Buy art your how to guideChoosing the art that's right for you: the art of buying art

 

 

 

 

Why buy art?

 

People buy art for one of three main reasons

 

    •They like it, and so can look forward to the experience of more pleasure in the future

    •They hope their taste will impress others

    •They hope or expect that their purchase will increase in value

 

 

Art for pleasure

 

    The first reason is without a doubt, the best reason for buying art, and as with other things of quality, it's a good idea to buy the best you can afford. Tastes may change over time, but a carefully chosen piece of art should provide years of pleasure.

     

    Art for decoration should also not be discounted. The right accent for a room or to complement furniture may not be the typical catalyst for purchasing high art, but our mission of “bringing the opportunity of owning and enjoying original art to all people” begs the question, why have a poster when you can 'get real'?

 

 

A statement of taste

 

    As for buying art to impress others: if you are the sort of person who would also marry to impress others, we suggest that you seek advice carefully.

 

 

Art for investment

 

    Buying art for investment purposes is a tricky business and values can depend on fashion, rarity, condition, provenance and other factors. Memories of soaring prices during the 1980's and recent sales for works by Klimt, Picasso and Bacon of over $100 million can be seductive for the unwary investor. However, a 2006 report by Merill Lynch ranks art as among the worst performing investments.

     

    Additionally, if you buy art specifically for investment purposes, tax law states that you may not 'derive pleasure' from it; in other words you can't hang it in your home; it must be stored in a vault. There is nothing to stop works bought for pleasure still increasing in value while you enjoy them in the home or office but if you are looking to make quick money, buying and selling art is not the way.

     

    One sound piece of advice for beginning art investors is to approach it as you would when buying a home. If you buy something you enjoy living with, then market fluctuations won't matter. If you only bought it to sell later at a higher price, then you're likely to experience little enjoyment on either count. Sort out what art you like most, and then hopefully some of the points below and elsewhere on the site, will provide enough background for you to make a satisfying purchase.

 

 

 

top

 

 

What sort of art?

 

Look at as much art as you can to decide what you're interested in
(not just on this site).

     

    Here're a few good places to track some art down:

    •Galleries

    •Print studios

    •Art fairs and festivals

    •Art school graduate exhibitions

    •Some restaurants, cafes, furniture retailers, and so forth

    •Art magazines

    •Internet art sites

 

 

 

top

 

 

What sort of artist?

 

Consider these points when you are assessing artists you are interested in.

     

    •Where they have shown, how many shows, and what sort

    (Consider the importance of the venue)

    •Publications about their work

    (Consider the importance of the publication)

    •Public, corporate and private collections they are represented in

    (Consider the importanceof the collection)

    •Sales history

    •Awards, grants and recognitions

    •Art societies and related organizations they belong to

    •Qualifications: where they studied, when and with whom

    •Positions they hold and have held (teacher, lecturer, director, etc.)

    •Celebrity status

    (Entertainers, criminals, sportspeople, etc, may be collectable simply because of their status or noteriety. Be careful: extrinsic value of this sort tends to fade with their celebrity.)

    •Age details: living or dead, and stage of career when the work was produced

    (Familiarize yourself with any recognized period or style)

 

 

 

top

 

 

What is your budget?

 

If you have a fixed budget (perhaps a gift certificate) or even if you don't,
you may like to consider the following:

 

    •Keeping a record of prices of the sort of art you like

    •Gallery price lists (if they're not on display don't be scared to ask for them)

    •Asking someone you trust or paying for independent advice

    •Shipping, framing, tax and insurance costs

     

    If you have decided that you're serious about building a long-term collection, then calculate how much you can afford each year and put that amount aside. (You can reassess this as your circumstances change.) Even if you don't buy expensive pieces, one purchase a year over 20 years or more, will result in you having a very pleasing collection.

     

    Setting aside an amount that you know you can comfortably afford, say $500, means that if you come across a piece you really fall in love with within that budget, then you're in a position to make decisions with out seeking anyone's advice or opinion. You can buy it on the spot, knowing you'll enjoy it for years to come regardless of whether you ever get the $500 back or not.

     

    However, if $1,000 is a large investment for you, then do seek advice and think carefully before buying. A constant reminder hanging on the wall of a mistake you've made, is not what you're after. If you've done your research, and you really like what you've seen but can't afford to pay for the work in one hit, it's always worth asking if you can pay in instalments. Many artists and galleries will be happy with this arrangement.

     

    Once you've set your budget, now is the time to consider whether to buy a major piece, or several smaller pieces.

 

 

 

top

 

 

Is it a significant work?

 

    By establishing the sort of art that you are interested in, and the artist or artists within that style that you most like, you will probably have looked at a reasonable amount of art and will have instinctively begun comparing the works. This is the best place to begin, by looking at as much art by the artist as possible.

     

     

    What period?

     

    Occasionally works from some periods of an artist's life are considered more important than others, and the best works from the best periods will be more collectible. Doing some research may help here, but this doesn't mean that these will be the works that you will like the most – remember to buy works that you will enjoy living with.

     

     

    The artist's hand

     

    Original works will generally be more important than prints and other mechanical reproductions. This includes etchings, serigraphs, lithographs, photographs, and digital techniques such as giclee, the production of all of which can be handed over to art technicians, with the artist merely supplying the signature on the finished work. Works generated entirely by the artists hand tend to be more valuable.

     

     

    What quantity was produced?

     

    The larger the edition, the less valuable a work tends to be with the ideal being less than 30 to 50 works in an edition. The number in an edition is shown similarly to a fraction with 14/50 meaning that this work is number 14 in an edition of 50. There is no difference in value between the first and last work in an edition although some collectors prefer low numbers but this is purely emotional.

     

    Limited edition prints can be a good way to start a collection, although beware of artists who put excessive prices on original works in order to make high priced prints of the same work seem more reasonable. As a general rule, if an original by an artist sells on average for $5,000, then a print from an editon of 10 should cost about $500. (10 x $500 = $5,000) However, if it's an edition of 100 and the prints are still $500 each, then you can consider them to be highly overpriced.

     

    Sculptural editions such as bronzes and metallic resins tend to be small editions. The value of an edition will increase when the last work of the edition is sold. For editions comprised of a series of works, a complete edition will be more valuable than the same number of individual works.

     

     

    Is the work typical?

     

    Determine whether the piece you are looking at is typical of the artist's work. Artists tend to have themes and subjects that they frequently return to and develop distinctive styles and techniques as they mature. Collectors tend to place a higher value on pieces that are clear examples of a particular artist over works which are less typical. That being said, many artists will produce copies or slight variations of their more popular works which will be less valuable than the 'original' landmark works.

     

     

    Size and effort

     

    The size and amount of work which has gone into a piece is also significant with larger works using more materials tending to be more valuable, with complexity of technique and obvious labour and effort also contributing to perceived value.

     

     

    Creativity

     

    The degree of creativity should also be taken into account, as collectors will value artists who are uniquely creative, over those who produce works that are similar to or which draw heavily from works that have been produced in the past.

     

     

    Condition

     

    The physical integrity of the work is also important, with a well kept piece being preferable to one which is damaged, dirty or faded.

     

     

    The story...

     

    The final factor to consider is the life story of the work itself. If the art was produced because of some significant event in the artist's life, or if there is a story behind its creation, or if the work itself has had an interesting life since its creation, then this can add to its value. Interwoven with this is provenance which is the work's recorded chain of ownership and display which over time, can have a major impact on the value of any art. To learn more about provenance click here.

 

 

 

top

 

 

What are your reasons?

 

    •What do I want the art for

    •Will I regret not buying it

    •Where will it go (and does it have any special requirements)

    •Do I like this work for itself or does it remind me another work I can't afford

    •Do I like this artist's work but not necessarily this piece

    •Do I want similar pieces or a variety

 

 

 

top

 

 

What are the risks?

 

    See our guide to protecting yourself.

     

    Also bear in mind that one of the advantages of Artsales.com.au is that, if for any reason, you no longer want to keep a work, you can always use this site to offer it for resale.

 

 

 

 

 bottom dots

top