DIDDY PAYS $21 MILLION FOR PAINTING BY BLACK ARTIST: HERE ARE 9 TIPS ON COLLECTING ART FOR AVERAGE FOLKS
May 21, 2018
The news just broke that Sean “Diddy” Combs paid $21 million for a painting by 62-year-old African American artist Kerry James Marshall. The purchase is said to be the highest ever for artwork by a living artist and the most expensive work created by a black artist.
More and more black celebrities are purchasing artwork not just as an investment, but as a way to create multi-generational wealth. Jay-Z and Beyoncé are known art aficionados; Hov even name drops famous artists in several of his songs. Who can forget the power couple bringing along little Blue Ivy to what may have been the first of many art auctions in her life to come. Swizz Beatz is an avid art collector of painters such as Keith Haring and Jean-Michel Basquiat
While art collecting is typically associated as a hobby for the rich, everyday people can also become art collectors.
A valuable art collection is purposeful. Art appreciation is more than admiring pieces or acquiring solely to hold long-term. A diversified asset portfolio includes real estate, as well as collectibles, of which art is ideal.
– EXPO Chicago
– Harlem Fine Arts Show Martha’s Vineyard
– Texas Contemporary Art Fair