Is Art a Good Investment? A Gallery Owner's Honest Answer
Whether art is a good investment, and how to invest in art without making expensive mistakes, are questions that deserve an honest answer. Our gallery has dealt in original works by historical and modern masters since 2005, and my honest answer is that an original work by a major artist, well documented and in good condition, can hold its value over many years, and some works increase in value, but no one can promise that any particular artwork will do so. For that reason, I encourage collectors to choose a work because they wish to live with it, and to regard its value as a welcome second consideration.
Is art a good investment? What every buyer should understand first
Art is not a liquid asset, because an artwork has to find the right buyer, and finding that buyer takes time. Collectors should therefore only commit money to art that they can afford to leave in it for many years.
Selling also involves costs, whether the work is sold through a dealer, on consignment or at auction. At auction, for example, the seller pays the auction house a commission calculated as a percentage of the hammer price, as Christie's explains in its glossary of auction terms.
Prices can fall as well as rise, and the art market as a whole has difficult years. According to the Art Basel and UBS Global Art Market Report 2025, global art market sales fell by 12% in 2024 to an estimated US$57.5 billion. The 2026 edition of the report found that sales rose by 4% in 2025, after two consecutive years of declining values, but remained below their 2022 peak.
Consequently, I never quote returns or projections. What I can explain is which qualities determine the value of an original work on paper or a bronze sculpture.
How to invest in art: the factors that determine value
Before value can be discussed at all, the work must be genuine. As our Authenticity page explains, a work of art is original if the medium was created by the hand of the artist and printed by or under the artist's supervision. Once originality is established, value depends on several factors considered together.
Documentation in the catalogue raisonné
A catalogue raisonné is a scholarly, annotated compilation of all the known works of an artist, or of all the works an artist created in a particular medium. Our Henri Matisse lithograph Danseuse au tabouret (price on request), from the Dix Danseuses suite and created in 1927, is referenced as number 481 in Claude Duthuit's catalogue raisonné of Matisse's graphic work. Our Pablo Picasso etching Le Repos du sculpteur et le modèle au masque (price on request), from La Suite Vollard, is referenced as Bloch number 159.
For Dalí's graphic works there are two catalogue raisonnés that help with authentication: Michler & Löpsinger's catalogue raisonné (Vol. I–II) and Albert Field's The Official Catalog of the Graphic Works of Salvador Dalí. If a Dalí graphic work is not included in either catalogue, it cannot be considered a genuine original work by Dalí. Our Certificates of Authenticity are based on reliable documentation, entries in the respective catalogue raisonnés and other trusted references, and they can be verified through third-party authenticators.
Edition size and signature
Rarity matters. A lithograph created in a large edition will generally be less expensive than one from an edition of only 50 or 75. Marc Chagall's La Vache Bleue ($17,500), created in 1967, is hand signed and numbered in pencil from an edition of 75, and it is referenced as Mourlot number 488.
A hand signature carries considerable value, because it gives an individual artwork a personal connection to the artist. However, a signature does not make a work more original. Originality depends on whether the artist created the work in that medium. Between 1960 and 1974, Chagall created 28 full-page original lithographs for the six volumes documenting his lithographic work, and The Bay of Angels ($1,500, Mourlot 286) is one of them. Works of this kind are genuine original lithographs by the artist, offered at a more accessible price.
Scale and subject matter
A large work can have a much greater visual presence. Chagall's L'Envolée Magique (The Magic Flight) (price on request), created in 1980 and hand signed and numbered from an edition of 50, has an image measuring 37" × 23.1" on paper measuring 45.5" × 29.8".
Subject matter matters as well. Images that are immediately recognizable as the artist's own visual world tend to attract the most interest. With Dalí, these include Gala, elephants, crutches and melting clocks. In our bronze Horse Saddled with Time (price on request), the horse carries a saddle in the form of a melting clock, and a small crutch-like support appears as an additional detail. The sculpture was conceived in 1980, is signed in the cast, and is documented in the catalogue raisonné of Dalí's sculptures, referenced as number 650 in Descharnes' Dalí: The Hard and the Soft.
Condition and conservation
Works on paper are particularly sensitive to light, humidity and acidic framing materials. Over time, exposure to these elements can affect their condition and, consequently, significantly reduce their value. Fortunately, proper framing, careful display and appropriate storage can greatly reduce these risks and help preserve a work for generations. As our Terminology page explains, works on paper, and the mats and mounts with which they are framed, are best acid-free. For any work in our collection, you are welcome to ask us for a condition report.
Complete suites with portfolio and certificates
A complete suite in its original portfolio case, with its certificates, has added collecting value compared with individual artworks from the same suite. Dalí's Retrospective suite of 1978 is a good example. Its four lithographs are each hand signed by Dalí in pencil lower right and numbered 48/150 lower left, printed on Japon paper, and referenced in Albert Field's catalogue as 78-10 A to D. Each one comes in its dedicated silver portfolio case with the original embossed Certificate of Authenticity, and the suite is accompanied by a .999 silver medallion titled "Peace". Individually, the lithographs are priced from $7,500 to $8,750, for example The Flowering of Inspiration (Gala en Fleurs) ($8,750). The complete suite is described on our Dalí Dreams: Retrospective page.
What our lifetime guarantee covers
Every artwork we offer is original and comes with meticulous documentation and a Certificate of Authenticity, and Chali-Rosso Gallery stands behind all of its artwork as original, providing a lifetime guarantee. It guarantees that the work is genuine; it is not a promise about the work's future price.
How to protect the value of the art you own
- Keep the Certificate of Authenticity and every invoice together, stored safely and separately from the artwork.
- Have the work appraised. We provide comprehensive and independent art appraisals for insurance, estate and charitable donation purposes.
- Record the work's identity. Our Nano-D authentication system renders specific sections of an artwork as three-dimensional, nano-resolution images, so that after restoration, storage or an exhibition loan you can confirm that it is the same piece.
- Plan for the day you sell. Our confidential art brokering service includes selling specific works and collections, supported by our extensive network of contacts worldwide, and we accept quality works on consignment when they can be verified as authentic.
Should I invest in art?
If you love a work, can afford to leave the money in it for many years, and buy something that is well documented and in good condition from a dealer who will stand behind it, then buying a work by an established master can be a sensible decision. If you may need the money back quickly, or you are looking for a guaranteed return, art is the wrong choice, and I would rather tell you so before you buy. We also offer professional advice and information about art investment and management.
Talk to us before you buy
If you are considering a first major work, I would be glad to discuss it with you in the gallery at Canada Place or by email. Browse our Marc Chagall and Dalí sculpture collections, then email gallery@chalirosso.com or call 604.733.3594 for a price and condition report. Submit an inquiry; we offer installment plans in some cases.
Frequently asked questions
Is art a good investment?
It can be, but it is not a liquid one. A well-documented original work by an established artist in good condition can hold its value over many years, yet selling takes time and involves costs, and prices can fall as well as rise. No one can promise a return, so buy a work because you love it.
Can art lose value?
Yes. The price of an individual work can fall, and according to the Art Basel and UBS Global Art Market Report 2025, global art market sales fell by 12% in 2024. Damage from light, humidity or acidic framing materials can also significantly reduce the value of a work on paper, which is why proper framing and storage matter.
What makes an original graphic work valuable?
The main factors are documentation in the catalogue raisonné, edition size, the hand signature, scale, subject matter and condition, and a complete suite in its original portfolio case with its certificates has added collecting value. A signature does not, however, make a work more original.
How do I find out what my artwork is worth?
Have it professionally appraised. We provide independent appraisals for insurance, estate and charitable donation purposes. Email gallery@chalirosso.com with the artist's name, the title, the dimensions, the medium if known, a copy of any documentation, and photos of the artwork and of any distinguishing marks, such as signature or numbering. We will get back to you within 72 hours.