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crabfish.com |
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Art as investment I had a phone call yesterday from a woman who said she lived in Yorkshire. She asked about the artist Colin Ruffell. I told her that was me J. She said that her reason for calling was;
to
let me know that they had an old
painting of mine, about 30 years old. She had deciphered my signature, and
done some sleuthing on the internet, and discovered that I was a pretty famous
artist. Her husband bought the painting in Leeds ages ago and they really like
it
. but
they had downsized and the painting did not fit in their
present home, it was stored in a cupboard
they really liked it
maybe
they would like to sell it
and what was its value for insurance
purposes? This is not such an uncommon question. As I get older they come in more frequently. I get about one a month recently, usually by email. Sometimes the paintings in question are inherited, sometimes rescued from car boot sales or charity shops, or as in this case bought long ago from a shop that has since closed down. Very often I am told that the painting has hung in some-ones home for many years and made the owner very happy. I usually ask what is the subject, how much they paid for it, how big it is, and whether it is on canvas or board. This one was a 30 square canvas still life that they bought for £90 in the 70s. I feel very pleased that my paintings have lasted for several decades. It is really good to hear that some of the oldies are still loved, even if they no longer fit into their original homes because the original homes have gone. So, I usually tell the eager and hopeful questioner that my present price structure is based on gallery sales of new work. As a rule of thumb my paintings currently fetch about £5 per square inch. So a very small 3x4 original is £60, and a whopping 30x40 original is £6000. A 30x30, would cost £4500 in a gallery today. Therefore, in this case, they should insure the painting for that much so that they could replace it in case of fire or theft. Not bad, £4500 for a £90 painting. Or is it? The bad news is that it is doubtful that they would get £4500 if they tried to sell it now themselves, because styles come and go, in and out of fashion, and my 30 year old paintings are not in. They would have to be rather lucky to find an auction at this moment with two wealthy Ruffell fans wanting that particular painting. The art trade in good times would only buy in at a fraction of the £4500. The even worse news is that I do not want to buy it myself for £4500 either, because I have already spent the £90, and dont have the necessary millions or need to buy back all of my paintings. And the even more terrible news is that I am pretty fit and healthy, and I am still producing happily, making the rarity value of my work a little less day by day. So my advice was to hang on to the painting, put it back in the cupboard, bequeath it to grandchildren, or maybe move to a bigger house and re-hang it, and relish the fact that the £90 was well spent. My caller was pleased that I am well, and we enjoyed some pleasant time on the phone. She was glad that I could confirm that the painting was mine. But I bet she was a little disappointed at the bad news as well. So, are paintings an investment or not? Well the answer is that they are not. You should buy a work of art because you like it. Artists cannot, should not, set the price of their paintings as investments. If it becomes an investment many years after the artists death then that is extra. If it is a long term winner then the collector gets that bonus for free.
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