Investing in art: When passion meets portfolio

Why chase market trends when your portfolio could hang on your living room wall?

As the world of wealth gets savvier and infinitely more stylish, art has quietly claimed its place as one of the most emotionally satisfying, and intellectually stimulating, investment avenues. But Sylvain P. Gaillard, Director of Opera Gallery Dubai and former banker-turned-curator, believes it’s not the dollar signs that should drive you to pick up a canvas. It’s the visceral thrill.

“For me, art is and will always remain something related to passion,” says Gaillard, who once advised ultra-high-net-worth clients on multi-asset portfolios. “Being a visual person, artworks in any medium have to strike a chord with me and provide emotional reward. The investment aspect is there, sure, but it will never take precedence over my very pure approach to appreciating art.”

Having worked across Geneva, Monaco, Hong Kong, and now Dubai, Gaillard has seen his fair share of collectors, from the spreadsheet-driven to the romantically inclined. But in the UAE, he notes, the latter reign supreme. “The vast majority of our clients elect to live with the artworks they purchase,” he says. “Very few are driven solely by potential gain or resale value. Only a small portion treat their purchases as hedges within a portfolio.”

So, while the West may occasionally treat art as a high-performing asset class, Dubai’s collectors are more likely to be found pairing their Basquiats with bespoke interiors rather than stock tickers.

That doesn’t mean the art world isn’t maturing into a more investor-friendly space. According to Gaillard, what gives fine art an edge over trendy collectibles such as luxury watches or handbags is its history and scale. “Art has historically existed for much longer,” he says. “Track records, market trends, and data are more readily available. Plus, it’s by far the largest market in terms of volume.”

With that breadth comes confidence. “The number of players in the ecosystem tends to reassure buyers,” Gaillard explains. “Over time, the market has become more transparent and organised, even if it remains lightly regulated. But like any asset class, art has its own risks and rewards. Investors need to understand the idiosyncrasies and make sure it fits their risk appetite and time horizon.”

So what actually makes an artwork valuable? Gaillard insists there’s no single factor. “It’s the sum of its parts,” he says. “Beyond supply and demand, elements like provenance, literature, and exhibition history add or detract from value. But the one thing we can’t control? Buyer emotion. Sometimes, that throws all logic out the window, and that’s the magic.”

Of course, collectors today are not the same as collectors ten years ago. There’s a generational shift underway, Gaillard observes, and the art world is paying attention. “A new generation of buyers requires a different approach. Visual taste, buying patterns, and price points are evolving, and we’re adapting accordingly,” he says. “It’s not just about legacy anymore, it’s about lifestyle.”

At Opera Gallery, which has been curating and selling masterpieces for over two decades, the client experience is as finely tuned as the artwork on its walls. Since taking over the Dubai location in 2014, Gaillard has curated exhibitions, revamped marketing strategies, and brought his banker’s discipline to a creative space, bridging the gap between passion and prudence.

So where should a budding collector begin? Gaillard’s advice is refreshingly counterintuitive: forget the money. “The very best private collections in the world started out of passion and later turned into great investments. The opposite is rarely true,” he cautions. “Buy what you love. The emotional return in the short term will always outweigh any potential financial return.”

Still, for those wanting to strike a balance between aesthetics and asset value, Gaillard notes that in today’s climate, there’s a “flight to quality.” That means blue-chip and emerging artists are gaining ground, while the mid-range market has softened for now. “Stylistically, we haven’t seen a strong trend in the last 18 months,” he observes. “Which is a good thing, it lets buyers follow their interests rather than market-driven fads.”

As we see it, fine art sits in a rare investment sweet spot, anchored in history, charged with emotion, and quietly capable of compounding both personal joy and financial worth. It’s less about resale, more about resonance.

“Buy what you love,” says Gaillard. “The emotional return in the short term will always outweigh any potential financial return.” Because while the value of a painting can fluctuate, its ability to move you? That’s priceless.