The Australian art market is enjoying a revival, which is in main part due to the recovery in the property market, according to gallery owner and Australian art expert Tim Olsen.
“Basically the art market rides very heavily on the back of the property market,” he says.
“When people buy houses, they often upgrade their environment and they often incorporate art into that.”
Selling property in the current robust market also means that sellers might have a little bit more cash to go around, which they can invest back into art, something they may have not been able to do before.
What’s in vogue?
Olsen says the big blue chip recognised artists are what investors might want to look at, as they are the ones that endure outside the fashion trends of the art environment.
“Unfortunately, a lot of the more fashionable art that certain curators and certain art experts are claiming as important contemporary art, has not been doing that well,” Olsen explains.
“Brett Whitely, Arthur Boyds…all the recognised names are still holding strong because they have a predetermined reputation.”
Olsen seeks out artists who show intelligence, ability and vision and says Australian artists like David Noonan, Patricia Piccinini, Caroline Rothwell, John Olsen and Tracey Moffatt are doing well internationally.
“Important artists have a strong following and a strong following ensures the market.”
If an artist can make it in one of the three major international art fairs in Miami, Hong Kong or Basel, that’s usually a good indicator of future success.
What to buy
In terms of investing in art, Olsen says you can get a nice work on paper for under $5000, but the more you spend, the better the potential for capital gain. It is always better to buy original works, rather than prints, when possible too.
“For $25,000, you can buy a nice work on paper by a very reputable Australian artist,” he says.
And keep an eye out for the Australian artists doing well in the Northern Hemisphere.
“They might crack the big scene,” Olsen predicts.
Caroline Rothwell’s Lexicon (Weeds and Island). Courtesy the artist and Tolarno Galleries, Melbourne
The Skywhale 2013
Hot air balloon, commissioned for The Centenary of Canberra
Courtesy of the artist and the Australian Capital Territory Government
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.
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