Even though there is turmoil in the financial markets people still want to buy beautiful works of art to hang on their wall. Managing director of Whyte’s Art Auctioneers says that people are turning to art as a means of investment. According to Whyte, there are two reasons why people are turning to art:

“Art doesn’t necessarily fall as badly as property because people don’t get as desperate about selling art. People don’t take out a mortgage on a painting, as with a house or a piece of land, so there generally aren’t any forced sales. Even during a property slump, art remains steady.”

The second reason, Whyte explains: “People say they feel safer when they invest money in a painting. They like the fact that they know exactly where it is and that they can look at it hanging on the wall where they can enjoy it. They’ll never have to face the prospect of going down to withdraw their investment one morning only to find that the doors of the bank are closed.”

Whyte explains buying a piece from an established artist versus an up and coming artist: “From an investment point of view go for safe, established artists but oif you want to take a flutter, up and coming artists are the ones to watch.”

An Irish Art auction will be hosted by Whytes on November 24th.

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