10 Tips to Help You Start Your Own Art Collection
Research is key
Art comes in many forms and has many uses, but regardless of the type, subject matter, or medium, you should never purchase any art without first doing your research. Research what the artist’s intention was. Research the current market prices for the type of work you’re interested in buying. Research the provenance of the work, meaning where it was purchased and by whom. And, perhaps most importantly, research the artist themselves.
Start with what you know
The best way to get started with your own art collection is to begin with art that you already know something about. Whether you’re a fan of a particular artist or have a favourite subject matter that you like to collect, get started with what you already know. Even if you don’t plan on specializing your collection to a single artist or subject matter, the more you know about your art, the more you can take advantage of market fluctuations and find opportunities to acquire great art at bargain prices.
Decide on a price point
Decide on a price point for the type of art that you like to collect. There’s no right or wrong price point, but it’s easier to acquire a variety of art if you’re trying to collect on a budget. The best way to decide on a price point is to do your research and look at the range of prices for the type of art you’re collecting. Once you’ve come up with a price point that you feel comfortable with, stick to it.
Buy from trustworthy vendors
If you’re just getting started with your own art collection, you should probably buy from a reputable art dealer. Buying art directly from an artist can be a great way to save money, but it’s also a great way to get a fake or a forgery. Buy from trustworthy vendors with an established reputation in your local art community. If you don’t know where to start, talk to your local art critic or art dealer, or refer to reputable online art resources to find reputable art dealers.
Don’t be afraid to haggle
If you’re buying art at an art gallery, art fair, or an online art auction, you should definitely haggle. Gallery owners usually have marked-up prices, and online art auctions usually see bidding wars that can inflate the price of a single artwork. If you see a work of art that you like and the price seems fair, but you don’t want to pay that much, try to get the price reduced.
Acquire artworks you love regardless of market conditions
The best piece of advice that can be given for anyone who wants to start their own art collection is to acquire artworks that you love regardless of market conditions. If you acquire a piece of art that you love, you’ll be a lot more likely to keep it around and in your collection for years to come. Acquire artworks that you love, and you’ll be much more likely to build a valuable collection of art that you truly enjoy.
Keep track of your collection with an app
If you’ve acquired a significant number of artworks, it might be a good idea to start keeping track of your collection with an app. There are many apps available that allow you to create a digital log of your art collection, including Art Collector and ArtList. Keeping track of your art collection is a great way to stay organized, and it can also be a great way to keep track of the value of your collection.