Opinion - Art has intrinsic value, it is not like shares or commodities

Posted on September 10, 2008 at 2:13 PM.

Keep Reading in ------ :

"But art does have, contrary to Mr Johnson's opinion, intrinsic value, namely the highest possible: beauty. There are no daily quotations for a painting on one's wall as for shares or bonds, and investing in art means patience and knowledge."

FT.com

Thank you Mr Arie de Knecht, you're letter to the FT has pointed out the many errors and possibly an ulterior motive (is it Channel 4's controversial new documentary about art) in Mr Johnson's opinion. We join you in our belief that his article is ill-informed, inappropriate and destructive.

This behaviour is discouraged by the financial markets and yet often quite typical, the 'when-down-kick-the-other-guy' philosophy, and 'use-media-big-wig' to create a scrum. He has forgotten or perhaps never known the power of love in the face of adversity. This is why the best art investment advisers will encourage their investors to buy what they love.

If there is a 'burst' in this hypothetical bubble it will have occurred from financial-media-hype like this. The art market may be due for a correction, yet there is plenty of value in the economy for it to remain healthy for years to come.

We completely agree with Ben Moore of Moore and Moore Art, London, who has responded: "well-made contemporary art will maintain its value just as other blue chip assets will. If it did not, then all Picasso's "stupid, greedy, vain contemporaries" would have thrown away such worthless assets as "Family of Saltimbanques" from the Chester Dale Collection...". Read more at FT.com .