Studies also suggest that the average return on art investments is rather less spectacular than those of the Leonardo painting owner.
A recent academic study, external, based on examining data from 1.2 million auction house sales of paintings, drawings and prints, concluded that art appreciated in value by a modest 3.97% per year, in real US dollar terms, between 1957 and 2007.
Of course given the current environment of low interest rates, that’s still a better return than many savings accounts will give you.
Deloitte art & finance co-ordinator Adriano Picinati di Torcello says paintings are also seen as attractive investments because it’s very clear what you’re buying.
Delotte’s recent report on the sector, external indicated that after a decrease in the global art market throughout 2016, auction sales recovered in the first six months of 2017.
Mr Picinati di Torcello says part of this is driven by investors’ desire for “real assets”. He says that because many investors lost money in the financial crisis by investing in products they did not understand, they are turning back to things such as art.
“Wealthy clients spend an increasing part of their wealth on art and collectibles,” he says.
Yet you don’t necessarily have to be super-wealthy to invest in art.