While overall she does an excellent job of addressing the critique posted by Salmon, we purport that art as an investment, although certainly not for many people, provides tremendous opportunity for High Net Worth and Ultra High Net Worth Individuals over the long term. Not only would the individual own a stellar collection and derive the emotional and visual benefits of living with great works, they would be diversifying their assets away from traditional financial instruments and own a collection that has historically performed well in times of inflation and economic uncertainty. If managed properly and with expert advice, an allocation of assets to art will perform well over time. Many of the great and highly valued collections of today were acquired by insightful and well advised collectors who were in most instances not the super wealthy.
“This scene has grown in terms of glamour, prestige and notoriety,” says Michael Plummer, the co-founder of Artvest Partners, who says that the fair and the surrounding events are a major weapon in the dealers’ arsenal. The US art calendar was previously dominated by the New York auction scene, and Miami has helped to correct the balance.