Is the only purpose for collecting artworks is appreciation? The answer may be “Yes” for many people.
There are indeed many lucrative art investments in history. For example, the success of the British Railway Pension Fund’s investing. In1974, in order to fight inflation, the British Railway Pension Fund announced to invest in art field. These collection eventually received a total turnover of 2 million pounds and an annual average cash return of 11% — this value is much higher than the inflation rate is 2.5% at that time.
However, there are also many people collecting simply because of appreciation for the beauty of art, but ultimately get unexpected money. Today we are going to share a story of a lovely collector couple.
The Ganz couple are famous for their collection of Picasso’s works, and their private collections are known as one of the best private collections of the 20th century. Although they own such a reputation in the art world, they are not professional investors at the beginning. In other words, they do not carry out strict market analysis like the railway pension fund did before buying an artwork, and just focused on the beauty of art.
In 1942, they got married, and in the same year,they bought the first Picasso’s work “Dream”, and began “start a relationship with Picasso” from then on. They collected a total of 24 pieces of Picasso paintings, 10 pieces of sketches, 5 pieces of sculptures and hundreds of prints. These artworks are all used to decorate their apartment. It is not an exaggeration to call it a small museum of Picasso.
Picasso is one of the few artists who enjoyed their success before death. The Ganz couple who lived in the small museum of Picasso influenced by Picasso’s huge fame. When they were still alive, many collectors had tried to buy Picasso’s works from them, but they insisted that the artworks were for love rather than commercial profits, so they would not sell Picasso for that. Their collections flowed to the auction house after the couple passed away, and “Dream” set a auction record of $150 million in 2015.
Ganz couple never expected financial payback when they collected their favorite Picasso’s artworks. At the same time, many people only purchase art collections for increasing gains. Thus, they pay too much attention to the changes in market prices when they are owners of artworks, which makes it impossible to see the true value of art.
What is the value of art collection? This is a question that everyone who are interested in art collection should think about.
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