Buying & Investment

Is buying art a good investment? In my opinion there are few assets in life that yield greater rewards than ownership of a fine painting, so long as the enrichment you are looking for is primarily spiritual and not necessarily financial. If it’s just a quick profit you’re after I would stick to chancing your arm on bitcoin and bullion. Naturally, there are a great many art advisors, dealers, brokers, and fund managers who would tell you otherwise and encourage you to “invest” (there is that word again) in art market trend reports, independent valuation reports, and numerous other presentations designed to give the impression that there is some flawless algorithm to the successful buying of art. But in truth art prices go up and art prices go down and shelling out on spreadsheets and buying by numbers won’t nesessarily improve your odds of purchasing a good picture or, for that matter, of seeing any significant return on your “investment”.

That is not to say that there isn’t money to be made in art speculation. The returns can be huge but then so are the stakes. To sit in on this game you will need to have what the film producer Robert Evans liked to call “f*** you money”. But if that’s you and it’s sound art investment advice you are after, here it is; buy Basquiat, Warhol, and anything by (ex-Wall Street commodities broker) Jeff Koons. Either that or take one of whatever Steve Cohen, Leo DiCaprio, or David Geffen is having because when they buy a painting (or fun balloon animal) the subsequent demand for that artist’s work is guaranteed and any painting (or fun balloon animal) coming up for sale in future will never be allowed to sell for less because it is in the interests of the same buyers to keep that artist’s prices high.

If, on the other hand, your name isn’t Abramovich I would put your money elsewhere. There are many less unpredictable markets in which to speculate and only at the very highest end – basically the contemporary art market – is there significant money to be made from buying paintings (or fun balloon animals) with the primary intention of flipping them for profit a few years down the line. Forget trying to predict future prices and the dubious promise of financial returns and instead buy what you like the look of and want to live with every day. The process of buying a painting should be fun and any choice based upon instinct and personal taste. Enjoy.

Framing

Every painting available to purchase from AFP’s online gallery is presented in a sympathetic frame of fine quality. Antique frames are works of art in their own right and play an essential role in complementing the oil paintings and watercolours they support. Where possible our paintings are sold in their original frames which are always restored prior to sale. Once an antique frame has gone beyond the point where restoration is not an option we replace it with an appropriate bespoke replacement.

I am always happy to offer advice to clients on the subject of frames and framing. Take a look at our guide to European picture frames on the News & Articles page.

Conservation

Although the two definitions tend to intermingle I think it is simplest and most useful to think of conservation as the preservation of and prevention of deterioration to oil paintings, and restoration as the repair and renovation of damaged and/or discoloured paintings to as close to original condition as possible. Each one of the techniques involved in these processes should be sympathetic and reversible, and always carried out by a professional. Our conservation work is carried out by John Malcolm Fine Art Restoration (est.1974) and Simon Gillespie Studio, as seen on BBC Television’s ‘Fake or Fortune’ and ‘Britain’s Lost Masterpieces’.

All oil paintings are subject to deterioration due to environmental conditions as they age. Over time oil paintings are prone to splitting, warping, blistering, cracking, cupping, flaking, blanching, discolouring, and disappearing under layers of ancient varnish. Extremes of heat and cold, intrusion of water, and accidental mechanical damage will frequently cause the paint and/or ground layer to detach from the canvas support or wooden panel of a painting. Canvas’ especially can also suffer inherent technical problems caused by the use of incompatible materials and the methods of the artist.

Since oil paintings are usually hung without the protection of glass they are perennially exposed to atmospheric pollutants such as dust, soot, and smoke. Everything that contributes to the soiling of walls also affects the paintings displayed on them and that includes the damages caused by heat, cold, and damp. Older varnishes originally used to protect the paint layers have a tendency to yellow with age hiding the original true colours of the painting. After removing the layers of old varnish the restorer can get to work repairing any damages to the paint layers themselves.

If the damage to the canvas is extensive and the strength significantly compromised then the picture will require lining (also erroneously known as re-lining). Lining provides strength and durability to old, brittle, or torn canvases. Once the strength of the canvas has been reestablished the cleaning process can begin with the removal of old layers of discoloured varnish. The removal of varnish and the cleaning of the paint layers themselves is a painstaking and potentially hazardous business that should only be attempted by an experienced fine art restorer. The chemicals used in the cleaning process (and in the lining of pictures) are pretty noxious and volatile and have the potential to cause damage to both the painting being restored and the person attempting to restore it.

In order to prevent further losses weaknesses must be addressed by the injection of media specific adhesives to consolidate and stabilizes the paint layers. Heat and vacuum are employed to help the binder penetrate between minute cracks. The process of retouching – or ‘in-painting’ as it is referred to in the US – involves reinstating missing or damaged areas of paint in a way that blends in with the surrounding pigments without covering (over-painting) any of the surrounding areas of undamaged paint. After performing any necessary consolidation, filling, and texturing the restorer will re-touch the area by building up successive translucent layers of pigments to accurately represent aged paint. After retouching, the painting is given a final coat of stable, reversible varnish to produce an even sheen, saturate all colours, and provide protection to the paint layers.

I am frequently asked to advise clients with established collections about the restoration of paintings they already own and I am always happy to recommend an appropriate course of action. In the meantime I would point anyone wishing to learn more – very much more – about conservation and restoration in the direction of Paul Taylor’s excellent book on the subject; ‘Condition; the Aging of Art’.