Should You Buy Andy Warhols on Amazon? As Amazon moves into the art world, some advice for new collectors By Maria LaMagna, MarketWatch For $7.98, an Amazon.com customer can buy four cans of Campbell’s chicken noodle soup. And for $30,000, that same customer can also put a framed screen print of Andy Warhol’s Campbell’s soup can in her shopping cart. The online retailer’s foray into fine art might make it as easy to buy canvas oils as it is to buy cooking oils, but experts say new collectors should take their time before rushing to click “Add to cart.”
Suzanne Gyorgy, the global head of art advisory and finance at Citi Private Bank, says those shopping on the site shouldn’t buy any work purely as an investment. “If the fundamental drive isn’t the love of the art, people tend not to do very well.” Stories about art purchased for thousands, then sold for millions, are fun to read, but are few and far between, she says. Art buyers also shouldn’t expect to be able to flip a painting after a few months or years. “It’s not something that should be bought for resale purposes only,” says Heidi Lee-Komaromi, a New York-based art adviser and founder of consultancy HLK Art Group. “It’s something you live with for a long time.” Another problem with online art shopping: Making judgments about the market value of a particular work isn’t easy, Lee-Komaromi says.
When it comes to return on investment, the paintings and sculptures that do the best tend to be on the higher end of the market: works worth $100,000 and above. Yet there are still investing opportunities for consumers with less cash on hand — and that’s the category that’ll likely do well on Amazon. Lee-Komaromi recommends starting out with limited editions, photographs, screen prints and other lower-priced items. But when shopping online, consumers should hold off until they have an understanding of a particular artist. Online buying has already touched the art world, Gyorgy says. Even when buyers visit art galleries, dealers frequently will show them images of other works on iPads, she says. Christie’s and Sotheby’s have both begun offering more online options. But buying art you haven’t seen in person, “especially over a certain price point, is still a leap,” Gyorgy says. Lee-Komaromi says she does not see Amazon Art as a threat to galleries. Although some high-ticket works are available, she says she thinks it’s more likely the venue will work better for items like $500 prints. “It’s just adding to the general public awareness,” she says. “It’s great they’re moving into the space, for profit or otherwise, and allowing people access to art.”
