Holly, Andy Warhol, 1966. Image: thecityreview.com

1. For one, the art market is glamorous. Putting down significant money on an artwork virtually guarantees entry into a rarified world where big spenders are treated with the utmost respect.

2. You can earn a lot of money in a strong market, if you know what you’re doing, but you must have (or work with someone who has) a broad and intimate knowledge of the art world and market.

3. Historical artifacts (antiquities) and major works by well-established artists will likely increase in value because they are rare. Such works should retain value over long term, but there is no guarantee of this and these works can be expensive to acquire.

4. The market is flexible. A work’s perceived value will change according to the number of museum exhibitions and media attention it receives. For example, Richard Prince’s heyday was the 1970s and 80s, but his work has been given a second life thanks to London dealer Sadie Coles, critcs and collectors who recognize his importance.

5. Art is a good way to diversify your investment portfolio. The Mei/Moses All Art index has shown that over the long term, some types of art can be a worthwhile investment.

6. Following on from this, art investment is high risk only if the selected investment period is too short. Over long term, art has shown low risk, high return.

7. The advantage of investing in good art is - it survives economic downturn. Top-quality art tends to be more stable than most financial investments in difficult times.

8. Cycles in the art market are not necessarily linked to those of other asset classes and there is low correlation between art prices and the equity markets, just as there is little correlation between different categories within the art market.

9. Most artworks are unique items. There is only one of each and they are never reproducible. (There may be issues of authenticity, however – see Cons). Rising incomes over the long-term ensure a steady rise in demand for works of art against falling supply.

10. Art is an asset class of its own. It is neither a real asset nor a financial asset. Art combines passion and investment.