Art Auction houses have opened everywhere starting in early November. They have happily opened their doors in order to honor auction week this fall.

The major players this year are Christies and Sotheby’s with their collections that would surely not disappoint art enthusiasts. The art buzz has also been brewing slightly to the west of the Hudson River in a humble space in New Jersey, in Bloomfield specifically.

The space mentioned here is home to Nye & Company. It is one of the most renown companies providing art auction services. They have a gained a lot of attention, selling an old Rembrandt that was lost for $1.1 million last month. It was found in a basement in New Jersey. On November 11, Andy Warhol’s one-of-a-kind sculpture is also said to have been auctioned there.

The sculpture was given the name “the Money Hat”. It is a Halson hat(black straw) that the artist have covered using $10 bills. He presented and made it as a birthday gift for the 30th birthday of his friend, Dr. Robert Giller who is a medical consultant. He gave it to him way back in 1972.The legend states that the artist ran out of cash but then, his friend has intendedly footed his bill. The brim contains dozens of $10 stitched bills by the artist himself with the use of straight pins. Moreover, one of the bills showcased the artist’s signature. A picture book copy entitled “Andy Warhol’s Exposures”, which contains Giller’s photo while he was wearing the hat is also included in it. The widow of Giller consigned the said sculpture. Moreover, Nye and Company has listed the artwork at $800,000-$1.2 million.

It is clear that the market today is still unpredictable and this makes the investors worried. Moreover, it is not a secret to know that investments in the traditional 529s, 401(k)s and IRAs are considered to be more secured. Although this was the case, it is also quite tempting to invest in less traditional routes including investing in collectibles or arts. However, in the case of the notoriety of Warhol as well as the price point of the sculpture, spending some money on it could be worth considering. With this dilemma, we have asked 2 art advisors as well as 2 financial advisors on how they could increase the proceeds of their auctions, investing their money on it and walk away together with the hat.

Prepare yourself for investing in it is indeed a whole new world as said by Carina S. Diamond, who is the SS&G Wealth Management’s managing director as she states that investments were designed to eventually provide a source of income to its investors. Diamond said that a painting is not capable of providing monthly income in order to help in paying expenses. He considers it as an investment that one could sell later on. Moreover, there is no guarantee on that no matter how famous that piece is at present.