The advice to buy what would normally seem expensive right now while it is being sold at more attractive prices seems like great advice from Barry Ritholz to me. I tend to buy a lot of handcrafted jewelry from a particular silversmith friend of mine. I also will buy art and craft pieces that are attractive to me, well made, and that I know I will enjoy for a long time. I look for those things for friends as gifts as well.
Part of this is that things are well priced right now, and part of it is my desire to support artists and crafters during these difficult times, and support those who are becoming more artistic and creative as the economy turns down. I enjoy well-made things, and one thing I do like about recessions is that a lot of very nice, very well-made things become less expensive, and there are more artists and crafters out there as people have less money and more time. I also encourage people during this time to find some art and crafting passions of their own, if only to enjoy the pleasure of making things for yourself or friends while times may be tight. You never know what skills you might discover, or where your talents may lead you!
The Barron’s Interview | The Big Picture
One client said to me, “I’m tired of hearing bad news. I don’t care what it is, what can you tell me that is good?” I told him to make a list of things he’s wanted to own, but has been afraid to buy or unable to because of the cost. I don’t care if it is art, trophy properties, vacation homes, collectible automobiles or boats. Figure out what you are willing to pay, and I can all but guarantee you that by the time we are done with this deflationary cycle, many of those objects will be available at your price. I wouldn’t be surprised if, when everything is said and done, a lot of these things are off by 50% or worse.
4 Responses
I find that I covet fewer and fewer things. We have so many “decorative” objects that there is no room for more. Most “things” could be offered to me for free, and I’d turn them down.
Indeed, another reason to look for and buy things that are important and have meaning to you. I find myself giving away a lot of those that I have no attachment to.
I don’t covet things as much as I want to have a reason for the things I do need to have. My art tends to be pretty practical as well as decorative — mugs, saki bottles, vases, jewelry, things like that.
I suppose it’s great advice IF you have excess money laying around gathering dust. However, a lot of folks — my family included — are having enough trouble keeping a roof over our heads. For us, purchasing items we don’t need is out of the question, regardless of how much we might save. If this suggestion applied to food or necessary household items, then I might be interested!
That’s why I also suggest making things, or practicing your own arts and crafts skills. But for those of us who do have the means still, I think it is important to support the artists among us. And, to still purchase the things that have meaning to us, even if money is tight. Sometimes a small luxury is important too, even in tight times.
There is no reason what one needs can’t also be beautiful, artistic and handmade if possible. Cheap crap from Walmart doesn’t benefit any of us right now, no matter how much it seems to save the budget. Cheap crap just breaks faster anyway. Might as well buy good quality that lasts, even if it seems a bit more to spend.
And it does apply to food, too. Buying locally grown foods supports the people around you. Buying jams and jellies or something put up by a farmer or someone near you supports those people, too. A lot of my mugs and plates are from local crafters and artists. I support their livelihood by buying beautiful things that I do need and use…
Part of what is happening now is about learning to support each other, not just faceless corporations. To find art in life, and not be afraid of what it seems to cost, is important.