Top 7 Tips For New Art Collectors - Let's Talk Thursday, VOL. 109

 Top 7 Tips For New Art Collectors - 

• Find out what your taste is Educate yourself with different art styles from different eras. The better education you have, the better collection you’ll have. I suggest going to museums and art galleries. Very often you evolve from what you originally thought you liked—sometimes it’s even before you buy your first piece, little research definitely helps. But unfortunately may happen sometimes after you buy your first piece; this could be because your taste becomes more sophisticated or you find that you like abstract or surrealistic work better. Though remember there is no certain rule that as an art lover and collector you must buy work that is exactly similar to one another. Sometimes you buy art to feel good not just because it looks good on your wall or just because you want to exhibit it later and make money of it.

• Determine what you’re buying 

"Are you buying something that you love and you want purely because you think it’s great? Or are you buying something that you love but you secretly want it to be an investment?"

• There are different types of purchases in the art world. If you’re buying it because you love it, it’s much easier. All you have to do is figure out if you can afford it, and if the price is something that you think is worth the passion you have for it. If you’re buying with an eye toward investment and you want it to actually have long-term value in the future, it’s a little bit more tricky. It’s very important for a first-time collector to know that there are various factors that affect the price of the work, for example, a work on canvas is generally more valuable than a work on paper by the same artist; or if it’s an edition versus a one-of-a-kind piece.

• Set a budget In your mind you really need to set a budget in terms of what you can afford, and you have to be prepared to spend a little bit more. We usually regret not purchasing what we really like just because it was a little outside the price range, the feeling of I loved it and I didn’t buy it is like a lost the opportunity. If you really love it, trust your instincts because true love is forever. Set a budget but do be prepared to spend a little more on other things like, shipping and insurance sometimes packaging and handling and other things like that and because it’s something you really fell in love with and it’s a little bit over your budget

• Research before you purchase The art world really can be overwhelming, so talk to people. Talking to other collectors, or appraisers, consultants, or other gallerists (but be aware that gallerists are trying to sell you something). When you are a little more knowledgeable about the art world, you’ll learn that the listing price isn’t always the sale price. Galleries may sometimes give discounts to collectors because they’re rewarding a collector who’s been loyal or sometimes they’re trying to build a relationship with a new collector.

• Understand that size does matter You want to be sure that the new artwork fits in your office or home. As an Artist, Program Manager, Curator and Gallerist at the Cultural Arts Alliance of Walton County, FL (MBCC) many times people I have come across — especially early collectors—fall in love with a piece, buy the piece, and take it home and it doesn’t fit in the area/wall they bought it for. You must have a pretty good idea that you have the right wall space for an artwork before you buy it so do measure your space before you make that big purchase.

• Track your purchase There should be a clear, traceable path from artist to owner, and it should be documented: save emails, invoices, and receipts. If you eventually want to valuate or sell a work, it’s important to have this documentation.

As an artist if you have any more things you do or can think of, I and other readers would love to hear that, please write about it in comments section below with your name and email!

Stay tuned for my last blog of 2022 on Dec 29th it's a surprise!

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XOXO💋

Pam  

P.S: Don't miss out on reading my previous blogs for more knowledge on other topics that will help you grow your love for Art whether you are an Artist or an Art Collector.