When investing in art, first look to what you love

The secret to investing in art is to choose pieces that you both like and can afford, novice art collector is advised.

I am a keen artist and think that adding art to my investment portfolio would be a good move, particularly if I can have that investment hanging on the wall in my own home. But where does someone living in the UAE start? And how can I guarantee a good return? PD, Dubai

The expert advice

• Hala Khayat, head of sales – modern and contemporary Arab, Iranian and Turkish Art, Christie’s Dubai

The great joy of art is that no one person has the same taste. I always recommend people buy what they love but do so with as much information about the work and the artist as they can get. You should always seek advice, take an active interest, visit galleries, read articles and talk …. but if you are an artist you are probably doing this already.

When starting out, some of the price points can seem daunting so I would recommend you take your first steps carefully. We are very fortunate in the UAE to have a rich stream of talent among the young contemporary artists from the Emirates.

It is one of the main reasons why we introduced the online auction last October and are repeating this again this season. One of the most interesting pieces is an arresting photographic work from 2009 by the Emirati artist Lateefa bint Maktoum entitled The Last Look – the piece is estimated at US$6,000 to $8,000. In growth markets, price points tend to be more affordable, and this helps to encourage the novice collector. Many of the works we offer start at about $2,000.

As for the investment question, there are two rules one should apply when buying art. First, buy what you like, and second, buy the best you can afford. This way you will always have something you enjoy and if over time the value increases, then that is an added bonus. Becoming a true collector is a gradual process and can take a lifetime, but you can have great fun, meet some interesting people and learn so much along the way.

Christie’s next sales of Arab, Iranian and Turkish Art and Fine Watches will be held at the Emirates Towers Hotel on 21 October 21 and 22. The pre-sale viewing is free and open to the public from October 19. We are also offering a course to introduce new people to the art market and how to buy art. This could be of use to you.

The reader’s advice

• Rachel Doyles, Dubai

As an art enthusiast and keen reader of many art publications, I can tell you that many people in this region are, like yourself, thinking about fusing their interest in art with a possible investment. I think Dubai is a great place to do this.

At the end of September I attended Ayyam Gallery’s Young Collectors Auction in Al Quoz and was impressed with the range and quality of art at all levels and how easy the organisers made it to bid without feeling out of your depth. As a first-time bidder, I was nervous but I soon got into it and ended up with a piece, which now hangs proudly on my wall.

Afterwards, I chatted to one of the founders of the gallery and he gave me some advice, which I will now pass on to you. He said the most important thing when you buy a piece of art is that you like it. Don’t buy something because you think it will appreciate in value because you need to live with that piece of art and enjoy it.

“It needs to add value to your life as well as growing in value itself,” he said. I thought this was a great tip.

Of course there are other options to buy art. I have also seen some limited edition prints for sale at Capsule Arts, which is a great compromise. The prints carry a much lower price tag as they are prints, but they are also limited edition, so in some ways it is a great opportunity to start buying without breaking the bank. I think most of us art enthusiasts would agree the biggest threshold to overcome is buying that first piece, so I wish you luck in making the leap.

The next money clinic:

I arrived in the UAE six months ago from Australia and am now earning substantially more than I did back home. This means I have spare cash to invest but I do not have the financial know-how to make the right choices. I have been approached by a number of financial advisers who claim they can help me. However, I am unsure which company is right for me, and I have had heard bad stories about some companies. So how can I spot a good financial adviser from a bad one? NM, Abu Dhabi

Every three weeks The National features a reader’s personal finance problem. If you have an issue or would like to suggest a solution for another’s reader’s concern, write to [e-mail]

The advice provided in our columns does not constitute legal advice and is provided for information only.

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