Why We Buy Art: Personal Passion or Financial Gain?
For collectors, curators, and casual buyers alike, one timeless question lingers: Should you buy art for its financial value or for its personal meaning?
Art has long been regarded as a luxury asset. From Monet to Banksy, certain pieces have appreciated in value dramatically over time. High-net-worth individuals often include art in their investment portfolios, seeking diversification and the potential for high returns. In fact, the art market has outperformed some traditional asset classes in recent decades.
Let's start with Jean-Michel Basquiat's Untitled (1982), a masterpiece that redefined the art market. Initially sold for a modest $19,000 in 1984, this painting skyrocketed to a jaw-dropping $110.5 million at a Sotheby's auction in 2017.
In another example, glass art has long been admired for its craftsmanship and beauty—but in recent years, it’s also gained serious recognition as a valuable collector’s investment. Artists like those from the Goodman Studio have helped lead the way, with their work steadily increasing in both artistic acclaim and market value, becoming a true collector's piece.
Rare or in demand works or mediums can gain significant value over time and unlike stocks and bonds one can have the art in their possession and enjoy it. In addition, in some countries art can have strategic tax advantages.
The art market can be very volatile as trends change and value often hangs on the very subjective reputation of an artist and historical and cultural context. One must do a great deal of research and be very patient.
On the other hand, many people buy art simply because it resonates with them. Maybe it reminds them of a place, a feeling, or a part of their identity. Personal value is intangible, emotional, and deeply individual—and for many, that’s what makes art priceless.
For example, in recent months we’ve noticed an exciting trend among collectors—many are gravitating toward vibrant floral paintings. Where once their walls were dominated by minimalist works or traditional landscapes, blooms in bold hues are now taking centre stage.
This shift reflects more than just a change in aesthetic. Collectors are embracing artwork that brings a sense of joy, energy, and optimism into their spaces. Floral paintings offer that emotional lift—celebrating nature’s beauty, colour, and impermanence in ways that feel both timeless and refreshingly current such as the piece by Alexandrya Eaton shown below.
Art can transform one's surroundings and can give a person lifelong enjoyment in which there is value that is impossible to define. Art bought for love rather than profit rarely leads to buyer’s remorse. Even if the value never increases, the personal reward often outweighs the financial outcome.
Of course the ideal is to collect work that you love and that also has financial value. A solid strategy is to follow market trends in the art world and to learn about different artists and movements and to follow your heart. Some of the most rewarding art purchases start with a personal connection and end with an increase in value.
