Many Toronto business professionals and entrepreneurs are investing in Canadian paintings. However, it isn’t just about decoration and appreciation of the painting. Although, aboriginal art is going through a resurgence and many consider it be inspiring, it seems there are added benefits for buyers.
According to Baldo Minaudo, a Toronto Real Estate Broker serving upscale neighbourhoods like Leaside, Rosedale and the Beach, it is not unusual for his clients to buy a distinctive piece of Canadian art to define the theme of the living room or dining room. “With the movement to open concept design, there is less wall space and a greater reliance on art to define a room.”
Minaudo goes on to explain, “a home provides an environment that brings out the best in the occupants. So, having the right visuals, colours, and overall decor can make the greatest difference in one’s state of mind, health and even productivity.”
Individuals like Maurice Aziz are buying aboriginal art because they appreciate the art itself. Aziz has a preference for Norval Morrisseau (1931-2007), is believed by many to be the Mishomis (grandfather) of contemporary indigenous art in Canada. Documentaries have shown how his unique artistic style pushed the boundaries of visual storytelling. He is known for using bright colours to portray traditional stories, spiritual themes and political messages. Morrisseau is also the creator of the Woodland School of art and a member of the Indian Group of Seven.
However, buyers are finding that sometimes a piece of art can appreciate considerably. With low interest rates paid on bank balances and the real estate market beyond the reach of many, some are investing in art in the hope of having it appreciate in value at a greater rate than real estate is appreciating.
Although there are stories of some art pieces going through the roof, generally, it is highly unlikely that in the longer run art can produce a greater return than real estate. Nonetheless, there will be some artists who’s work will produce significant appreciation in value.