Zami Basha, an Oligarch of the Art World, Doubles His Net Worth, While Industries Struggle To Sustain Amid COVID-19

June 15 22:56 2020

The COVID-19 pandemic has caused immense havoc throughout the world. Apart from the health perspective, it has also created a global economic turmoil. Millions have lost their jobs and thousands of industries across various sectors have literally shut down. 

However, even in such grave circumstances, few industries have managed to adopt and sustain. One of those is the art industry, primarily because, it offers an inherent physical value which is unlikely to be hampered due to economic setbacks. In this context, Zami Basha, a well-known dealer in the art world is leading by example. 

Zami Basha: Positive Approach in Tough Times

Just like other industries such as entertainment, hospitality, travel, the art world is also facing its fair share of challenges amid the pandemic. The indefinite closure of retail outlets and cancellation of entire exhibitions has posed a major threat to all stakeholders in the art industry including artists. However, galleries are setting up initiatives and funds to stay afloat in these difficult times. 

In this scenario, Zami Basha has adopted a rather positive approach to doing business in the art industry, which has helped him more than double his net worth even in times when the jobless are struggling to make ends meet. 

‘There are significant perks of investing in art. It is a very safe investment, as it does not go through the peaks and troughs like a stock market investment. Take Jackson Pollock for example. It will never lose its value – no matter what the global economic conditions are. People, who can afford, will still pay millions for it. Art has shown long-term returns that rival bonds. It can be a widely volatile market. I believe the art market will eventually beat the stock market.’ – Zami Basha

Zami, who is a popular art dealer believes in the concept that anybody can invest in art, even the ones who do not have any idea about it. Even amid this economic slowdown, an artistic masterpiece will perform well in the auction, solely because it has an inherent physical value which will not be affected due to external financial circumstances, unlike the stock market. This approach clubbed with his simple investment technique of ‘buying low and selling high’ has paid off well for him. Moreover, it has contributed massively towards keeping the core of the art world moving.

Investing In Art: A Secure Route

Zami Basha is placing his bet on private art collections that had previously been deemed substandard or otherwise undesirable to other collectors. This February, he closed a half a million dollars deal for a single private art. Basha is an artist himself, and his smart investments during this economic turmoil have doubled his net worth. 

In an interview with Artnet, Jay Gorney, senior director of Marlborough Gallery advised young to be prudent, open new branches, invest in communal art collections, and do the needful to entice buyers. One more approach for gallerists would be to collaborate with new artists or get in touch with them through well-known, successful, and credible art dealers like Zami Basha. 

Even during the Great Recession of 2009, entire industries shut down, but the art world continued to sell. Zami Basha seems to have taken a leaf out of that scenario. His decision of investing in private art has proved to be beneficial for himself as well as other stakeholders in the art industry. 

To know more about him, follow him on Instagram

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