Affordable Art Fair finds British people prefer booze over art

This article originally appeared on Culture24.

We should be investing more of our money in original artwork, says Will Ramsay of the Affordable Art Fair

A new study has revealed that British people spend only 0.04% of the value of their house on original art per year. But Will Ramsay, the founder of the Affordable Art Fair, believes the figure should be nearer 1%.

Ramsay's words might seem a little unrealistic given that the average house price has today risen to £195,000. But he sees the wisdom of investment. “You can enjoy a piece of art you’ve bought for your whole life," he says. "It can be passed through the generations and even appreciate in value."

This year's fair is about to open on Hampstead Heath, with works selling at a relatively modest £100 to £5,000. "We all indulge in luxuries from time to time," suggests Ramsay. "But people are always unsure of how much they should invest when it comes to original art."

With much art beyond the spending power of most people - Picasso’s Les Femmes d’Alger broke the record for a painting sold at auction by going for a staggering £116,000,000 - organisers of the fair say they offer the chance for "anyone to be an art collector, whatever the budget".

And choosing to spend one’s money on art can certainly be a shrewd decision. Unlike other luxuries British people spend their salary on - including 7% per year on alcohol and 2.4% on coffee - art will last and may accrue considerably over the years.

According to the study, art could also make one happier than other types of luxury purchase.

When polled, 20% of British people said the novelty of a new pair of designer shoes quickly wore off and 12% regretted the purchase of expensive clothing. In contrast, 38% said they continued to enjoy their original art purchase long after the acquisition.

Arts Council England is keen for people to buy art, offering to help with their Own Art scheme. This offers interest-free, 10-month loans of up to £100-£2,500 to help buyers acquire the work of living artists.

Critics of such schemes and the fair may debate what qualifies as “art”. They might point out that the black and red figure Greek vases we all coo over in museums today did not impress the Ancient Greeks that much, who would have seen the relatively inexpensive vases in much the same ways as we see designer shoes today.

Perhaps, they might argue, in several thousand years’ time 21st century shoes will be gawped at by our descendants, while the artworks we esteem have been destroyed through neglect.

But, for now, art seems to be fairly clearly defined as a work attempting to convey something about life, the universe and the human condition, straining to convey ideas of impossible complexity in a single symbol of perfect eloquence.

To this end, the fair aims to allow us all to buy a piece of this visual philosophy. "You don't have to be an art expert to buy art, or invest trillions," adds Ramsay. "You just need to follow your passion and find a piece that you love."

• The Affordable Art Fair runs from June 11-14. Visit affordableartfair.com/hampstead‎ and follow the fair on Twitter @aaflondon.
  
  

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Source: http://www.culture24.org.uk/art/art527972-british-prefer-booze-over-art-affordable-art-fair-finds