How to tell the difference between a high-end and a budget picture
NEW YORK — If you’re looking to score a great deal on a big-ticket piece of art, you’re in luck.
A new survey by The ArtScore reveals that the art market is becoming increasingly competitive.
According to the survey, more than 70% of buyers surveyed say they’ve paid less than $10,000 for art, while nearly 40% of the respondents say they have paid less in the past year.
A majority of the surveyed buyers say they would not pay a higher price than $20,000 to purchase a piece of artwork, according to the poll.
As more people spend money on art, so too does the market for high-priced art, with many of the most expensive pieces being sold online.
The survey also found that buyers tend to be more selective with their purchases than in the previous decade.
In a similar survey conducted last year, more buyers said they were more likely to pay $200 or more for an artwork, and less likely to say they were paying less than that.
The ArtScore surveyed 1,200 art buyers and art dealers over the course of a year, and it found that about half of the buyers surveyed had been buying art for less than two years.
In the latest survey, 59% of surveyed buyers said their buying spree was the result of a high price for a piece, while 35% said they’d been making deals for a high piece or a low piece, according the report.
The results suggest that people who spend the most on art are often people who were never collectors.
A majority of respondents said they have been collecting for about 10 years or more, and nearly half said they had bought a piece or two for less money than the average price for art.
While there’s no shortage of inexpensive art, it’s worth noting that some of the priciest pieces of art are rarely seen on the market.
For example, a lot of high-quality paintings that are available online are often priced in the thousands.