Art As Investment

Press, Volume CVII, Issue 31540, 30 November 1967, Page 11

Art As Investment

BY

DAVID BARBER

In spite of the stock market boom which has sent many Australian share prices soaring over the last few months, paintings are a better investment, according to Sydney art dealers. Some paintings by Australian artists have appreciated in value by 2000 per cent in less than 10 years. One dealer, Max Hutchin-

son of Gallery A, in Sydney’s Paddington, said: “Paintings are better than stock because you can hang them on your wall and enjoy them while they are increasing in value.” One art gallery is advertising in financial journals to inform businessmen of the advantages of speculating in art, and an expert has set up a full-time business, hiring himself out for 10 dollars an hour, to advise profit-seekers on “gilt-edged” artistic buys.

Dealers said that American buyers had come to accept the work of Australian painters as good investments. Frank McDonald, director of Clune Galleries, said: “You could consider art as an adjunct to the stock market these days.” And Hutchinson noted: "Unlike stockbrokers, most reputable art dealer* would be prepared' to buy back paintings if clients were not satisfied.”