Friday, December 16, 2016
Today I want to talk about the interesting topic of art collection. As an artist myself, this is something I've interacted with and dealt with in many forms. There are so many different mediums to collect art that it can get overwhelming for a new investor.
Here are my tips for starting an art collection for someone with relatively little experience in the field:
1. The first tip is to learn about art and find your preferences before actually purchasing a piece. Since you don't know whether the piece will appreciate or decrease in value, the most important thing is buying art that you truly cherish and appreciate, since it will be hanging somewhere in your house. Very often, a new collector will just purchase art trying to start a collection, and then be unhappy if they can't sell it and they don't actually like holding the art itself.
2. Another important tip for starting a collection of art is to browse online. It's true that a large amount of great art is housed in galleries, warehouses, auction houses, and the rooms of local artists. But limiting yourself to local art can be stifling. The internet allows us to connect with people all around the world, and by extension connect with artists all around the world. Websites like Invaluable are great resources in this regard. This site has a Fine Art and Decorative Art section, where you can buy art from thousands of different auction houses across the globe.
3. The third tip involves when you do choose to go local. It's imperative to get to know your local artists. Building a relationship and networking with them will often allow you to get exclusive pieces that wouldn't otherwise be on the market. You'll also find out about gallery showings that you might not have heard about before. Another benefit of befriending some artists is that you can show them art you're considering purchasing and get their feedback. Since the artists are the experts in the field, they will be able to guide a novice collector towards a purchase that will be enjoyable and also potentially an investment.
4. My final tip is avoiding bad merchants. I wouldn't buy art on a retailer like eBay just because you have no way to ensure the quality of the work you're getting. Once you receive the art, if it's damaged or if it looks different than the picture, there isn't much you can do to get your money back. It's always the safest option to be able to see the art in person or purchase through a verified retailer like Zatista or Invaluable. Getting a damaged piece of art might be enough of a disappointment that it keeps you from collecting in the future, so let's avoid that!