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I guess each to their own. I love art so wouldn't hesitate to spend $500 on a nice piece of artwork. When I told my friend about a painting I bought recently (beautiful old English watercolor) for $480, she couldn't believe it (as a joke I showed her pieces that sell for nearly a million -...

Art works are considered to have a 100 year life so yes you can depreciate them, a tiny bit each year. :) Not all art appreciates, but some does nicely. Went to an auction on Sunday and saw a nice English watercolor I liked. Had an estimate of $800-$1200, sold for $13,400! Wasn't purchased...