Our Top Tips for Emerging Art Collectors
Starting out as an art collector, it can seem like there is insurmountable and uncertain to navigate ahead of you. You see those who have found success and you wonder, “How can I ever reach that level?” Just remember that all established collectors had to start somewhere. The key is to invest in learning, preparing, and developing your skills and relationships along the way.
Our goal is to make that path a little less obtuse a little more clear and to provide you with tools you need to set out on your journey into the art world.
Whether you have questions about who to connect with or how to prepare for your first big purchase, take a look at these nine tips to help emerging art collectors prepare for success:
1. Know Your Tastes
That being said, the first step towards becoming a collector is to get a true sense of what you like. Visit as many museums, art fairs, and galleries as possible. Determine which subjects, mediums, and styles of art speak to you so you can begin collecting.
2. Know the Market
This step is crucial. In order to get a fair price and understand what’s valuable in the art world you are going to have to put in the work to research the art market.
Don’t know where to start? Take a look through all the auction catalogues, gallery, and art collecting books you can get your hands on. Ask dealers and other collectors you admire for their wisdom. Learn what different artists and galleries are charging. Travel to art fairs and see what other collectors are buying.
Because an informed purchase is the best purchase.
3. Build Relationships
It’s no secret that in the art world, it pays to be social. Building relationships with curators and galleries can give you access to information on new artists and trends.
Another way to build relationships is by supporting the arts. “Becoming a collector is a process, and one of the best ways to expedite the process is to become a patron at the same time,” says Bettina Korek in her article, Not a Billionaire? You Can Still Be An Art Collector. Donate what you can, says Korek, because the more you can afford to give, the more opportunities there are to interact with curators and other patrons.
4. Set a Budget
Art investment advisors Erica Waldbaum and Jeremy Rhodes believe this point is essential. And they suggest keeping a few things in mind that can affect the price of an artwork.
For instance buying directly from an artist is typically less expensive than if the artwork has been previously owned and is being sold through a gallery or auction (secondary market). Also a high-end gallery may charge more than less-established galleries. Other factors like how rare the piece is what mediums are used and what period of the artist’s the piece was created in can all influence the price.
Don’t forget to factor into your budget costs like insurance, shipping, framing, buyer’s premiums on auction purchases, and special care instructions.
