Art Collecting: The Essentials of Buying Art

Summary

Art collecting is an enriching experience accessible to everyone, regardless of their background in art history or the art market. All you need is a love for art, a desire to collect, and a willingness to learn some basic evaluation techniques. This guide provides essential tips for intelligent art buying, helping you make informed decisions and invest wisely in pieces that resonate with you.

The Freedom of Art Collecting

No Right or Wrong

When it comes to art, there are no hard and fast rules. You have the freedom to collect whatever resonates with you, regardless of the medium, style, or price. The following tips are designed for those who want to make informed decisions and invest wisely in art.

Tips for Aspiring Art Collectors

If you're looking to become a more discerning art collector, here are some essential tips to guide you:

Four Key Questions When Buying Art

When you come across a piece that catches your eye, whether it's a painting, sculpture, or print, consider these four crucial questions to help you make an informed decision.

1. Who is the Artist?

Understanding the artist's background is crucial. You can gather information from two primary sources: spoken and written.

• Spoken Information: This can come from the artist, gallery representatives, dealers, other collectors, friends, or family members familiar with the artist.
• Written Information: Look for artist resumes, gallery exhibition catalogs, art reference books, and exhibition reviews.

2. How Important is the Artwork?

To gauge the significance of a piece, familiarize yourself with the artist's body of work. Here's how:

• View Multiple Works: Ask the seller to show you various pieces by the artist, whether originals, prints, or photographs.
• Study Different Periods: Examine works from different periods of the artist's career to understand their evolution and the context of the piece you're interested in.

3. Where Has the Artwork Been?

The provenance of an artwork can significantly impact its value and desirability. Here's what to consider:

• Exhibition History: A piece that has been exhibited at notable art shows is generally more collectible.
• Awards and Prizes: Artworks that have won awards or prizes tend to have higher market value.
• Documentation: Good provenance and documentation can enhance an artwork's collectability and market value.

4. Is the Price Fair?

Determining whether a piece is fairly priced is essential. While future value is unpredictable, you can assess its current market value by:

• Comparing Prices: Look at similar works by the same artist and compare their prices.
• Consulting Experts: Seek advice from art appraisers or dealers to ensure you're paying a fair price.

Interesting Stats About Art Collecting

• Global Art Market: The global art market was valued at approximately $64.1 billion in 2019 (Statista).
• Online Art Sales: Online art sales reached $4.82 billion in 2019, accounting for 9% of the global art market (Art Basel).
• Emerging Artists: Investing in emerging artists can yield significant returns. For example, works by Jean-Michel Basquiat, who was relatively unknown in the 1980s, now sell for millions (Christie's).

Conclusion

Art collecting is a journey that anyone can undertake with the right mindset and a few essential techniques. By asking the right questions and doing your research, you can make informed decisions and build a collection that not only brings you joy but also holds value. Remember, the most important aspect of art collecting is your personal connection to the pieces you choose.

By following these guidelines, you can navigate the art market with confidence and make purchases that are both emotionally and financially rewarding. Happy collecting!