Sheilagh Tennant: Art is nice to look at, but is it a good earner?

The market for contemporary art has grown – the last ten years has seen a significant increase in the number of art fairs around the world. Several artists have become household names – eg, Damien Hirst, Tracey Emin. However, relatively few contemporary artists’ work sells for high prices at auction. It is this small number whose work is often bought as a financial investment, and it is likely that many of these works will be immediately stored and remain unseen by anyone – until the owner wishes to resell.

Emerging artists who make their name in a short space of time can find their work being treated as a commodity. However, it’s debatable how viable this is; even auctioneers are being very careful regarding the questions around investment. Matthew Paton, of Christie’s, said recently: “The value of art is subject to people’s taste, and you can’t judge future taste.”

Whilst treating contemporary art as an asset like any other is not, perhaps, advisable, there are other ways of looking at the concept of investment in art: eg there is some evidence that investing in art for the workplace can improve productivity.

The most recent in-depth research into this was carried out in the US, with the results published five years ago: “There is a relationship between how people experience the offices they work in and their productivity levels including job performance, job satisfaction and their ability to communicate with each other.” (From a report by BOSTI, a company specialising in art and design.)

In 2013, in an increasingly competitive marketplace, it could be argued that the need for creativity and ingenuity is even greater. The companies that are likely to thrive in the current climate will continue to look for ways to promote creativity, boost productivity and spark dialogue among employees: “Good contemporary art can engage the mind and the eye, encouraging the viewer to grapple with unfamiliar concepts or to look anew at the everyday.” Owning Art, by Louisa Buck and Judith Greer.

This would suggest that art isn’t just an advantage for the big players; it can be a valuable asset for any home or business, no matter how small.

There is such a broad and diverse body of work available within the contemporary art world, offering greater opportunities for collectors, of all means and inclinations, than at any other time in history.

In the UK we are very lucky to have so many gifted, artists out there creating original work to an extremely high standard.

One of my current projects involves running a programme of contemporary art exhibitions at the National Trust for Scotland’s newest museum. These are all selling exhibitions, with a proportion of sales going towards the conservation of the nation’s premier Robert Burns collection.

There is a variety of styles and media in the show, with work ranging in price from £300 to £57,000 and it is definitely worth a visit. The museum is in Ayr and the exhibition will be on display for over three months.

However, should you be unable to travel there, all the work can be viewed online at www.artruist.com/catheyowes/

For both individuals and companies, with a restricted budget, an excellent way to build a good collection is with limited editions: not just prints, but sculptures, photographs and other media. In this way, it’s possible to invest, as an individual, in an improved quality of life and, as a company, in a more successful business.

It is, of course, still possible to buy a work which will soar in value over a period of years; as an adviser I have introduced collectors to the work of artists who subsequently commanded much higher prices for their work. However, significantly, this did not change the way the collectors view their work; one collector comes to mind who, when I took him to see some of Grayson Perry’s work about 14 years ago, knew as soon as he saw a particular vase, he really wanted to have it in his home.

To this day, I have never heard him mention the fact that this work must now be worth considerably more than he paid for it. However, he still talks about how much pleasure it gives him.

• Sheilagh Tennant (www.artruist.com)