Why Do People Buy Art?

Non-art lovers often ask why art is so expensive. Even art aficionados may wonder, and it is certainly a reasonable question, why is art so valued in our society? Art has always been a valuable and treasured commodity, in every society through out time.

Art gains value through its quality, its scarcity, and, like other commodities, through its perceived value. But why do people buy art? After all, we don't actually "need" art. Or do we?

People buy art for many reasons.

• As an investment. At the blue chip level, this is a relative no-brainer. Anything less than a Picasso or other famous dead artist, it becomes a lot more of a gamble. The more you know, the more you research, the better your chances of success. And yet people still recommend simply collecting what you are drawn to and not because of a piece's potential for appreciation. An art collection can add value to your business and your overall personal wealth.
• Because it expresses something you could not express yourself. Like Bob Dylan singing about a woman, sometimes a particular artist is just able to communicate an emotion so perfectly we could not have said it as well ourselves, and we have to have it. This is also true for political works of art. A work of art sometimes says something so profound and perfectly that you must have it.
• Home decorating. It is common and perfectly alright to purchase artwork that goes with the couch. Many sophisticated art patrons buy works because of color, scale and design, and because it matches or enhances home decor. Art is beauty and improves our lives and our living environments. Some people buy art, both businesses and home owners, to fill blank walls or even hide things like fuse boxes on walls. We are ok with this!
• Status. Keeping up with the Joneses is another reason people buy art, even though this may be on a more subconscious level, it definitely exists. Go to a Sotheby's auction and watch the competitive bidding between upscale rivals. Or go to the homes of two competitive execs from the same company; they might be collecting the same artist. I've seen parents and children even compete to own works of a certain artist, if only in a fun-spirited competition.
• The final reason people buy art is because they are attracted to its beauty or meaning. People are transported to another world when looking at a piece of art; and a piece of art that you love will change and grow on you over time. Like a Beatle's album, it gets better every time you play it. You may look at it every day and still gain new insights into its meaning.

The take home message is to make work that comes from the heart; and purchase art that speaks to your heart. The biggest compliment you can pay to an artist is to buy a piece of their work.