5 Things Every New Collector Should Be Aware Of

 

5 Things Every New Collector Should Be Aware Of

Art collecting is a form of art in and of itself, and there is no one-size-fits-all approach to purchasing art! You should always buy what you fall in love with or what thrills you when it comes to art. Yes, there are numerous styles, names, and trends, and some work rises to prominence more quickly than others. Art can be quite fashionable, and one artist may be more popular than another. Fine art, on the other hand, can be found in between fine wine and investments.

Art As An Investment

The basic concept of art as an investment is that you buy a piece of art that you love and then the artist, gallery, or art house sells that artist's work for more money than you paid for it over time. You now have ownership in your work of art, albeit the rate at which the equity rises and the demand for that particular artist are both considerations to consider. A friend of mine occasionally uses her art collection as currency, bartering it for other items she requires. She's used it to buy automobiles, pay bills, and cook meals. Finding other people who are as enthusiastic about an artist as you are adding great value to it.

As a result, if you hold the correct works of art, you can leverage them by sharing them with the rest of the world. Corporations, museums, and traveling exhibitions frequently lease these types of artworks, generating revenue for the owners. But if you want a guarantee on your art purchases, I recommend buying art for the love of it; you'll always get your money's worth out of it.

Do Your Research

Because trends and popularity may both be deceiving, spend some time researching about the artwork and the artist. Buy art in person whenever feasible, and even better, meet the artist. Inquire about the series if it is part of one, the magnitude of it, and whether they plan to continue it. You might want to buy another piece of art at some point, and it would be helpful to know whether there will be more in that style. If you have the opportunity to speak with the artist, inquire as to whether they are a full-time artist, where they will be exhibiting next, and what projects they have planned.

Many artists have studio sales to help control their inventory, sell one-of-a-kind items, and earn extra money. Knowing when these artists have studio sales might save you a lot of money and give you the opportunity to hang out in the studio. A collector's best friend is research.

Collect with a Focus

Because they haven't specified any parameters yet, this is a difficult one for beginner collectors. You don't have to limit yourself to a single type of job. Concentrate on one, two, or three styles; this will help you establish a fantastic collection. This type of gathering aids in the identification of the types of work you want to buy.

Proper Title Transfer

Provenance, condition, artist information with signature, history, and edition numbers should all be provided by any reputable art dealer or gallery.

Documentation Is King

As a collector, you must have all of your collection's paperwork. Because anyone evaluating your collection must have a thorough understanding of all of the items. Begin a list of all the works, descriptions, invoices of sale prices, purchase dates, and subsequent appraisal prices as soon as you buy your first piece of art. It's an excellent habit to get into, and it'll save you a lot of trouble in the future.