As you read in part 1 of this article, you need to invest a great deal of time in researching before you start collecting art. However, what else do you need to know to start collecting art within a limited budget ? Well, this article will answer your questions.
1 Trust your instincts
Instinct is key in the trade of buying art. There is every chance that you can get intimidated by art advisors and gallerists. It can be quite difficult to pick an artwork you want to buy even after adequate research. Your instinct will save the day for you. Take all the advice you can but your initial reaction should be trusted in this case. Observe the details and observe how they make you feel. If the painting is in front of you, view it from different angles and distances. Don’t ignore the back, sides, edges. Signatures and dates or any writings on the artwork should be noticed carefully. Ask the present curator or the gallerist as many questions you can about the work. The more informed you are, chances are, you would make a better choice.
2. Spot an original
If you want you collected art to have a long-term value, you need to perfect the skill of spotting an original artwork. These days, the artists work in a avaried mediums. You need to familiarize yourself with the styles and mediums that are used. A one of a kind artwork on a medium is original. An original is, of course, more expensive than reproductions like prints and posters. Prices vary according to mediums as well. Limited edition prints are costlier than digital reproductions. Linocuts, lithographs, screen-prints, aquatints, engravings and woodblock prints must be reproduced. The surface on which these are printed determines their price. It is important to know how to discern whether a particular work is one of a kind or one of many.
3. Learn all about pricing
The alleys of art market can be complicated and can even be blinding for a new investor. Variety of things determine the price of an artwork. Factors like market statistics, inflation, make difference as well as the choice of medium or where the artwork has been exhibited matters. There are professional art advisors or consultants who are adept at the tricks of the trade. However, if your budget is not that large, you can do your research online and take the plunge. The more third-party information you gather might also cloud your instincts.
4. Paper works are essential
After you have determined which artwork you should buy, take good care to save all your emails, invoices and receipts during the process. The amount of information you are able to collect about your purchase and the origin of the artwork will determine its value. This step would save you from ambiguity when you decide to evaluate or sell your collected art in future. It’s always a good idea to make a checklist and tally it with your gallerist. It’s important to have a traceable, clear path from artist to owner,
5. Pay heed to hidden costs
There are hidden costs like framing, shipping, insurance and maintenance of the artwork which are not included in the sale price of an artwork. Take into consideration of all these while eyeing an artwork. Also, always be informed about how to care for an artwork after you buy it.
Buying art intelligently is another art in itself but if you follow our list, you can take a shot at it without feeling like a fish without water. Consider investing in works by emerging artists if you don’t want to burn a hole in your pocket. New artists have potential to grow and become more established. In addition to that, when you buy art from an emerging artist, you are actually supporting them to sustain themselves.