Art collecting can be considered an art in itself, and I should say that there is no right way to buy art! Art is something personal and you should always buy what makes you fall in love or what excites you. Yes, there are many styles, names, trends and some works of art go up faster than others. Art can be very fashionable and people may be talking about this artist more than that. But somewhere between fine wine and investment is where fine art can be found.
Art as an investment
The basics of art as an investment is that you buy a work of art that you are passionate about, and over time, the artist, gallery, or art house begins to sell that artist’s artwork for more than what you paid for it. . Ready! you now have equity in your artwork, keeping in mind that there are many factors that determine how quickly equity and demand grows for that particular artist. A friend of mine sometimes uses her collection as currency, exchanging artwork for other things she needs. She has used this method to buy cars, pay bills, and eat dinner. The real value of art is finding other people who are as passionate about that artist as you are. Because of this, if you own the right works of art, you can take advantage of them by sharing them with the world. Corporations, museums, and traveling exhibitions rent these types of art all the time, generating income for the owners. But if you want a guarantee on your art purchase … then I suggest you buy art for love, you will always get your value.
Do your research
Spend some time learning about the artwork and the artist because trends and popularity can be misleading. Whenever possible, buy art in person and even better meet with the artist. Ask them about the series if it is in one, ask them what the size is and if they plan to continue the series. At some point, you may be planning to buy another piece of art and it would be nice to know if there will be more in that style. If you have the pleasure of speaking with the artist, try to find out if he does art full time, where it will be shown next, and what projects are coming up next. Many artists conduct studio sales, which help control their inventory, sell one-of-a-kind pieces, and generate additional income. Knowing when these artists have their studio sales can usually save you a lot of money, as well as being able to hang out in the studio. Research can be a collector’s best friend.
Collect with focus
This is a tough problem for new collectors because they haven’t set any parameters yet. You don’t need to limit yourself to just one type of job. Focus on one style or two or three styles, this will really help you build a great collection. This type of collection helps make it easier to identify the types of works you want to purchase.
Proper title transfer
Any reputable gallery owner or art dealer should provide you with information such as provenance, status, artist information with signature, history, and edition numbers.
Documentation is king
As a collector, you need to have all the documentation for your collection. Because anyone who needs to evaluate their collection must have a very deep understanding of all the pieces. From the first artwork you purchase, start a list of all subsequent artwork, descriptions, sales price invoices, purchase dates, and appraisal prices. It is good practice and will save you a lot of headaches in the future.
One of the easiest ways to learn more about a work of art or an artist is to ask questions, have fun, and be happy collecting.