October 7, 2020
Our Top 9 Tips for Emerging Art Collectors
The art collection in itself is an art. So, like any other art form, it requires patience, inspiration, and a new perspective. First, don’t look at other art collectors and feel inferior.
They might have also asked the same question that you are asking today. So, all you have to do is step in the light and follow our advice, rest assured that you will get there. So, without further ado, here are the top tips for art collectors.
What Do You Want?
1st Art Gallery, Leonardo dA Vinci – Mona Lisa
Don’t go with what appeals to your neighbours or your friends; you must trust your instincts. And this trust is paramount to collecting art that soothes your soul and blesses the eyes. Even if you have to ignore a painting like Mona Lisa and go with something else, just do it.
That is the kind of trust you need to have on your taste. You might fall in love with the impressionist art or like orientalist art, or even adore the baroque paintings. Every form of art is unique, meaningful, and resonates with a different mindset. So, to cut it short, don’t give in to the visceral cues, focus on your gut feeling!
Understand the Market
Since you are going to spend some considerable amount of time before choosing an artwork, it will be beneficial to understand the market first. Knowing the market will help you ace three aspects of the art collection, Price, Value, and Wisdom.
Plus, understanding the market and knowing what you like is two of the most important commandments for newbie art collectors. Plus, another important aspect is that you must stay abreast of the trends. Don’t fall into the trends-trap and buy what others are buying because this will bring us back to square one, “Follow your heart”. Knowing the trend is all about understanding what is popular nowadays and more importantly, WHY?
To stay on top of the trends, you must socialize. Go out and make friends with other veteran art collectors, curators, gallery representatives, new artists, and other patrons of the field. Especially those who have been in the market for more years than you.
These are the relationships that will help you gain wonderful and actionable insider secrets. No, don’t bring out your inner James Bond. Just be cool and have a normal conversation with them. Mariane Ibrahim is Seattle based gallerist, and she says that “knowing the trends is advantageous because it exposes the people to the things they have never seen.”
One way to build relationships is to ask for the “first-time discount”. As a first time buyer, you are entitled to this because galleries want regular customers, and for them, you are a prospective buyer.
Don’t Overdo with your Budget
It is not a thumb rule that good art comes at a higher price. Every piece of art has a price, no doubt, but that price is not of the art itself, but it conveys the artist’s importance.
Buying a painting made by Picasso will certainly beg a higher price than someone who has only painted once in their lives. There is always a bigger shark in the ocean. This should not persuade you to overdo your budget.
Plus, you might get lower rates in the secondary market compared to the primary market. Also, buying from well-established galleries and auction houses like Christie’s will involve several ancillary costs, which might not be present in less-famous galleries.
Hire an Art Advisor
1st Art Gallery, Claude Monet – Irises in Monets Garden
If you seem to hit the rock now and then or have made some hasty decision that cost money, get an advisor. An art advisor is someone who knows the art, understands the market, can comprehend the right value, and share the right wisdom.
But, also consider the charges and other sundry aspects of hiring an advisor. If you feel that some personal attention can help you navigate the uncharted waters better, go for it.
Vigo Gallery’s Toby Clarke exclaims that you need to take the plunge and make some mistakes. Plus, if you are just starting, taking a risk on an emerging artist is not a big deal, provided you love the work.
Plus, every decision that you make will be grist to your mill and help you understand the market better.
Think Before You Buy
1st Art Gallery, Edgar Degas, Blue Dancers
Remember that this piece of art is going to stay with you at your home or office for a long time. Would you like to look at it every day? Indeed, art should not be measured with money.
Instead, it must please you innately rather than looking good to the eye or any other pair of eyes that you bring along. Plus, it is always a good thing to keep an eye on the art’s provenance; it will help pay the right price.
Focus your Search off the Radar
It is a standard narrative that if an artist is creating hype in the market, he must be good and worth checking out. Waiting until an art piece is at the top of the market is a good strategy, but some artists do not get a chance to make it to the market at all.
This is where your social circle and connections might bear fruit. A veteran art dealer Guy Sainty suggests to “find an artist before they are subjected to a deluge of hype.”
This is the summum bonum of becoming an art collector. You need to feel the urge to buy a piece of art from the inside and not because the market says so. To get your dose of inspiration, start reading books, blogs, vlogs, visit the fairs, exhibitions, galleries, and also check out other collector’s collections.
Books and exhibitions will feed your soul with new ideas and help you compare different forms of artwork.
The Bottom Line
Collecting art is not an overnight process. It takes time, effort, and courage too (because you need to spend some money). However, some art collectors also resort to commissioning recreation of the famous artworks on 1st Art Gallery.
The experience of looking at your chosen artwork with a glass of red wine or even a hot cup of coffee is exquisite and heaven-like. Always take your art collection as a journey rather than an investment model. Art is meant to be enjoyed and admired, not traded.