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The Art of Investing: Insights from Vorona Gallery
Nikkan Navidi•12.3.2024
Investing in art is an art form in itself! Understanding market dynamics, and investing in the right artist at the right time requires not only years of experience but also an extensive network in the industry. For many, the art market remains shrouded in mystery, with its fluctuating trends and the opaque nature of art valuation adding layers of difficulty for potential investors. Despite these challenges, the allure of art as an investment lies in its potential to offer substantial financial returns and the joy of owning beautiful works of cultural significance.
As such, many potential investors find themselves at a crossroads, intrigued by the possibilities but unsure of how to proceed.
This begs the question: how can I recognize artworks that are worth investing in?
To answer this question, we have interviewed the CEO and founder of Berlin-based Vorona Gallery, an industry expert when it comes to contemporary art and its investment potential.
Ioana Surdu-Bob: For anyone interested in art as an investment, one urgent question comes to mind: How do I recognise if a painting has investment potential?
Julia Vorozhtsova: That's a great question. Novice collectors, in particular, find themselves grappling with numerous queries when considering their first art purchase. They wonder whether to invest in a specific piece, if the price set by the seller is fair, and the investment potential of the artwork – could their money buy something more valuable?
Ioana Surdu-Bob: How does one see a return on investment in the art market?
Julia Vorozhtsova: Investment in art pays off in two main ways: immediately, through the thoughts and emotions that arise when we encounter art, influencing our lives, and social circles, and even creating a new status for us. And then, there's the financial aspect. Take, for example, the late 1930s when Albert Marquet asked his friend Henri Matisse to sell him his works at a good price. Marquet said, "Everything in the world is fickle; I want to invest in good paintings." Matisse replied, "Do you really believe Matisse is a good investment? I myself invest in gold." We know who was right: gold has increased in value, but the return on investing in Matisse was incomparably higher. Marquet successfully answered the three main questions: he chose the paintings he wanted to invest in, negotiated a fair price, and accurately calculated the investment potential.
Ioana Surdu-Bob: That’s an interesting way to look at it. Considering the current market and the increase in access through globalization do I still need to be wealthy to collect art?
Julia Vorozhtsova: Not at all. Many great collectors started by purchasing works from lesser-known artists, sometimes even paying in instalments. Those who didn't hesitate to buy a Jean-Michel Basquiat painting for $20,000 in the 1990s now have several million dollars hanging on their walls. The digitalization of the art market has accelerated its pace even further and now it is even possible to join others and invest in an art piece collectively. I am sure our partnership will contribute to the democratization of art investments and make this process even easier for individuals!
Ioana Surdu-Bob: What do you think about finding good and investment-worthy artists? How can one find the Basquiat of tomorrow?
Julia Vorozhtsova: Assuming you have the liquidity, you can hire advisors to scout works by artists with high investment potential. If you have the time and interest, you could try to decipher the algorithms of true art yourself. Working with Konvi will allow us to help many users share the benefit of a personalized art advisory while maintaining low costs. As a final note, however, there's one strategy that's guaranteed to be wrong: not buying any art at all.
Ioana Surdu-Bob:
Alternative investments such as art definitely offer a lot of potential! Our last investment project was closed in record time, maybe a small hint supporting your statement. Now a more general question: what’s your take on the potential of the European art market and our most recent investment project?
Julia Vorozhtsova: The European art market is characterized by a dynamic and ever-shifting environment. Its rich historical and cultural significance continues to be a fertile ground for upcoming artists, offering a diverse range of traditional art forms from individuals with various backgrounds. This diversity, coupled with a strong infrastructure of auction houses, galleries, and a robust legal framework, enhances the market's attractiveness and trustworthiness for investments. Strategic acquisitions focused on quality and historical significance tend to yield the best outcomes, highlighting the importance of nuanced understanding and informed decision-making in navigating market dynamics.
Ioana Surdu-Bob: Thank you for these insightful answers, Julia. It's clear that art investment is not only about the financial return but also about the historical significance and the social impact it brings. With the right approach and investment mentality, anyone can gain access to such investments.
This interview highlights the importance of understanding the art market and the potential benefits of art investment. Whether you're a seasoned collector or just starting out, the advice from Julia Vorozhtsova offers a valuable perspective on how to approach an art collection as a rewarding investment.
