Wendy WilliamsEXCLUSIVE By James Bryce
ENTERPRISING expat pensioners looking to make their modest incomes go that extra mile are turning to the art world for inspiration.
The savvy retirees are purchasing works of art because it is seen as a ‘safe’ investment which retains its value, much like gold.
One such investor James Wood, 67, from Mijas Costa, researches artwork online, insisting ‘it is important to pick an artist you are confident in’.
“I’ve always been interested in art but I’ve never invested in it before,” explained Wood, who has lived in Spain for three years.
“It’s a safe investment and one that you can enjoy, not like shares which just sit in a drawer,” he added.
“It is also something to leave to the grandchildren in the future.”
Woods, originally from Leeds, began investing after meeting Costa-based art dealer Stephen Howes at an exhibition.
The Benalmadena-based 47-year-old has been dealing art for the past 17 years and insists there is a definite trend developing among money-conscious pensioners.
“I have about 15 to 20 people buying art each week and they are all retired,” he said.
“People are investing anything between 1,000 and 80,000 euros either to buy and then sell or to keep it as a tax-free inheritance.”
They are investing in art from an unknown artist? Doesn’t sound like a smart idea to me.