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Very rich people are not always clever or good at making money. Some have inherited or stolen everything they own. However, most wealthy people are pretty shrewd and many are entirely responsible for the fortunes that they have made and retained. It is therefore interesting to reflect on why so many ultra rich people invest in an oil painting.
Tycoons who have made fortunes will regularly spend a good portion of carefully husbanded cash on a single art work. Works by Rubens and Renoir are usually owned by countries but some works by artists of the caliber of Picasso or Van Gogh are in private collections having been purchased for millions of dollars.
In 2006 a work by Jackson Pollock, painted in 1948, was sold for $156.8 million. The price, when compared with the cost of materials used in the work is quite a dramatic illustration of why artists are actually among the highest earning professionals. They or their heirs are usually higher earners than the accountants, business people or investors who buy their works. The pecuniary worth of their work rests in rarity, originality and reputation. The real worth may have been best expressed by John Keates who pointed out that beauty and truth are synonymous.
When the son of a scientist once professed an interest in being an artist he was discouraged on the grounds that art was, in the opinion of the father, for 'no-brainers'. This anecdote illustrates a common social attitude towards artists, but also something important about artists
The boy turned away to became a lawyer, so illustrating an important point about genuine artists. Many would rather die than not do art. That is their passion and they have to take the risk of living by it, often suffering severely as a consequence. In great pictures something of the passion remains on the board or canvas as an irresistible part of the picture.
Oil paintings are highly favored as investments because they afford daily pleasure, appreciate steadily and take very little maintenance. They, frame the daily lives of their owners affording pleasure that eclipses their financial worth. That makes them unique investments. Ownership provides intellectual, social and emotional pleasure.
Oil is prized as a medium among art collectors. Paintings often have compelling textures and the effects of light can be explored because artists can work slowly, adding layers. The durability of the medium is demonstrated by the story that a painting on board by Van Gogh was found serving as the floor of a chicken coop and restored to life as an art work.
The World Wide Web is an excellent thing for a collector to use when he is searching for an oil painting. Many hundreds of works for sale may be explored and great works may can be used as points of reference. Although it is possible to buy hand painted replicas of famous works it is probably better to find an original work that pleases by a lesser known artist. It will serve its primary purpose of pleasing but may also become a financial treasure if its creator finds fame.
