Running head: ART 1

Spending Money on Art

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Spending Money on Art

Since memorial, art has been an integral part of human existence. People have been

creating different forms of art and enjoying it. Art has received a prominent rank in society in the

modern world as it has been considered of great value and honour. For instance, art has been

considered a historical monument and a great way to enhance innovation skills. In its broad

sense, art has been considered an essential component in society because of the value it brings

along. Similarly, most people, more so the high-income earners, have considered an art of great

value and, as a result, ended up spending a lot of cash on artistic work. Though these people

claim that art is a way of investment, a form of hobby, and a form of prestige, I do not consider it

an efficient way of spending a lot of money as it leads to a wastage of money.

Investment has been regarded as the main reason why most people, more so the rich, dash

a lot of money on art. Art has ranked as a great way of investment since it is less risky, and its

value always increases with time (Vodopianova, Leonova, & Novak, 2018). For instance,

artwork has been considered a less risky way of investing since its price is not affected by the

price of other stocks. Investors, thus, consider it an efficient way of investment. Besides the less

risk art is associated with, it is also considered to increase its value with time (Vodopianova,

Leonova, & Novak, 2018). For instance, since the memorial, the value of most of the arts has

been rising exponentially year after year. Most people, therefore, buy an artwork have great

hopes that its value will increase with time and thus bring them a great profit in return.

Besides the investment method art has been linked to, it has also been considered a great

hobby. As Thomas Merton claim goes, ‘art enables us to find ourselves and lose ourselves at the

same time’ (Zhang et al., 2020). This saying has been proven true as most people have
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considered art to express their emotions. Some even claim that staring at artwork enables one to

express their deep-felt emotions and feelings (Zhang et al., 2020). They consider it a way of

getting off the normal routine and a form of refreshment. Similarly, other people claim that art is

a stress booster as it clears off any form of stress from the mind.

Lastly, art has been considered a form of prestige. Luxury art is always considered of great

prestige. Most people like prestigious things to be considered of high class. Art on its own has

been linked with prestige since the memorial (Zhang et al., 2020). For instance, the art consensus

market has claimed that artworks have attracted millions of dollars due to their prestigious

outlook (Zhang et al., 2020). People who own these million dollar arts are considered of high

class and, in return, earn a lot of respect and honour. Most rich people thus end up purchasing

valuable art works to receive this great honour and respect.

Though art is considered very valuable and important, I do not support the idea of people

spending a lot of money on it since it leads to the wastage of money. Art, for instance, does not

always increase its value with time. For instance, in times of recession, the value of art decreases

at a greater rate. The investors who had invested in artwork ends up losing a lot of money during

this time. The money lost could be invested in other assets such as real estate and attract a lot of

cash in return. Spending a lot of money on artwork is therefore not effective, and it is well if

avoided.
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References

Vodopianova, A. I., Leonova, L. A., & Novak, A. E. (2018). The art market: Features of

investing in works of pictorial art. https://dspace.spbu.ru/bitstream/11701/9317/1/05-

Vodopianova.pdf

Zhang, Y. et al. (2020). Probing unintentional Fe impurity incorporation in MOCVD

homoepitaxy GaN: Toward GaN vertical power devices. Journal of Applied

Physics, 127(21), 215707. https://aip.scitation.org/doi/abs/10.1063/5.0008758