remarkable piece of art will make is out of this world. When you are a high net worth individual, this is the perfect possession you need to set yourself above your peers. Whether the owner will display the artwork for the select few or for everyone who pays a visit to have the pleasant moments to drown into the awesomeness of the art piece, the effects and memories will linger on for a while if not for a lifetime.
5- An Investment
Art collecting is tybically perceived as a hobby for those who can afford it yet it can also be an investment, particulary for those seasoned collectors who have gained experience over the years and know how to do a good research and perhaps most importantly those who refrain from making emotional decisions when buying, difficult as it may sound.
Most art collectors hold onto their art collections with no intention to sell, it is precisely this rarity that gives art its value. Art is a long term investment. The art market is generally stable and sellers of truly rare art pieces have occasionally seen a gigantic return on investment. However there is no guarantee of profitability in the art market.. The above 5 reasons the rich collect art are by no means comprehensive, they will give you however a pretty good idea about the dynamic behind art collecting pursuits of the Rich. Several Books have been written on this subject in an attempt to understand this sophisticated pursuit. Many more will be written about it for as long as there is art and art lovers.
Art Collection Strategies for the High Net Worth Individual
To have a decent collection of original high end artwork, you will need to invest in the services of an experienced art collector and a bidder. These two go hand in hand. The art collector will advise on the real Vs fake artwork and what art is worth what price. The bidder will use his/her knowledge and experience to get you the prized possession.
The world of art is not for everyone, but the immense gratification that comes with possessing good quality and highly valued pieces of art is worth the millions of dollars.
The Buyer of the portrait of Jesus Christ [Saviour of The World] has been named
The Abu Dhabi’s department of culture and tourism is the confirmed buyer of this extraordinary painting. Aren’t we all art lovers pleased that the remarkable work will be available for public view at the Louvre Abu Dhabi for all to be inspired! This in fact adds a 6th essential reason to the the above 5 reasons the rich collect art; A Passion to Inspire.
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