Your first
purchase might have been seamless. The piece spoke to you, and it seemed like a
reasonable price. You mentally moved it into your foyer until it eventually
came home with you with no difficulties.
If you're a new collector or trying to be more
proactive about your collection, there are some golden rules to buying art.
Follow these 5 proactive tips for successful art
buying:
1. Develop
Your Style
Start by
visiting local galleries and art shows. Gallerists and artists are your first
resources to ask questions about eras and styles that interest you. Tell them
what you like about a piece and ask for recommendations of other galleries and
artists to explore. Don't be afraid to say what you don't like and why?this
could give you insights on styles or eras to avoid.
2. Start Your
Art Education
Once you have a
defined style, you can really dive into your personalized art education.
Attend auctions
with no intentions of purchasing to understand the intensity and speed of
bidding. Auctioneers will give you some background on the periods and styles that
are being sold. This will show you the competitive side of purchasing art and
give you an idea on pricing.
Shopping with
no intentions of buying will also immerse you in the culture without getting
caught up in the buying process. Your emotions can get the best of you when you
fall in love with a piece, and self control is the only way to keep a level
head.
These
experiences will give you a confident, educated demeanor during future
interactions with auctioneers and dealers.
3. Set a
Budget
Setting a
budget is important because it's easy to get carried away.
Although you
want to be in love with the piece you're buying, don't let your heart make
financial decisions. You want to consider
aspects like insurance, shipping, and framing when necessary.
Auctions can also require a buyer's premium, which will make the cost higher
than the winning bid.
Setting a
budget is also about understanding the difference between what is an investment
piece and what isn't.
If you are
going to spend a large sum of money on a piece of artwork, it is wise to
confirm that it is an investment piece. An investment piece could be purchasing
a work by a young or emerging artist. It could also be increasing your budget
to purchase something you think could be sold for profit at a later date.
If you have any questions
on investment pieces, art consultants and advisors can help you.
4. Consult
Professionals for Advice
There are many
facets of the art world, and each one has an expert. This includes appraisers,
conservators and wealth management firms.
We have
outlined some basics of working with these various professionals in the art
world. If you ever have a question or are feeling like you need some expert
advice, don't hesitate to reach out to someone with experience. In some cases,
you might get your first consultation for free.
Review the
following professionals in the art world, and how they can help:
5. Document
Everything
Make sure you
have digital copies of the receipts, invoices, condition reports, and contact.
These documents will be your first resource when assessing the value of your
collection, planning an estate, or deciding to sell.
As your collection grows and you are frequently making productive art buys, your documentation of provenance will be the most important part of your art collection management.
Artwork Archive, 2019
