The best way to build your art collection
Starting out your art collection? This guide will help you.
Buying your first art piece can be quite daunting, especially if you don’t know where to start. You may ponder on questions such as;
What should I buy?
Where should I buy from?
How do I go about it?
Building a strong art collection takes time and requires knowledge, both of which won’t come to you from day one. This however, should not deter you from starting your own collection.
What you need to get started
Set a budget
An important question you would need to ask yourself is; Do I want to collect a few high-end pieces, or do I want to build a larger collection with affordable artworks? You don’t even need a large budget to get started, but it’s imperative that you set a budget. What does your current income permit you to comfortably set aside as a starting budget? Remember, art collecting is a want, not a need. Once you’ve scaled through the hurdle of making your first purchase, could you make it a habit of buying art every month? Your set monthly art budget should be one that is attainable. The best collectors set aside a monthly art spend however small, to grow and diversify their collections.
Define your end goal(s)
Are you collecting solely for aesthetic reasons or do you also/solely view your collection as investments? Neither are wrong, both are encouraged. Matter of fact, the goal is to achieve all of the above with your desire to beautify your rooms. It so happens that oftentimes than not, your collection may outgrow your available space. Before this happens, it is important to consider and plan ahead for such occurrences. As an art collector, you need to think early on beyond collection. You want to consider installation, insurance, storage, preservation, and logistics. You can consult and engage with a reputable art firm who’s well recognised for this.
Do your research
Keep abreast with market trends. You want to be in the know of artists to watch out for, what arts are performing really well in the market, and at what cost. You should be curious to know who the art dealers and gallerists within your network and community are. Try to get familiar with them. These industry operators can advise you better on what's worth investing in. Your curiosity should lead you to be an active or passive audience at exhibitions, auctions, fairs, and salons. Attending these events gives you exposure into how stuff works.
I'd also encourage you to engage art consultants and advisors who can help you build an enviable collection that'll stand the test of time and seasons.
Trust your palate
No one knows what you like more than you do. Granted, it is advisable to follow market trends and invest in artworks that are potential high yields. If your goal is to build out a personal collection that you like, you should certainly include pieces of art that you like. To do this, you should let your heart lead you in deciding on what to collect, more than your head. Build up an appetite for the style and mediums you’re into. Art collecting can certainly be a lucrative investment. However, it is also important that you like what you’re collecting / have collected.
Decide on what to buy
In future digests, we may deep dive into the different types of art out there, taking into consideration their importance, styles, mediums, appreciations, and other meaningful factors. For now, we will consider 4 major mediums collectors gravitate early on to, and throughout their journeys.
Limited Edition Prints and Photography
The beauty about a collectible artwork is that it is a one-off and unique purchase, hence why they can get expensive. With Photography and Limited edition prints, multiples of the same art are printed, and so this drives the cost down, making them generally affordable. Their lower price does not make them invaluable. On the contrary, signed artists with such mediums of art are still valuable, and will most likely fall within a modest budget. Limited edition prints and Photography are great mediums to explore when beginning your art collection.
Sculpture and designed objects
Most often than not, new collectors often overlook sculptures and designed objects because at first thought, canvas paintings are what comes to mind when considering building their collection. Sculptures do not have to be large. There are small-sized sculptures and designed objects you can begin with. Sculptures and designed objects add their own unique beauty to your rooms. They are typically highly priced in the market when you’re ready to sell.
Paintings and Drawings
If original paintings and drawings are your thing, go for it. You can and should support young artists by collecting their works very early on in their careers. They’re usually more affordable at this stage in their careers. You should consider their resume; Are they trained in any formal school? Are they under any known artist’s tutelage? Have they exhibited anywhere in a group or solo? Any known art residences under their belt?
You should also aim to collect paintings of established artists which can sometimes cost you a year’s worth of savings. But there’s a hack to this; you can collect paintings of established artists by investing in their smaller pieces - such as miniatures and sketches.
Installation pieces
Installation art are three-dimensional artworks that are often used to make a strong statement. They are the most immersive forms of art when compared to paintings and sculptures. They are designed to assume a specific space; an entire room or gallery space or an outdoor area. Installation pieces are never cheap, even when the artist is still rising. But if you have the budget for it, they are great mediums to store value. In the resale market, they’re often valued higher than other mediums. A collector of an installation piece should conduct a yearly maintenance exercise on it to avoid wear and tear
Art Index Top 5 monthly - May 2021
It’s another month of Art Index’s top 5 monthly. This is a showdown of the top 5 well researched and curated art pieces everyone should want to collect, based on strong technique, message, style, and medium.
Here are our picks for this month of May:
In summary, to start or diversify your art collection, you will need to
set a budget
decide if your collection is for aesthetics purposes solely and/or investments
collect what you like by building an appetite for it
stay in the know of what’s happening in the industry to be informed of market trends
befriend art dealers and gallerists
seek advisory when unsure
decide on mediums to buy but be sure to know the nuances of each
I hope this month’s digest has been helpful. These guides are applicable all through your collector journey so you might want to bookmark this page for future references. For concierge art consultations and advisory, you can hit the reply button if you’re reading this from your mailbox, or you can leave a comment in the comments section if you’re reading this from our substack.
Until next month,
Keturah Ovio.
Very informative and relatable.