Collecting Art - Everything You Need to Know
Why should you start collecting art? In this fractured world economy, most young people aren't about to buy their own home anytime soon. Instead, we're at the mercy of landlords and forced to schlep our belongings to a new place every few years (if we're lucky). The act of moving home so often doesn't just make investing in quality furniture like an Eames chair difficult, it makes you question whether to buy anything large at all. Collecting art is a marker not just of adulthood, but another, more elevated level of adulthood. Buying art is more of a random activity based on likes, preferences or attractions at any given moment, while collecting art is more of a purposeful directed longterm commitment. In both cases, you buy what you like, but if your goal is to collect art and do it right, you have to master two additional skills. The first is being able to effectively research, evaluate and decide whether or not to buy whatever works of art attract you.
The solution is an art collection consisting of abstract paintings by Southern California artists that date from the early days right on up to the present (or from whatever time period the collector is focusing on). Pose your problem as soon as you can, as soon as you begin to get a decent feel for where your passions and interests lie. Take the randomness out of your buying. Look at what you've got so far in your collection; reflect on what all those individual pieces you like so much have in common and proceed from there. Another essential aspect of good collecting is documenting your art, not only for authentication and ownership purposes, but also in terms of value.
You can see best how documentation really pays off in the markets for older art. Suppose, for instance, that two 19th century landscape paintings by John Doe come up for sale at the same time. They're virtually identical in size, quality, condition, subject matter, date painted and other details. Over time, however, those few moments pay big dividends. It's not much different from your kids putting together all the baseball cards of their favorite teams to complete their collections. The final step in good collecting is not the most delightful one to talk about, but it is among the most necessary, and that is to plan for future owners-- whether they be museums, institutions, family members, friends or complete and total strangers.
Art galleries hosting exhibitions or, venues run by artists, Open Studios and art trails provide even more options. The lesson in all this is that collectors, no matter how large or small their collections, should provide a complete list of options and instructions for those who'll inherit their art. These include names, addresses, phone numbers, procedures, dollar values, and all other particulars for selling or donating as well as for dispersal within the family. By the way, simple appraisals with no further instructions are never enough. In fact, they often create more trouble than good. Another essential aspect of good collecting is documenting your art, not only for authentication and ownership purposes, but also in terms of value. You can see best how documentation really pays off in the markets for older art.
Suppose, for instance, that two 19th century landscape paintings by John Doe come up for sale at the same time. They're virtually identical in size, quality, condition, subject matter, date painted and other details. Which do you suppose will be priced higher and end up selling for more money? The second one, of course. It's like choosing between a mutt and a pedigree. So keep good records on every single work of art you own; good documentation adds value, sometimes lots of value. An interesting aspect of the art business is that when art with little or no documentation comes up for sale, experienced sellers at least do their best to make up interesting titles for it.
Why You Should Collect Art
Do you know why people collect are and why you should collect art as well? A 2012 report titled 'Profit or Pleasure? Exploring the Motivations Behind Treasure Trends', interviews 2,000 wealthy individuals in 17 countries. The results were that only a tenth of those questioned said they collected art for investment purposes. 75 per cent stated that the reason why they collect art was for the pure enjoyment of the work. They are collectors first and investors second. This is arguably the most important reason why you should collect art.
A collection is also a starting point to embrace educational and social projects. In Mexico there are two important examples regarding art collecting -as a non-profit activity- and social practice: When Jumex Fundation was located at the popular neighborhood of Ecatepec in Estado de Mexico, the educational team developed several activities, projects and strategies to involve the local community with the art. On the other hand, Alumnos 47 created an exhaustive program of social projects whose highlight was a special bus turned into a library, which visited several neighborhood around Mexico City to spread the reading and offer free art workshops for childrens.
Not everyone appreciates art's pedagogical value. As one person put it on an online discussion board: "Whenever I look at a piece of art... These individuals instead spend all their vacations travelling the world to where the next art fair or event is taking place to find what they love. You will likely find them visiting artist studios in Bushwick, going to the Venice Biennale every other year, and spending their time at art fairs getting to know the dealers who have themselves traveled to the ends of the earth to find what they love as well. We provide art lovers and art collectors with one of the best places on the planet to discover modern and contemporary art.
Yet he spent millions of dollars on art, and millions more to build the Getty Museum in Los Angeles. He called himself 'an apparently incurable art-collecting addict', and noted that he had vowed to stop collecting several times, only to suffer 'massive relapses'. Fearful of airplanes and too busy to take the time to sail to California from his adopted hometown of London, he never even visited the museum his money had filled. You can also buy very eclectic, you can buy because you like the artist, you can buy it because it makes you like your home better and because it looks good. "1 It is best to ask questions of the dealer or the gallery director, do your research and make as informed a purchase as you can. Remember an artist has had to prove his or her merit to even receive representation from a dealer or gallery in the first place. Imagine - early examples of the adolescent style, those one or two works that won big prizes, half of the last exhibition and the entirety of the one be- fore.
Your name will become synonymous with that artist, and for good or ill, like they say in Texas hold 'em, you're ALL IN. It has always been a part of art collecting that the collector who wants to enlarge their ego will always purchase the most expensive art, or the most obscure, or the largest, or the oldest, or the rarest, or the best examples by artists that everyone else wants to collect. Every artwork tells its own story, delving into the world of art is a Great (capital G) exercise for the mind and soul. Through research, online browsing and gallery visits - you're able to gain insight into history, culture, traditions and so much more just through the appreciation of one artwork. The road to art collecting is paved with knowledge that expands your horizon beyond your walls. As they say, knowledge is power!
Art Collecting 101
Here is a quick Art Collecting 101 lesson for you. Your collection can become a map of who you are and how you are evolving as a person. Similar to your diary, yet it's all visual, and it's in your haven, your home. There's not much more magical than that - The good news is, it's not nearly as challenging as you think it might be to trade in those thumbtacked posters and Ikea art for meaningful, original pieces. There's a level of identity that comes with art collecting. Which until today is one of the most important aspects of looking at art for me. In this new series put together by art advisor and curator Daria Borisova we are speaking to knowledgeable collectors in the art world.
Through personal anecdotes and in-depth interviews, we'll be educating women about the cryptic art of collecting. In this chat we speak to Gaelle Alexis, who is based between London and Dubai. Gaelle travels around the world to discover, acquire and promote art. Doug Woodman, an economist, has written a book called Art Collecting Today: Market Insights for Everyone Passionate about Art. Woodman shares interesting examples that illustrate how the art market works and gives advice for new and prospective art collectors. Interestingly, Woodman divides art collectors into three "species"; the connoisseur, the masterpiece collector and the marketplace collector.
The Wagners are avid art collectors, and this book outlines the thrills and rewards of art collecting. Meanwhile, I feel privileged to have the opportunity to advise wonderful collectors (many of whom have become close friends) on their acquisitions. I am passionate doing this in a profound and curated way. The more chances I get to work on curating art collections, the happier I am. I'm planning to produce an exhibition that would travel between Abu Dhabi and Dubai. It will be a curated selection of personally owned and and consigned works, showcasing established and more emerging artists. Rountree recommends the magazines Art in America and ArtNews. Online, there are even more resources, from Blouin ArtInfo to the Washington-focused Pink Line Project, founded by art patron and organizer Philippa Hughes.
Two good blogs are the Smithsonian American Art Museum's Eye Level and the Phillips Collection's Experiment Station. Rountree now owns about 30 works and has become so invested in Washington's art scene that besides practicing law, she has a business helping people establish their collections. As experienced professionals in the industry, we're here to let you know that just about anyone can start an art collection, regardless of age, taste or budget. So, you find yourself staring at your blank walls wondering, where do I begin? We've got you covered with our top five tips to starting an art collection.
How to Collect Art on a Budget
Now I am going to help you learn how to collect art on a budget. There are a few trick for this so read carefully. And, as mentioned, old or fragile art has special needs and should be handled by an experienced framer. Old canvas is far more vulnerable, especially where it's been pulled over the wooden stretcher on the reverse of the painting. An open frame protects this vulnerable area. Finally, if a painting is framed correctly, the back is sealed under a layer of brown paper, which offers further protection. Many older paintings are sold in their original frame, though not all, of course. But for other work, it might mean you don't purchase the pieces. Much like custom framing, this can be a barrier to some types of art collecting, and there's really not a good workaround for it.
He bought on an astonishing scale, collecting art objects in virtually every medium, including the rare books, manuscripts, drawings, prints, and ancient artifacts that are the core of The Morgan Library & Museum's holdings. I learned about asking for discounts and payment plans, but also continued to buy directly from artists as well. A few months ago, Alicia Puig and I launched our online platform, PxP Contemporary, which will help you get started on your art collection. We wanted to create a space where new collectors can order a piece they love without awkward interactions, especially if you are new to buying art. Shop our collection of affordable works ranging from $100-$2000 to help you get started!
There are artists creating new work all the time, and old work by unknown or relatively under the radar artists available. It is possible, easy even, to purchase pieces of art you love for very little money. And remember, you can appreciate a piece or an artist without loving it. I acknowledge and appreciate a huge amount of art work, but I don't want to LIVE with most of it. There is, however, also something to be said for cultivating deeper knowledge of art and art forms, and of actively working to expand your own tastes and perspectives. The value of it was that I chose it when no one else spotted it. Starting an art collection is about using your eye and not listening to everyone else."
The good news is anyone can collect art, no matter where they live, what they like or what their budget is. If you've been wondering how to start collecting art on a budget, take a look. The most important part of collecting is to trust your intuition. If something draws your eye, look closely and think about why it excites you. Is it the artist? The medium? The color? The texture? Even though the top echelon of art collectors travel the world in style, bouncing from gallery to art fair on a whim, every collector was once a novice, in most cases collecting art on a budget in a quest for the most compelling work. As a special bonus, when you join you'll receive Splendor on a Shoestring, my guide to finding silver, china, linens and other home items on a budget.
Why People Like Art
So tell me, what do you think, why people like art so much? It is a complex question I know. From buildings to paintings and sculptures, anything made using the golden ratio seems to have a greater chance of becoming famous and noted throughout history than those that do not. Other studies have made very clear that there is significance in the well-known 'golden ratio', or 'golden rectangle' and superior creations. We also respond positively to the colour green. One German study reveals that green inspires creativity and motivation when we see it - time to paint our art studio green! Even if you think your art isn't "about anything", there are thoughts going through your head all the time on repeat. That goes for when you are making art too. Even your subconscious thoughts can and should be applied to your art's message. You can connect your art to their personal values through, again, talking about it. Why you made it. What it represents. Its message.
Finding your voice is the key to it all. You can't just quit being creative from one moment to the next, much like you can't just cease being angry. You can try to suppress it, but chances are you won't be very successful at it. And because of this 'need' to create, making art, in any form, can be as powerful a motivator as love, anger, jealousy or hate. More powerful even, since it feeds on other emotions and uses them in a productive way. Was there some yet bleaker aspect? Are fools deranged? The painting is existentialism avant la lettre. For me, the image evoked fear, loneliness, and defiance. Also pride—as I say, in humanity. When I say bowled over, I mean that the feelings possessed me. The pleasure arose from the interplay of disparate, sometimes uncomfortable experiences. Armed with this set of attributes, I thought of a profoundly pleasing experience.
Once, between bits of book business in Madrid, I snuck off to the Prado and the Velazquez room. Of course, art is also now academic. We have genres like conceptual art, which can be deeply intellectual and enjoyed at that level. But beyond the analysis that these pieces "require" to be enjoyed, there is a deeper, primal response that we all experience. The study shows we can create and experience a wide range of emotions from all works of art, be it fear, joy, peace, or pain. This explains why people can feel such happy bliss when sitting and looking at a Kandinsky, or shedding a tear to a particularly moving Rembrandt.
Investing in Art for Beginners
Be aware auction houses often charge a buyer's premium in addition to the sticker price. Museums and galleries, of course, are great options. Research any galleries beforehand to learn as much as you can. No matter what, look for quality and good condition. Especially for pricey investments, it's worth spending the extra cash to get an appraisal. Having someone in your corner helps when it comes time to determine the fair market value of an art piece, making sure you get your money's worth. Masterworks does comment that, "After 7 years, if there is no other means for shareholders to sell or redeem their shares, we will endeavor to sell the Painting on or before the ten-year anniversary of the offering.
Potential for High Returns: Masterworks boasts that blue chip art increased by 10.6% in 2018 while the S&P 500 declined by 5.1%. Masterworks employs experts to buy the art to make available to you, and gives your research tools to ensure you make the best decisions possible. Fees: Masterworks makes it easy to invest in art with small sums of money, but there are still significant fees associated with art investing as laid out above. You'll want to make sure you calculate these fees into any potential returns you are forecasting. If you're interested in investing in art and aren't sitting on piles of money (which, unfortunately, most of us are not), then Masterworks is a great solution for you.
Art can be an interesting alternative investment to diversify your portfolio, but be sure to first consider if you're. Then, art could be an interesting play for you to diversify your investments and own a piece of history. Masterworks clearly wants to make it possible for everyone to invest in blue-chip artwork. Despite the high costs often associated with investing in art, it still could deserve a spot in your portfolio. When you invest in a piece of art, you're buying it with the expectation that demand for that piece or similar pieces will increase faster than the supply. If that happens, then the value of the piece will increase, and you may be able to sell it for a profit.
Art collecting and investment is no longer limited to only the wealthy elite. Certainly, like anything, if you pick the right investments you have a chance to beat the market. Though, with high potential also comes higher risk. Therefore, art produced by deceased authors or artists generally sells for more and accrues value faster than art by contemporary artists. As with any financial investment, extensive research is a must. Before getting started in the snares of the fine art market, dedicate several months to passive observation of art auction news and valuation trends. To get a better sense of high-value art pieces and artists, speak to a curator or art specialist who may be able to give you an inside scoop."