Art Collecting for the First-Time Investor

Art Collecting for the First-Time Investor

There are plenty of reasons why anyone would take the plunge and start collecting quality pieces of art. Some people might not have too much interest in the pieces, but are instead interested in the buying and selling of established art. Others still might be interested in making investments toward young and emerging artists’ careers. There are also those that simply want to go for art that speaks to them!

No matter your reason for investing in art, it pays to take note that art collecting can come with quite a few potential issues. From the potential of forgeries to the best way to pursue collecting, the ideal solution is to find your place within the art industry. Here are some art collecting tips for the first-time investor.

Established or emerging art?

Established or emerging art

One of the things to consider would be whether to go for the established art pieces or look into collecting emerging art. The benefits of the former are quite obvious, as you will be buying and selling established pieces with their own history and accompanying (exorbitant) price tags. It might not be a good idea for first-time investors, as competition will be extremely stiff.

On the other hand, emerging art means investing in the careers of newer artists. The advantage of emerging art — other than the lower price tag — is the sheer creativity of new artists. These are artists with something to prove, and you are likely to see quite a few exciting pieces!

Tips when purchasing art online

First and foremost, it would be a good idea to purchase art from your local area, at least at the beginning. Even if you end up looking online for new pieces, it is never a bad idea to ensure that you can visit and speak to the dealers and the artists. The online space might have plenty of potential, but there is also the potential of being scammed.

In the event that you purchase anything online, make sure that there is a traceable line of invoices and documents as the art piece makes its way to you. Otherwise, you won’t be able to do anything if it shows up damaged.

Auction house or gallery?

When purchasing either established or emerging art, the auction house and galleries offer unique advantages. For example, the former offers quite a bit more competition, but you can also expect to see pieces you likewise would not see sold in the gallery. The latter offers a more relaxed environment, though the overhead price on top of the painting’s actual price might be more than usual. That said, these nuances can change depending on the size of the auction house or the gallery. Take things slowly, and don’t get carried away when making bids in the auction house.

Purchasing quality art and art collecting, in general, can be an exciting endeavor no matter the situation. Even if you feel like you absolutely must have a specific piece, compulsiveness might force you to purchase a piece for a more extravagant price.

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