8.08.2009

ART BUYING 101


Purchasing art can be daunting with so many mediums, artists, and genres available. There is no right or wrong. When purposeful buying, the whole is the greater sum of the parts so the buyer should ask how does each piece relate to the next. Everyone can buy art and collect intelligently and passionately. With a willingness to learn, visit galleries museums, one can develop a connoisseurship that will parlay into solid investments. Applicable to all mediums, the list below is designed for the new and seasoned collector when making a decision about buying art.

GETTING STARTED
--Buy what you like
--Set a Budget
--Develop a connoisseurship by visiting galleries and museums
--Develop a relationship with reputable dealers (gallerists, private dealers, consultants…)
--Be thorough and patient
--Think about how one piece relates to the next in your collection

● WHO IS THE ARTIST? IS THE ARTIST SIGNIFICANT?
A collector should always research the artist through literature and oral discussions with dealers, scholars, and museum curators. Typically the gallery will provide information on the artist from a plethora of resources: art reference books, gallery/museum catalogues, resumes, exhibition reviews, and art reference books like dictionaries of artists, art indexes, art or artist encyclopedias, and monographs on artists. BEWARE OF EMERGING TALENT.

● WHAT IS PROVENANCE OF THE ART WORK?
Where was the art purchased? Who owned it? What museum or gallery has exhibited the art work? Has the art work been included in publications (articles, books, magazines, etc)? If so, which ones? Did the art appear on a secondary market? If so, which ones?

● IS THE ASKING PRICE FAIR? WHAT ARE THE MARKET COMPS?
Like buying real estate, compare the art work to similar pieces on the market. Ask questions. Research values.

●THE COLLECTORS AND CURATORS

Study who is buying the artist’s work, including private collectors, corporations, and museums. Also, research which curators are taking notice of the artist and including their works in museum exhibitions and catalogues.

●GO THROUGH A REPUTABLE DEALER
There are many reasons to work with a reputable dealer, including the following:
--Dealers are held accountable for certain standards within the industry, including quality of the work and fair market values
--Dealers understand market trends
--Dealers are motion-makers of the market, driving prices and placing works in significant collections
--Dealers have immediate access to experts and curators who are resourceful in various ways—artists to watch, authentication, developing scholarship on the artist.
--Dealers have access to a variety of resources for reselling your art work if the owner wishes to place it on a secondary market.

SIGNATURE INFORMATION
Is the art work signed? Is not, are there papers a dealer/seller can give you authenticating the work.

CONDITION
Check the work for its condition. If you buy it in a frame, dealers will typically remove the frame, allowing the buyer to see the piece with a naked eye.
WHEN IN DOUBT, ASK AN EXPERT.

No comments:

Post a Comment