Starting an art collection can seem like a daunting task, especially if you are new to the art world. However, with a little knowledge and some insider tips, you can start building your art collection with confidence.
Determine Your Budget
Before you start buying art, it's essential to determine your budget. Art is an investment, and the cost of artworks can range from a few dollars to millions of dollars. Decide how much you're willing to spend on your collection and stick to it. This will help you avoid overspending and ensure that you're buying art that you can afford. Companies like Freeport can help expand the level of artwork you are able to purchase, by selling fractional shares of artwork. This allows you to buy into high quality fine art at a much lower price point.
2. Define Your Taste
When starting an art collection, it's essential to identify your taste and style. Consider the type of art that appeals to you, such as contemporary, modern, abstract, or traditional. You should also consider the medium you prefer, such as painting, sculpture, photography, or print. By determining your taste, you can narrow down your search and make it easier to find the perfect pieces for your collection.
3. Educate Yourself
Before you start buying art, educate yourself about the art world. Learn about the different artists, styles, and movements. Read art books, attend gallery openings and exhibitions, and participate in art walks and tours. By gaining knowledge about the art world, you will be better equipped to make informed decisions when buying art.
4. Work With a Trustworthy Art Dealer
Working with a trustworthy art dealer is crucial when starting an art collection. An art dealer can provide you with insider information, advice on investment opportunities, and help you find pieces that match your taste and budget. Look for a dealer who has a good reputation, is knowledgeable, and has a passion for art. Fakes and forgeries are prevalent in the art industry, so it's important to thoroughly verify the authenticity and provenance of a piece, especially if it's from an Old Master. An alternative option is to invest in shares of original art from a trustworthy platform like Masterworks, where the team takes measures to ensure the authenticity of each piece.
5. Invest in Authenticity
When starting an art collection, it's important to invest in authenticity. Always ask for a certificate of authenticity and keep it safe. This certificate proves that the artwork is original and authentic, and it will be necessary if you ever have to claim insurance or sell the piece.
6. Quality Over Quantity
Art collecting is a long-term endeavor, so it's essential to focus on quality over quantity. Take your time between purchases and avoid impulse buys. Invest in works that are in good condition and avoid buying fakes and forgeries. If you're unsure about the authenticity of a piece, work with a professional appraiser who can verify its authenticity.
7. Diversify Your Collection
When starting an art collection, it's a good idea to diversify your collection by purchasing works from different artists, styles, and movements. This will give you a well-rounded collection and reduce the risk of your investment.
Starting an art collection can be a rewarding experience. By following these tips, you can begin building a collection that you can be proud of. Remember to take your time, educate yourself, work with a trustworthy dealer, and invest in authenticity. If you don’t feel comfortable making large financial commitments to collecting art, try starting with companies like Freeport, that offer access to high quality fine art, for prices starting under $200. Happy collecting!