Arts and collectibles are an excellent source to make money, but the question here is whether you have the original one
The market is flooded with numerous fake ones, especially when you buy paintings and fine wine. Even the best-known painting bought from the most famous art gallery can be a fake. There is definitely some degree of risk when buying arts and collectibles, but if you can make the right judgement, you will go home richer by millions.
It is never easy to make the right choice while choosing art pieces. The best business people also commit uncanny mistakes, which they typically do not commit when dealing with their traditional businesses. It’s their passion for winning painting, a car, or even fine wine, which leads them to overlook finer details. They miss vital truth when dealing with the seller.
Not all collectibles are fake, but it is important to hire an expert when buying collectibles. Experts can prevent you from buying the fake ones, and, in fact, can save you from courtroom hassles. In 1988, William 1 Koch, the coal and petroleum magnate bought trophy wine. He came to know much later in the year 2005 that the wine was counterfeit. Then again, in the year 2005, William 1 purchased wine worth $3.7 million.
He came to know later that not all bottles were real, 24 bottles out of 2669 bottles were fake. William 1 Koch filed a case against the seller Greenberg and won $12 million in damages.
The real problem with buying collectibles is the fact that it is never easy for the buyer to buy the authentic one, even if he has a consultant with him. The truth unfurls only when the owner decides to display or sell to the museum.
That’s where the owner gets to know the facts regarding the collectibles he owns. Money can be made from collectibles, when you have few experts to suggest you in making the right choice.