Art collecting can be called an art onto itself, and I must say there is no perfect way to buy art! Yes, there are lots of styles, names, trends and a few artwork goes up quicker than others. Art can be quite trendy and people may be talking about Titusville Opossum Removal this artist over that one. But somewhere between fine wine and investments is where you can find fine art.
The fundamentals of art as an investment is that you purchase a piece of art that you’re passionate about and in time the artist, gallery, or art home begin selling that artist’s art for more than what you paid for it. Voila! At this point you have equity in your piece of artwork, keeping in mind there are a number of variables to how fast the equity grows and demand for that particular artist. A friend of mine occasionally uses her collection as currency, trading artworks for other things she needs. She has used this approach to purchase automobiles, pay bills and dinner. The real significance in art is finding other people who are as passionate about that artist as you are. Because of this, if you possess the right pieces of art it can be leveraged by sharing it with the world. Businesses, museums and travel trailers lease such artworks all the time which provide income for the owners. But if you would like a guarantee on your art buying… then I suggest you buy art for love, you will always get your value out of it.
Spend some time learning about the art and the artist because trends and fame can be misleading. Whenever possible, purchase art in person and even better match with the artist. Ask them about the series if it is in one, ask what is the size of it and if they plan on continuing the series. At some point, you might plan to purchase another artwork and it would be useful to know if there will be more in that fashion. In case you have the pleasure of talking to the artist, try to find out if they do artwork fulltime, where they’ll be showing next and what jobs are coming up next. A whole lot of artists do studio earnings, that help control their stock, sale one-off pieces, and make them additional income. Knowing when these artists are having their studio sales can normally save you a great deal of money, plus you get to hang-out from the studio. Research can be a collector’s best friend.
Collect with a Focus
This is a difficult one for new collectors because they have not set any parameters yet. You do not need to limit yourself to just 1 type of work. Focus on a style or a couple of styles, this will really help you build a great collection. This type of collecting will help to make it easier for identifying the sorts of works that you want to purchase.
Any reputable art dealer or gallery should supply you with things like the provenance, condition, artist information with signature, history and edition numbers.
As a collector, you need to have all the documentation for your own collection. Because anyone that must evaluate your collection must have a very thorough comprehension of all the pieces. From your very first artwork you buy, begin a list of all of the works, descriptions, invoices of sale prices, the purchase dates, and following appraisal prices. It is a good practice and will save you many headaches later on.
One of the simplest ways to learn more about an artwork or an artist is to ask questions, have fun and happy collecting.