Something to Consider For First Time Art Collectors

779 Koi and Lotus

Oil Painting by Chuck Larivey

Article by Jennifer Przadka

Only in a perfect world would buying art be as easy as walking into an art gallery and paying for the first piece of artwork you like. You’re going to want to purchase a piece you will enjoy seeing everyday without getting gouged.

How much money are you comfortable spending? If you find a piece you “love” then you should allow yourself to splurge— but you certainly don’t want to go through buyer’s remorse. At an auction it is easy to get caught up in the moment with all that energy buzzing around.

However daunting, art collecting doesn’t have to be a difficult task. It’s all about educating yourself, setting your budget and sticking to it. Figure out what you like by visiting museums and galleries. Speak with art consultants or other art collectors. Attend gallery events and speak with other people involved in the art community. You will learn about different periods, styles, values, and most importantly, what you like.

If you plan to spend a lot of money be sure it will be something you love. And you may also want it to be an investment piece. According to Forbes the typical expected budget for an investment piece is between $1000 to $10,000 for a rising artist’s work. Look for young, emerging art because these pieces are inexpensive in price and are likely to increase in value and lead to future gains.

To figure out what art best suits you the internet is the best place to start looking. One website called artsy.net, based out of New York, is considered the “Pandora of the art world”. This site allows users to find artwork they like and similar works. The internet is also a great place to explore prices. Sites such as Artinfo and Artnet can offer input regarding auction prices of comparable works. It’s good to see what works have sold at auction, and what kind of prices they produced.

You may want to see the artwork of interest in person. What you see online doesn’t necessarily mean it will look the same in person. You may find that you have more of an appreciation of the piece in person (or not).

Find out the reputation of the artist in question, by speaking with dealers who typically  know about the artist who is exhibiting his or her work. What awards has he/she won? Have they been featured in major art shows? How long have they been well known?

 

Some questions to ask yourself before you make your big art purchase (from http://www.artbusiness.com/collectpro.html):

– Why do I like the kind of art I’m buying?

– What about it satisfies me?

– Do I like the subject matter, what it represents, the colors, the historical aspects, the lives of the artists?

– Does it take me to a special place?

– Does it make me feel a special way?

– Do I admire it’s technical aspects the most?

– Does it make me see life differently?

 

Above all have fun viewing and shopping for art you enjoy the most. Don’t let the task intimidate you in anyway. Great art comes with a price but in the end it is well worth it.