My wife was browsing through the MPH and Readers Digest catalogues which arrived in the snailbox today. What caught her eyes are certainly the selections for hobbies and crafts. She was contemplating on buying the pastel and oil painting set.
Based on my readings, a new generation of arts collectors- financial advisor, hedge-fund managers, technology entrepreneurs and others in their thirties and forties has plunged into the world of contemporary art resulting in a great surge in price. And we are talking about millions in the value of $$$. Andy Warhol’s “Large Flowers” is estimated to sell for $6.5 million to $8.5 million, up from $1.1 million in 1989.
If that is not a valid reason to go investing in artwork, then I dont know what else it could be. Maybe with the rusty drawing skills that I have I might not be able to be the next Andy Warhol but who knows in years to come I might be the new George Lindemann Jr. So people, push aside your keyboard and lets start sketching on the canvas or go hunting for newcomer artwork.
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