How To Start an Art Collection
Building an art collection that you love requires enthusiasm, patience, and creativity. Many people collect art to decorate their homes, show their appreciation of a particular era or artist, sometimes even to preserve history... Most of all, people use art as a powerful way to express their personalities.
So how do you start an art collection? How do you define your personality? What art reflects who you are, deep down inside?
Answering these questions can be intimidating, and so can collecting art. But we are here to tell you that although the art world might look obscure and seductive, there is no reason to fear. Just like Chef Gusteau says anyone can cook... we say that anyone can collect art!
Collecting art takes time and requires some knowledge. Of course, you can just buy pieces that you fall in love with at first sight. However, if you are looking to build a collection, we have put together top tips so you can put your best foot forward.
Set A Budget
Sit down and make a realistic budget of what you would be willing to spend as an initial first buy. Take into consideration whether or not you will want to make this a one-off or if you would be open to the possibility of buying more a few months down the line. Will you be making multiple lower-cost purchases or investing in one item with the money you set aside? Starting off small and working your way up is wise advice and can bolster your confidence in the future. It is also recommended to follow the "quality over quantity" mindset. Art is typically owned for long periods, willed to the next generation, or put up for resale in the future.
Create a Vision
Why do you want to start a collection? Where would your pieces go? Are they a long-term investment for the future, or are you aesthetically driven? If you go in with an investment mindset, it's important to remember that the item value can change over time due to various factors.
Whether you are buying as an investment or are purely aesthetically driven, make sure you absolutely love what you are buying. Don't settle for something that you are not absolutely awestruck with, and don't be immediately dismissive of pieces slightly below or above the budget you set. The beauty of art is in its subjectivity. The value is whatever you believe it to be.
Do Your Homework
Nowadays, we are fortunate that we have access to thousands of artists at the touch of our fingertips through social media. Platforms like Pinterest and Instagram allow us to run wild and explore a wide range of styles and artists. What catches your eye? What do you look back at again and again? The more you research, the more you begin to understand styles, mediums, trends, techniques, and artists. All of this knowledge is power, allowing you to be better informed to make the best decision for your collection. By going to artist's studios in person, visiting galleries, auction houses, museums, and fairs, you can make connections, ask questions and gain valuable insight from like-minded individuals.
Risks for First Time Buyers
We'll repeat that a "quality over quantity" mindset will get you the best outcome, as once you start buying, it can be easy to become over-zealous. We recommend waiting around three months after your first large purchase to let your emotions settle and see if your feelings for the piece have evolved or if it was just a fling. Remember that art should not be purchased initially as an investment, as returns are risky and historically not guaranteed. Go with your gut. Purchase what represents you or from an artist whose ethos you believe in.
Where to Buy?
As we said before, investing in a piece of art is an exciting and emotional process. Handing over money is easy, and there are plenty that will happily take it from you. You don't want to have the excitement tainted by finding out that you bought from an unethical seller.
There is a wide variety of places to purchase art. With the internet opening the floodgates to art collecting, the options are virtually limitless. Whether you decide to buy from an artist, a gallery, or an auction house, err on the side of caution and do your research to ensure that you are dealing with a trustworthy seller.
Where to Get Insider Knowledge
Reputable auction houses can provide a wealth of insider knowledge, a wide range of pieces at the prices you wish to pay, rock-solid references, and receipts for every item in their portfolio. They can also connect you with like-minded individuals while you participate in the "auction experience." If you have never purchased at an auction before, here is the guide to how auctions work.
If you're considering starting a budding art collection, don't hesitate to get in touch with the expert team at Gray's, who will be able to use their expert knowledge to guide you buy with confidence, or sign up to our newsletter below to get regular updates!
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