The first thing to understand about art collecting is that there is a whole stratum of differences between collecting art for your interest and doing it as an investor for an income.
There are many aspects of collecting art for personal joy and fulfillment and the investment side that are precisely the same. Here are some things to ponder about getting into the art collection milieu.
Knowledge is Power
If you don’t understand art on a deeper level, you’re working at a distinct disadvantage. True, all taste is subjective. You may “know what you like” simply because you do. There’s nothing wrong with that – unless you have resale and investment in mind. However, even for your art collection pleasure, you’ll find that the true joy of this activity flows from a deeper understanding of a particular art form. That means learning to recognize specific styles, techniques and knowing the name of the top or up-and-coming artists working in that genre.
Develop a Strategy
To be a successful collector, you need a plan, even a master plan. Savvy collectors develop the knack to look at many art pieces and quickly discern what is of value and low value. Develop a precise method or series of steps to curate the art you are considering for your collection. That’s just one part of the strategy.
Another is to learn when and where you are likely to find the kind of art you favor. That will help you position yourself to outbid a competitor or get your hands on a piece before others even know it’s available. Your strategy should also spell out your budget constraints, your capability to house or store your art, and other factors.
One element that brings joy to art collecting is the relationships that you build in the process. When you enter the world of art and artists, you will find yourself among the most interesting people in the world.
Relationship building has a practical side. You will gain access to key influencers, such as curators of galleries, the artists themselves, other art lovers, and media types who cover the art world.