Sunday, August 16, 2009
COLLECTING ART? Good Idea?
We all know we are in a worldwide recession. So , is this the time to begin collecting art? Yes!!! While sales of luxury items such as planes, yachts, high end cars, and real-estate have plummeted. However, art by established masters has held its value. Collectible pieces of art that haven't been on the market for awhile are suddenly available as people need the money. However, you want to start an art collection and you are a long way from purchasing a Picasso or a Da Vinci. What do you need to know?
History has shown that fashionable art in its own time often does not increase in value. This means to pay attention and don't invest in the art just because it is hot today. Always look at art with you heart and your eyes and not with your ears. The first and foremost rule of buying art is to buy something that you like, that sings to your soul.
Also, remember original art is one of a kind. If something is speaking to you and you decide to wait because you don't know where to put it, you might lose the opportunity of purchasing it forever. Chances are, if it speaks to you, it will speak to someone else. Timing is critical in purchasing art.
Look, Look, Look and Read Read Read. Go to museums, galleries, art walks, artists studios. Be as knowledgeable as you can. You don't need to go back to school and get an MFA in Art History. But you do need to know what is going on and where the market is going.
Art as an investment has withstood economics. But, still be cautious. All collectors stress collecting for aesthetic reasons, and not for economic reasons. Dealers can smell someone that is collecting to make money a mile away! They will not offer you any favors if they sense that.
I have read and read many people are telling people to go direct to the artists. I don't agree with this. Any artist that will undercut his gallery and representation is not to be trusted and will not last long in the artworld. If the artist doesn't last, what will the art ultimately be worth. Reputable artists have been taught that a price is a price is a price - no matter who sells it or where it sells.
If you want to collect art on a budget, start small. Often there are limited edition prints available. There are also programs that allow people to lease art.
Look for local emerging artists too. This will give you, as a collector, the opportunity to meet the local artists. If you purchase several pieces from a local emerging artist, you will have other opportunities to see new work as it is created.
Just remember, above all, look at as much art as you can. Read the reviews in the art magazines and in the newspapers. Go to the artist's talks and art walks, as well as festivals. Network with other collectors. And, have an open mind and an open heart