TORONTO, ONTARIO — (Marketwire) — 11/21/12 — The art world was stunned earlier this month when Sotheby-s in New York recorded its highest-ever sale for postwar and contemporary fine art at US$375.1 million. Christie-s sale in the same category fetched US$412.3 million, the highest total ever for an auction of contemporary art. The record for a Canadian painting at auction is $5.1 million.
According to BMO Harris Private Banking, almost one-third of Canadians include investments such as art, coins, stamps and wine as part of their financial portfolios; fine art has proven especially popular.
With three of the major auction houses in Canada – Heffel, Joyner and Sotheby-s – kicking off their fall season of Canadian fine art auctions this week and next, investors here are expected to spend even more than the $62 million they did last year to acquire works of art for pleasure and profit.
While investing in art may sound like fun, it is important to understand the market before participating in a live or online auction.
“Whether you are looking to invest millions in a Picasso or hundreds for an emerging artist-s work, art buyers must do their due diligence,” said Richard Mason, Head of Investment Management, BMO Harris Private Banking. “It-s easy to get caught up in the emotion and excitement of a professional art auction, but be forewarned: liking a particular work of art doesn-t necessarily make it a sound investment choice.”
Anyone looking to invest in art -irrespective of income level – should consider the following:
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Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
Valerie Doucet, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596