Every third rich Pole intends to invest in art

Investment in the arts

The value of the art auction market in Poland exceeds PLN 100 million. The wealthy and rich Poles are increasingly investing in art. On average, profits over a 20-year investment period exceed 10 percent, and on some artists even reach several thousand percent. Contemporary art, especially painting and drawing, enjoys the greatest interest. The works related to optical illusion and those from the interwar period are also gaining popularity.

- The interest of Poles in investing in works of art is growing. Our society is getting richer and richer, we are starting to satisfy not only basic material needs, but we are also turning to culture. Also due to the weakness of the stock exchange, investors are looking for alternative ways to invest their funds, and works of art are one of the best," Ewa Szok, President of the Management Board of Dom Auction House Libra, assessed in an interview with Newseria Biznes news agency.

It is estimated that currently the value of the art auction market in Poland exceeds PLN 100 million (data from Artinfo portal). More and more wealthy people are opting for alternative investments, including in works of art. KPMG's report "Luxury Goods Market 2016" shows that 18% of people with gross income exceeding PLN 20,000 invest in art, with another 36% planning to do so in the near future.

- As an investment we recommend works of avant-garde classics, recognized artists from the 20th and 21st century. In terms of technique, images are the most popular, mainly because they are the easiest to display, store, and are easier than video works, sculpture or other techniques. Paper works and photographs are also an interesting trend," stresses Ewa Szok.

The report "Art Market 2016" indicates that Polish investors are most willing to buy the works of artists from the turn of the 19th and 20th century, but last year most of the 10 most expensive works are modern contemporary art. The "Retail" by Roman Opałka has recorded a record price. Year after year, the works by Wojciech Fangor (three out of ten of the most expensive works), a pioneer of illusionist painting, are more willingly bought. Last year, 1.2 million PLN was paid for his painting, this year another record was set - at an auction in London, the painting "NJ15" was sold for over 2 million PLN.

Art market

- Definitely in Poland geometry, abstraction and the so-called op-art, i.e. a train associated with optical illusion, are very popular. The most sought-after and valued names recently include Wojciech Fangor and Ryszard Winiarski. A very fast price increase is also recorded on the auction market and on the private market for Ryszard Winiarski's works. This has to do with, among other things, his exhibitions at the Spectra Foundation, the Foundation of the Old People's State - he mentions Shock.

The growing interest in art translates into the number of auction houses as well as the number of auctions held. While in recent years the number of such events has not exceeded 180, by 2015 it had already reached 240. In 2016 there could be 280 (Artinfo data for KPMG). This year, the Libra Auction House is debuting on the domestic market.

- We focus primarily on the classics of the avant-garde of the 20th and 21st century, on recognised artists, with an exhibition output, with good education, reproduced and described. We are not leaning towards young artists - there are galleries to promote young artists. In our opinion, the most underestimated trend in terms of financial value are the classics from the 20th century," announces the president of the Libra Auction House.

At the inaugural auction on 20 March over 50 works of high collector and investment value will appear. The objects will include the colourful work by Ryszard Winiarski, Jerzy Nowosielski and works from the interwar period.

- There will be 54 works on sale, from 1922 to 2015, from one hundred years of Polish art history. This is a review of all the best artists of the last century - it's a shock.

As announced, Libra Auction House does not plan more than 3-4 auctions per year. Rather, it is intended to focus on private sales, i.e. the intermediation of sales between the two parties involved.

- We have an offer for collectors who prefer a quieter shopping experience, more thoughtful or more specific, as well as for those who like to fight for a selected piece of art and bid on the auction - says Shock. - We are focused on building an art market in the country. There are still not so many collectors in Poland. It would be best if most of the wonderful works, important for the Polish history of art, were to be made available to museums here, and this is what we want to promote," announces Ewa Szok.

Source: biznes.newseria.pl


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