Buying art can feel intimidating when the first thing you see is high-tag items at big auction houses like Sotheby’s and Christie’s. But collecting doesn’t have to start with expensive pieces or high-risk bidding wars. Here are seven tips to start building an art collection that appeals to your personal taste and represents a sound financial investment for the future.
1. Discover What You Like
There’s both a practical and emotional reason to figure out what art style speaks to you before buying anything. Your art collection is first and foremost something for you to enjoy. Figuring out what kind of art appeals to you lets you narrow your focus down onto specific artists, galleries, and genres. Narrowing your focus makes it easier to keep on top of news and opportunities by following specific artists and visiting selected galleries regularly.
It can also help you set criteria to limit impulse buying. Also, in some cases, collections that are curated around a specific genre or theme can be more valuable. So before thinking about making a purchase, spend time visiting galleries and researching artists and genres that appeal to develop a good idea of what you like.
2. Browse Trusted Art Websites
While it is always beneficial to see an artwork “in the flesh” before buying, don’t restrict yourself to only buying at art fairs or auctions. Online galleries not only give you access to a much broader range of artworks, but often allow you to filter by things such as genre, medium, scarcity, and price, making it easier to find exactly what you are looking for.
Saatchi is a popular site that hosts over 60,000 artists worldwide and also has curators who will suggest pieces based on your criteria for no charge. Artsper is another reputable site because it works with galleries rather than individual artists, which means that the standard for entry is higher, so you’re less likely to see pieces that feel amateur. Artsy is one of the best-connected websites to buy art. It includes work from stars of art history like Warhol, Banksy, and Damien Hirst.
3. Ask Galleries for Work They Keep in Storage
Often, galleries will have art that’s just not on display. This often happens when there is an ongoing exhibition based on a theme that only needs select pieces from each artist. Galleries are generally happy to show you what is in storage. As well as finding hidden pieces, this can help you build a valuable relationship with the gallery, which could mean early news about new pieces and invitations to future shows.
In fact, sometimes you will need to ask about the artwork directly to purchase it. Many galleries don’t place a price on displayed art. This is because artists would rather see people focus on the content, not the supposed value, and galleries don’t want buyers to feel like their purchases are public.
4. Build a Relationship by Being a Loyal Visitor
Artnet writer Henri Neuendorf interviewed Erling Kagge, a Norwegian art enthusiast, for guidance on buying art when you’re not rich. One of Kagge’s suggestions was to be wary of insider trading and price manipulation. Since the art market doesn’t have regulations like other industries, it’s best to accept that fixed prices don’t exist; but deals do.
Visiting the same galleries regularly can help you make the best of this dynamic. Gallerists might repay your support with special discounts or pieces. Keep our first step in mind through this process. There are no guarantees, so it’s still most important to form a genuine relationship with a gallery whose art you love regardless.
5. Analyze Trends for the Next Big Thing
Technology, taste, and thematic interests are constantly evolving, and art both shapes trends and follows suit. While it is challenging to know what will be the next movement to gain popularity, like Impressionism or Maximalism, keeping up-to-date with emerging artists and trends can help you keep ahead of the game. In our Artist Profile for Takashi Murakami, you can read how he coined the name of the Superflat art genre as recently as the 1990s and formally launched its manifesto in 2000.
When taking a risk with emerging artists, don’t be afraid to start small. Andrew Shapiro, owner of Shapiro Auctioneers and Gallery in Woollahra, told The Guardian that he bought a Henri Matisse print for just $30 when he was in his 20’s. Although that was about half his weekly income at the time, that’s different from buying a piece worth several years of salary.
6. Ask for a Loan from Reputable Companies
If you need capital to invest in art, borrowing from reputable, art-focused loan companies can be an option. For example, Art Money allows you to pay back a loan within 10 months. Their 900+ partner art galleries cover the interest of your payment, which can dramatically lessen the stress of shelling out a lot of money for an artwork.
Payment plans already exist to pay off art over time, but they can often come at a cost to the gallery. If someone doesn’t pay the gallery by the scheduled time, this puts the artist and director in an uncomfortable position. Besides, the buyer usually has to pay in full before they can take the work home. An Art Money loan removes that problem by allowing you to take the piece home after your first deposit, and it ensures the gallery is paid in within two weeks.
7. Trust Your Instincts
Erling Kagge, who wrote the book A Poor Collector’s Guide to Buying Great Art (2015), also shared his wisdom with CoBo. He highlighted the importance of following your gut when growing a collection.
A collection needs to have a personality; you need to make a few mistakes, you need to own some strange pieces… With an unlimited budget, it’s way too easy to end up only with trophy pieces.
But when you choose to buy, make sure you do your due diligence around important factors such as authenticity, provenance, and documentation.
While there will always be a thrill to hearing about millionaires battling it out for some of the most famous (and expensive) artworks ever at the big auctions, you don’t need to be rich to start developing your own art collection. It is all about investing in unique pieces that you love and have the potential to increase in value. Often the hardest step is just getting started.
