The art market can seem like a daunting scary world, for those with millions to spend. But don’t be intimidated, anyone can enjoy affordably owning art. The key is to choose something you love and buy with confidence.
These quick five tips will help you start your art collection, and not break the bank!
1. Take your time and do your homework. There are lots of opportunities to find quality art for a reasonable price. With the internet now more than ever artists are presenting their works online and available for purchase. (art is very personal and subjective)
Google search the artists, look at their website. Subscribe and read their blog postings, follow them on Instagram, and FaceBook. Don’t be afraid to personally contact the artist about the piece you love. After a few days, you should be able to identify if the artwork will fit your budget. One price does not fit all! With millions of artists around the world, you will find one with the talent and price structure that you can afford.
2. Don't buy something because you think you'll flip it. Buy what you like, and buy to keep. Think of your collection as your estate. Something to pass down to your children or grandchildren. Always keep in mind that only one percent of artists become famous and their works multiply in value!
Buy something beautiful for you and that you want to look at every day on your walls. However, when you decide to collect the works of a particular artist, research their careers. Do they have a body of work, and are they demonstrating skills and craft growth?
3. Trust Your Instinct. Buy something for the simple reason that you love looking at it. Be discerning and brave. If you’re looking for something in a particular style. Consider the works of an exciting emerging artist than scrimp and save to buy something second-rate from a well-known artist. Something is very satisfactory in supporting the next generation of artists.
Plus, I once heard an expert art dealer say that all artists are “emerging” unless they are represented by established major world-class museums and art galleries, in New York, Rome, London, etc. (The purpose of this post is not for that level of art collecting.)
4. Don't be too hip. It's hard to be on the upside of the curve unless you're an insider. Better to buy something that's gone a bit obscure, even out of style, think modern, not contemporary. Again this returns us to number 2. of this post.
Don’t buy something only because you think the piece will gain in value. Art collecting, is a long-term process, and a love and passion for the works themselves. The artists' unique style, and subject matter!
5. Finally “Price” How Much To Pay? This is where the first tip comes into play. Research, the artworks, and artists. Try to find out what method the artist uses to calculate their pricing.
Through careful research, you should be able to determine the price level the works are selling at in the open market. Research comparative works in a style, skill level, and selling price.
When you decide on a piece, don’t be afraid to ask the artist for a discount of 10 to 20 percent. If you’re buying directly from the artist, most will be glad to agree.