*Collaborative post
Owning an art collection allows you to enjoy the aesthetic, indulge in some personal expression, and potentially financially rewarding.
Thanks to digital platforms and online auctions, the art market has become increasingly accessible to a wider market – which means it’s possible for you to explore opportunities as a prospective collector. Whether you’re drawn to contemporary pieces or classic works, this guide will walk you through the essentials of starting your own art collection.
Understanding the art market
Art collectors span generations. In recent years, we’ve seen a rise in the number of younger artists, and those buying these works are millennials and Gen Z who are seeking diverse concepts and fresh takes.
This reflects the diversity and vibrancy of the UK art scene. But whatever generation you’re part of, if you’re new to collecting it’s good to know where to begin.
There are galleries like the Tate Modern and Tate Liverpool, auction houses such as Sotheby’s and Christie’s, and a range of art fairs, including Frieze London. These venues offer a gateway into the market, but they can also be overwhelming for newcomers.
As you’re at the beginning of your collecting journey, you can discover current trends and opportunities by attending exhibitions, gallery openings, and art fairs. Also, subscribing to industry reports and publications such as ArtReview or The Art Newspaper can give you valuable insights into the market’s direction and emerging artists.
Online platforms, such as Artsy and Artnet, offer further resources, including databases of artists and market analysis.
Setting a budget and building a strategy
It’s essential to account not just for the cost of the artwork but also for extra expenses such as insurance, framing, and storage. Prices range from affordable prints to high-value originals, so having a clear spending limit in mind will help narrow your options.
Once your budget is set, build a strategy. This can help you narrow your search for pieces you’ll love.
Choose according to your tastes, whether you’re drawn to contemporary art, traditional landscapes, or modern abstracts, for instance. It’s also wise to consider the potential investment value of the pieces you buy. While art is about personal enjoyment, it can also serve as a long-term investment if approached with care. Seeking the services of an art lawyer is advisable to ensure all transactions are legally sound, especially when investing in higher-value pieces.
Provenance and authenticity
Provenance refers to the history of ownership of a piece, and it’s this that determines its value. Buying works without clear provenance can be risky, as it can raise doubts about the artwork’s legitimacy.
To verify a piece, ask for certificates of authenticity, which are typically provided by the artist, gallery, or a recognised expert. For more expensive acquisitions, consider hiring an independent art expert to carry out a thorough verification.
Building relationships with artists and dealers
Building strong relationships with artists, dealers, and galleries can provide access to exclusive works, insight into emerging trends, and opportunities to commission bespoke pieces tailored to your tastes.
Attending gallery openings and art fairs is a great way to meet artists and dealers and networking within the art community can open doors to unique pieces and collaborations. This puts you firmly in the art scene and can help you build a reputation as a serious collector.
If you’re thinking of starting a collection of your own, it can be an enriching interest that allows you to find pleasure in beautiful creations.