The art of collecting art
A beautiful piece of artwork can provide you with a lifetime of pleasure, and be a potentially rewarding investment, as well. But the
first rule of collecting art is never to buy purely for financial gains — you should buy only what you love.
Getting started
Before you can begin to consider collecting, you first need to develop an area of interest. Consider not only paintings, but also decorative art, such as sculpture, glass, metalware, antique furniture, jewellery, carpets, and clocks. You may find that your passion lies with Latin American abstract impressionism, Chinese ceramics, or Art Deco glass.
Educate yourself and train your eye by visiting public and commercial galleries and art fairs. Speak with gallery owners, artists, and people who have bought art before. Learn about art: read books and art magazines.
A reputable dealer who has been in the business for many years can be an enormous help; he or she will have the necessary knowledge and experience regarding quality, market trends, and pricing practices.
Tips for collecting art
If you want to improve the chances that your art collection will hold its value, and perhaps even increase in value over the years, follow these tips from experienced art buyers:
- Buy top quality. Top-quality items tend to appreciate even in poorer market times. Choose a field in which top quality is within your budget.
- Obtain a written appraisal or certificate attesting to the item’s authenticity.
- Buy items in perfect condition.
- Keep items in perfect condition. Maintain the item properly with appropriate environmental conditions and regular maintenance.
- Insure items adequately for theft, fire, or breakage.
- Make a detailed plan for disposition.
Your attorney or estate manager may not be sensitive to the value or importance of your collection.
Assess trends with an index
The price of art is affected by such an array of factors that valuing it can’t be an exact science. Nonetheless, art indexes do exist and can be useful for assessing trends before taking professional advice. The best-known index is the Mei Moses® index, which tracks auction prices of more than 15,000 art pieces sold by Sotheby’s and Christie’s.
Keep in mind that indexes are based on auction prices, which represent just a quarter of the market. Plus, dealers tend to increase the price when selling at a public auction.
While art can be a lucrative investment, it is first and foremost a tangible asset that is a source of enjoyment, pride, and personal expression. If you
buy only pieces that you love, your investment will never disappoint.