Ten Rules for Buying Art for Fun and Profit
Trudy Montgomery is an art advisor and founder of Blue Tangerine Art, and leads private art tours to San Francisco, Miami, London, and Basel Switzerland. Blue Tangerine Art specializes in contemporary painting and sculpture, and aims to present both new and experienced collectors with exciting work from established artists as well as today’s most promising emerging artists.
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- It starts with you.
"Art washes away from the soul the dust of everyday life," said Picasso, and perhaps this is the best reason of all for collecting.
The best guidance for buying art is that you’ve got to love it. But it’s important to establish your purpose for collecting, as well as the location and environment you’ll display your collection. Your personal aesthetic may be influenced by your background and culture, while the style, size and subject matter you select may be driven by the space available for display and whether you’re collecting for fun, for investment, to create a legacy for future generations, or to decorate your primary residence, office or second home.
- Decide what you don’t like
This is often a good way to hone in on what you do like. Is there a specific medium (e.g. photography, painting, drawing, sculpture, new media/video) you prefer? Analyze the formal aspects (light, color, line, mood) and subject matter (humor, landscape, figurative, portraiture, political, conceptual) that appeal to you. Decide if you want abstract or realist work in your collection.
- Specialize
Establish the focus of your collection. While there’s value in a cohesive collection, it’s also more fun to have a theme such as a specific artist, school/art movement or time period. Specializing also allows you to gain more knowledge and make informed decisions along the way.
- Budget
Create this early, but be prepared to be flexible for the right piece (the good ones usually cost more!). Your budget must be appropriate for the medium and align it with your original purpose, and making art a priority in your overall budget is essential within the remodel budget… or you’ll be back to blank walls, or worse, posters. Buying contemporary art in the primary market (ie, direct from artists or their galleries) is cheaper than buying in the secondary market (from dealers or at auction). Timing is an integral part of collecting because the art market is cyclical and may reward one category over another at any one time.
- Quality, quality, quality
Always buy the best example of an artist’s work your budget can afford. Choose original oil paintings over prints, but if buying a limited edition print by a big name artist is also worthy. Select only works in excellent condition, and check for authenticity and provenance (previous owners and when and where it was acquired).
- Know the artist
Research is easier today than every before, especially online. Credentials and references are the cornerstones to an artist’s reputation: awards, solo exhibitions in good galleries, private and museum collections. Where possible, take the opportunity to meet the artist and their dealer at gallery openings and special museum events. These relationships give you access to the artist’s work as it becomes available, and know that the best work is often reserved for prestige and loyal collectors.
- Resale
The art market is not liquid like the stock market; it can take a long time to sell a piece of art. It’s counter-intuitive to think about selling before you buy, however, ease of selling and the amount you receive is dependent on five things:
- Rarity. Is the work unique or greatly limited?
- Reputation of the artist. You can consign to an auction house if there is an auction record – has the artist sold at auction before?
- Aesthetics – is the work pleasing to look at?
- Condition – excellent quality is rewarded
- Market environment – is this art asset class currently in favor?
- Invest in your art education
Here are five things you can do to invest in your art education rapidly and avoid making mistakes:
- Join museum collector groups, and art schools, all of which offer networking opportunities and special lectures.
- Read the reviews: subscribe to art magazines such as Art in America, ARTWeek, blogs and other online resources such as ArtInfo.com. Arts coverage in the New York Times, LA Times and most major newspapers is excellent
- See as much art as you can: subscribe to gallery mailing lists and attend openings. Attend art fairs for maximum art viewing in a short time.
- Go back to school! Sign up for Art history evening classes, a great way to build context and fill in knowledge gaps.
- Develop relationships with galleries, advisors, curators and other collectors.
- Hire an art advisor
Working with an objective expert who has your best interests at heart is the quickest and easiest way to find art you like and within your budget. Art advisors or consultants provide access to the best work (through their relationships with artists, galleries and dealers) and may pass on discounts where possible. Working with an advisor is also a great way to get an art education, hone your eye and avoid making mistakes. Some advisors will accompany clients to art fairs for intensive shopping trips.
Often overlooked is the coordination of the logistics of buying, displaying and selling art. A good advisor will source art through their network, passing on discounts where possible; oversee the process of commissioning new works; coordinate shipping, framing, installation, lighting and display; as well as arranging insurance appraisals, coverage and valuations for sale and consignment.
- Take your time
Don’t feel pressured. Stay true to your purpose, acknowledge that your tastes will change, perhaps three or four times over a lifetime. Make sure you continue to relate to the pieces of art and the aesthetic experience. Collecting can provide a lifetime of fun, providing a focus to travel, and offering the opportunity to be enriched by the creativity of artists, some whom you’ll get to know personally.
With thanks to Peggy W.
