By Paula Blanco
In the global imagination, the buying and selling of art is associated with the elite and grand auctions where millions of dollars circulate in a matter of seconds. With champagne. With millionaires. That's why, when you ask Elisa Hernando, an art consultant and advisor for the International Contemporary Art Fair ( ARCO ) for over 15 years, how much someone can spend on a work of art, she smiles: "One of the things we like to say is that to buy art, it doesn't matter if you're rich or super-cultured."
Spain represents 1% of global art sales, with more than $65 billion in total sales at auctions and galleries, according to the Art Market Report prepared annually by Art Basel and UBS. It may seem like a small percentage, but the truth is that it is the seventh largest global power in this market and the fourth in Europe, behind only France (7%), Germany, and Switzerland (2%, respectively).
A large portion of the transactions that occur in our country are concentrated at ARCO . International galleries and foreign collectors, many of them Asian, make this fair in Madrid one of the 10 most important in the world, something reflected in the total business volume recorded at the end of its run, both in the city and individually.
Safe haven
Like gold , art has always been a safe haven for investors facing uncertain times. However, there are nuances in this segment, since "not all art and not all artists are safe havens": "Artists who appreciate in value and have an international market are safe haven artists, and within them, some works are more valuable than others."
It's in times of crisis or volatility that it's worth investing in artwork. It's enough to remember that, compared to the S&P 500, the Artprice 100 index—which groups the 100 best-selling artists at auction—has maintained higher returns over the 25 years it has been operating . "When we enter a period of economic recession, many people are willing and able to sell below market price due to a need for liquidity," explains Hernando.
Those interested in collecting regularly from the broad and diverse art world can do so by spending €1,500 to €3,000 a year on a single piece. "It's a reasonable amount for prints by established artists, such as Joan Miró, Antoni Tàpies, and Pablo Picasso," he says, because, as these are valuable works, they can always be resold on the market due to their liquidity and the constant demand for these types of pieces.
From that initial price, the cost scale is endless: between 3,000 and 10,000 for paintings by young artists , between 10,000 and 20,000 for young artists with more projection, and up to 100,000 for the most recognized.
While men once acted as patrons and collected works of art, gender distinctions no longer exist. Forty percent of buyers are women, and the number continues to grow as a result of their entry into the workforce and their cultural interest. But there are other reasons. "Many want to enter this market as an investment, as a legacy for their children," the consultant points out. Thus, over time, the work decorating the living room appreciates in value and provides long-term liquidity when needed.
Sustainable and digital
Interest in art has also evolved over the years. While photography was more in-demand nearly two decades ago, painting , despite being somewhat more traditional, has gradually gained ground, accounting for 80% of art sales .
Among the most sought-after Spaniards, Hernando highlights Jaume Plensa , author of Julia, the 12-meter sculpture located in the Plaza de Colón in Madrid, and Carmela, 4.5 meters high and installed next to the Palau de la Música Catalana in Barcelona, and Cristina Iglesias , creator of installations and works that revolve around the impact of the environment.
This trend, that of sustainable art, along with that of digital art, is one that will become increasingly established among new generations in the coming years. "Artists like to talk about what they feel, about the world they live in, so it's only natural that art becomes a vehicle for protest," he argues.
