Tips to buy and collect art like a professional

Frederick Gentis, Co-founder Gallerease
Frederick Gentis
Co-founder
29 Artikelen1 Gecureerde kunstwerken

Much has been written on the subject but to many it is still unclear what to look for when buying art. Whether you’re taking your first steps or you’re on the hunt for that next eye-catching sculpture, this article will help you along the way. 

 

Introduction

 

An often heard distinction between these two is the emotional versus the rational decision. When you buy art you buy something you like and put it on the wall, while when you collect art you’re making a rational, pre-determined decision what to buy. Either way; in order to start a collection, you need to start to buy first. Art is emotion, passion, and from that point of view we’ll guide you through the process.

In this digital time and age tangible assets like art seem to have become something of a niche. Collecting art is one of those last areas where people value the direct and offline contact with art dealers and gallery owners. It is however inevitable to acknowledge the role the digital era is playing in all decisions, buying art included. Internet has changed the rules of the game and has opened up the entire art world to a global audience of art enthusiasts. The process of searching for and finding art has become more comfortable and easy than ever before. And although the internet proves a welcome source of information people shouldn’t forget the role art dealers and gallery owners play.

 

Knowledge is power

 

First of all, “scientia potentia est“, or “knowledge is power”. This phrase is often attributed to the 16th century philosopher Sir Francis Bacon, 1st Viscount St Alban PC KC, not to be mistaken with the figurative painter with the same name. It means that before you set out to buy an artwork you first have to inform yourself. If you don’t you’ll always end up paying too much for something of lower quality than you thought. I have never heard of anyone being too well-informed or too knowledgeable when it comes to buying art.

 

Visit museums and galleries

 

Visit museums and galleries, try to go to openings, exhibitions and art fairs and ask questions. Read books and watch documentaries. Some great documentaries every art lover should watch include Jean-Michel Basquiat: The Radiant Child (2010), Who the #$&% Is Jackson Pollock? (2006), The Art of the Steal (2009), Le mystère Picasso (1956), The Cool School (2008), narrated by Jeff Bridges and Tim’s Vermeer (2014), by Tim Jenison.

Learning about art isn’t just wise, it’s also entertaining. And by educating yourself you’re lowering the risk of anyone taking advantage of your lack of knowledge.

Tip: Art dealers and gallery owners have no interest in hearing you brag about how much you know. It is their role to help you learn even more about the work you’re interested in and not to take an exam. So while it’s good to have knowledge, it’s often better to listen so you can learn even more.

 

Gallery at a Fair

 

Use the internet

 

Secondly, make use of the technological resources available to you. Surrounded by connectivity it has never been easier to find that work of art you’re after. While reading this guide chances are you’re doing this on Gallerease which means you’re only a single click away from seeing some of the most extraordinary art available, from €500 to €500,000+.

Internet has played a pivotal role for the art world to be found by new international collectors from around the world. Getting in touch with artists directly was never this easy. But as with the first point, getting informed by gallery owners or art dealers is essential in buying great art. After all, you might be informed, you’re still not an appraiser or curator. Art dealers aren’t just able to sell you something, they’re also able to advise you on how to get that piece of art you love at the right price.

Tip: Use social media such as Instagram and Facebook to follow galleries, art dealers and museums you like. This way you’ll easily pick up on emerging artists and upcoming exhibitions.

 

Don’t buy the hype!

 

Let’s look at this from a financial markets perspective. Undeniably we live in a negative interest rate policy environment. This means you’re not getting any return on your savings. I’m sure during social events your friends and other acquaintances, will boast about their art collection and how a painting they bought a few years ago from an unknown artist is now worth a tenfold. Surely, one of these stories will be close to the truth but art is not a safe asset. The goal of buying art should never be a return on investment. Unlike many financial instruments and asset classes, art is not liquid. It can’t be easily bought and sold. The transaction costs are extremely high (commissions, fees, etc) and a painting or sculpture does not pay you dividend or a coupon. And even if you manage to sell there is no guarantee you’ll make a profit on it. The pleasure is derived from its artistic merit.

The same can be said about buying work from a rising artist that you heard or read about in magazines. If you read about it you’re late to the party. It might become old but the tip again is to be informed and have that artist in your collection before you read about it in Vanity Fair. Roaming galleries and keeping up to date with their artists is key in the process of buying art. The art world is full of sheep and in order to buy something unique, you need to distinguish yourself from the flock.

 

Spot emerging artists

 

Tip: If you’re the adventurous type, visit graduation projects at art academies to spot emerging artists from whom you can buy good work for a good price. A less adventurous but still early-stage art fair is This Art Fair. Organised by very well-connected and experienced art professionals this fair offers curated work from upcoming artists.

 

Become friends with people in the art business

 

They will be willing to go to a viewing with you, can help you discover more information and have connections that will get you in touch with the next big artist. And of course it helps when you want to attend openings or get invited to art fairs. The financial upside of this is that you save money by not having to buy tickets or bargain as much when your friend is the artist or art dealer. But more importantly, they’ll be more than happy to introduce you to a world of beauty and artistic wealth for no other reason than friendship.

 

overview at an Art Fair

Tip: Attend social events such as lectures..

 

Location, location, location

 

Make sure you know where you want to place or hang the artwork you want to buy. No matter how magnificent a painting might be, you can’t put a 120x140cm artwork on a 100cm wide wall. I have seen this go wrong more than once. When you start buying art you should match different styles, an eclectic style often adds to the wealth of an artwork. Don’t be afraid to hang contemporary fine art photography above a Louis Seize side table. And while you’re at it, perhaps you can fit a modern bronze sculpture on top of that side table.

 

Play in your own league

 

Be realistic. Nobody starts of in Formula One, Champion’s League or on the PGA Tour and the same goes for buying art. No matter how deep your pockets, you don’t buy a Modigliani or Renoir as your first purchase. An artwork between €1,000 and €5,000 is an acceptable first purchase. As described in our post on buying fine art photography, photography and works on paper are good categories for beginners. Print and graphic work, as well as photography made in edition will offer you the chance to buy high quality art from internationally acclaimed artists at affordable prices. For example, a print by Kees van Dongen will cost you a few thousand Euros, a lithography will cost anywhere between €10,000 and €30,000 while a unique oil painting sells for millions at auctions. Gallerease currently offers several works from Kees van Dongen. But as with all artworks, also works on paper and fine art photography can set you back millions of Euros.

 

Buy art in a edition

 

Buying art in edition is a good way to start but whatever you do, don’t buy a poster. You will never know how many were made and both quality and longevity are poor.

 

Bargain

 

It’s ok to bargain. Many people don’t know this, but everything in life is negotiable and so is the price of art. Don’t try to play hardball but be realistic. If you’re truly interested in a work of art, show you’ve read up on the artist and that you’re trying to build a collection, most art dealers and gallery owners are willing to cut you some slack on the offer price. Art is about passion more than it is about getting rich. This is why so often the price of a work is not mentioned. If you truly love an artwork and are realistic about it, the price can be worked out. Any art dealer or gallery owner will appreciate a future collector and returning customer. However, remember you’re trying to buy something multiple people poured their heart and soul into, not a second-hand Toyota!

 

A Gallery

 

Bargaining is not just a lower price, sometimes it’s being able to pay in installments so you can buy something extraordinary now that you otherwise wouldn’t be able to afford. It can also be a price including framing or delivery, both can really add to the costs and you don’t want to save on framing when buying a unique work of art.

 

Try auctions

 

Everyone knows famous and renowned international auction houses such as Sotheby’s, Christie’s and Bonhams. Nowadays, we can add consumer-to-consumer auction houses like Catawiki to that. Art auctions are a good place to look when you’re a bit more experienced. When you’re new to buying art it however might not be the most suitable place to start. After all, wouldn’t you want to know your opponents before entering in any kind of competition? It’s easy to get carried away and before you know it you paid way more than you planned or worse, could afford.

But auction houses can also be beneficial for the starting art lover. Firstly, you will be able to see what’s available for sale. Instead of missing out on something that is being sold within a small network, through auction houses you’ll be able to see, both online and offline, a wide range of art on offer. Besides, this transparency is even more guaranteed as auction results are public. The results will enable you to inform yourself even more about the worth of both artists, artworks and even entire art styles and periods. Auction results will help you set a benchmark on future decisions you might make.

 

Visit a viewing day 

 

Should you decide to buy at an auction, make sure you go to the viewing and know the state of the work. You don’t want to feel like a winner only to discover you just bought a work that requires double what you paid in restoration costs. Auction houses will often provide reports on the condition but they’re filled with disclaimers, caveat emptor.

 

Document what you buy

 

Last but not least; document what you buy.  Building an art collection starts with buying single artworks. An art collection is dynamic, which means works will be bought and works will be sold. In order to sell an artwork at a good price, you need to make sure you know its provenance, literature and exhibitions related to the artwork. There’s no shame in having an Excel-sheet for your collection, there is however in destroying a piece of history because you were lazy. And you’ll never know where that painting could’ve been in 20 years from now…

 

 For more curated fine art also have a look at Gallerease!

 


Geschreven door Frederick Gentis op 04 Oct 2016, 10:31 Categorie EducatiefTagged Kunst Kopen, Verzamelen van kunst, Achtergrond informatie, Veilingen
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