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There’s never been a better time to invest in art, and in particular it would seem graffiti art is taking the auction houses by storm.
Late last year the biggest auction yet of original works by cult artist Banksy exceeded its estimated price by £200,000. Buoyed by Hollywood A-lister fans the Bristol artist is changing the way people perceive and appreciate an otherwise under-appreciated and often scorned art form.
But even if graffiti art isn’t your thing, buying art has always been a relatively solid investment. Just 6 years ago Hugh Grant, star of films such as “Notting Hill” and “Bridget Jones’ Diary,” bought “Liz (Colored Liz)” at a Sotheby’s auction for just $3.6 million. This year he received a whopping $21 million in an auction at Christie’s in New York, for the 1963 Andy Warhol portrait of Hollywood legend Elizabeth Taylor. That’s a growth of almost $5 million dollars for every year in his possession.
Now we don’t all have the spending capacity and funds of Hollywood actors, but there’s never been a better time to invest in the ‘Warhols’ of tomorrow.
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