Art Collecting Tips for Profit and Pleasure : Part 1 - Why Buy Art?
WHY BUY ART? To answer this question, ask yourself what your reasons are for thinking of acquiring a piece of art. An artwork can cost a considerable sum, but if it meets your needs, it’s worth every penny.
“A thing of beauty if a joy for ever:
Its loveliness increases”
Art is meant to be displayed, unlike shares or bonds. Don’t ever feel pressured to buy something you won’t appreciate looking at day after day, no matter what other people may say. Don’t buy something that doesn’t appeal to you just because it is trendy, because the artist is famous, or because you have been advised that the artwork will make a good investment. If you don’t like the artwork at all, don’t buy it!
There are only 365 days to a year (366 on leap years). Be selective about how you live those days. Avoid wasting them on something you dislike.
Art Makes a Statement
The kind of art you surround yourself with says much about your personality, tastes and values. Edna Hibel art, for instance, is associated with strong family values and humanitarianism.
Art truly is a mirror of the soul. It’s an expression of who you are. Be true to yourself, and choose art which is meaningful to you.
Art Can Be An Investment
Art can pay handsome returns, but this very rarely happens overnight. If you’re hoping to make a fast buck, art may not be the right avenue for you. There are investors, of course, who like to put their money in art. They do this for two main reasons: emotional as well as financial benefits.
Art is one of those peculiar investments which you can actually admire and enjoy. And researching and hunting down a desired piece of art can be as much fun as owning it! Many art collectors enjoy combing galleries, websites, auctions and even flea markets in pursuit of their passion. Profiting eventually from the sale of a find becomes a bonus.
The promise of both pleasure and profit from art certainly adds to the appeal of art collecting.
Art Enriches Your Life
At a conference on health and ageing, held in Brisbane, Australia, the founding professor of complementary medicine at Melbourne’s RMIT University shared his findings that love – even the love of an activity or an inanimate object, such as a work of art – contributes to healthier living and a longer lifespan. Art should enrich your life. Otherwise, why spend precious time and resources on it?
When you need to give a gift which will make a lasting impression, a delectable piece of artwork is hard to beat. Any beneficiary will appreciate receiving such an exclusive gift, and be honored that you valued her enough to give her something so unique and precious.
Just remember to select something which will appeal to your recipient’s tastes, and keep to a sensible budget. Good art needn’t cost an arm and a leg.
Art Collecting Tips for Profit and Pleasure : Part 2 - Six Golden Rules of Art Collecting
1) BUY WHAT YOU LIKE
Explore!
You can never go wrong with buying any kind of art, as long as it gives you pleasure and it is within your budget. Buy what appeals to you. Art is individualistic, so go ahead and explore. You don’t have to follow well-trodden paths and buy familiar art. Let art be an expression of your personality.
Do Your Research And Planning
For serious collectors who are interested in building a collection with some value, it’s good advice to do some homework before you put your money down. Collecting is really about focus, or building a meaningful grouping of pieces, rather than just randomly acquiring and displaying pieces. Careful planning and research is what sets smart collectors apart from others.
2) EDUCATE YOURSELF
The more you know about the subject, the better. This is especially important if you’re considering parting with a hefty sum of money for a piece of ‘art’. You don’t need to be professionally trained to make smart decisions about art. Anyone can become a wise collector with patience and discipline.
Know Your Subject
Ask yourself why a particular piece of art is worth acquiring. Keep this mantra going in your head:
- Who is the artist?
- How important is the artwork?
- What is the artwork’s history and documentation?
- Is the asking price fair?
We’ll examine these questions in detail in Part 3 of this series, titled “THE ART OF ASSESSING TRUE VALUE”.
3) DEVELOP A MASTER PLAN FOR COLLECTING
If you’re planning to collect art seriously, you should think beyond picking up just anything that catches your fancy. There are millions of collectors out there and plenty of piecemeal collections. What makes a collection superior to others and, therefore, more valuable?
Purpose And Planning
The smartest collectors plan every acquisition. They never collect in a haphazard way. Once they’ve decided what they like, they start planning some sort of order or characteristic for their collection. Smart collecting is organized. It is well thought-out so that all the pieces in the collection relate well to each other. Everything in the collection should work together to strengthen the collection, and not be out of place.
This is purposeful and planned collecting. A good collection should illustrate a point, or address a question, such as “How has the use of colors in stone lithography progressed?” A good collection enhances understanding of a certain area of art, or even a certain period of an artist’s life. It should have fine and, ideally, rare specimens of the subject. Brought together in a meaningful collection, each piece has more value.
Meaningful Organizing
You can organize your collection in various ways. Like an essay, it should have a beginning, a middle and an end. Using, as an example, the topic of colors in stone lithography, you can organize your collection under artists, regions, dates, styles, subject matter, and so forth. For instance:
- Artists renowned for stone lithography, which would obviously include master stone lithographer Edna Hibel.
- American stone lithography masters
- 20th century stone lithography
- Stone lithographs with people as the subject
- Renaissance-style stone lithography
Be Your Own Curator
Have a ‘script’ in mind. Just like for museums, you should aim to present your collection in a logical, meaningful way, so that it educates and enhances appreciation. Because of your diligent ‘curatorial’ efforts, viewers should bring away a better understanding of the subject.
Great collectors know the marketplace, and the marketplace knows them. Be informed and get plugged into the grapevine! Cultivate a good standing with art retailers and let them know that you wish to be informed when choice art pieces become available. You have to be tuned in to get the best finds!
Do your homework and get out there! I’ll tell you how to have an edge in Part 4 of this series, titled “KNOW THE ART MARKET”.
5) CARE FOR YOUR ART COLLECTION
I’ve seen valuable creations ruined because of careless handling and storage. Don’t let this happen to your art pieces. Develop a system to protect your collection from hazards such as pollution, humidity, heat and light. More about this subject in Part 5 of this series, titled “ART CONSERVATION 101”.
6) PLAN FOR POSTERITY
Your art collection is a valuable legacy. Don’t allow it to be decimated when you are no longer around to take care of it. Make detailed plans for its future ownership. Details in Part 6 of this series, titled “LEAVING A LEGACY OF ART”.
Have Fun Planning Your Collection!
Building a good collection takes time, but you will derive much satisfaction with each acquisition, knowing that the effort will be worth it. In fact, the process of developing a good collection is often as fun as it is rewarding, as you hunt down choice pieces through gallery visits, research, social events, leads, auctions and various avenues. A whole new world will open up to you!
To buy art intelligently, the more you know, the better. You can become a wise collector with patience and discipline.
Know Your Subject
To determine if a particular piece of art is worth acquiring, ask:
1) Who is the artist?
2) How important is the artwork?
3) What is the artwork’s history and documentation?
4) Is the asking price fair?
Learn as much as you can about the artist and the distinctive aspects of his or her work. Ask why some pieces are more highly-valued than other pieces. Don’t just grab at ‘bargains’. Generally, the more renowned the artist is, the pricier the work.
1) WHO IS THE ARTIST?
Look at :
1.1 The artist’s date of birth and demise (if applicable)
1.2 The artist’s training credentials
1.3 The artist’s place of work and residence
1.4 Positions, roles or titles held by the artist
1.5 Places and countries where the artist’s work has been exhibited
1.6 Organizations which the artist is associated with
1.7 Collections which have the artist’s work
1.8 Honors bestowed upon the artist
1.9 Publications and other media which refer to the artist
1.10 Factors which distinguish the artist from other artists (for example, being a master in a certain technique)
How long has the artist been exhibiting and selling art? Any accomplishments? Who owns the artist’s work? The artist has more stature if his or her work is in the permanent collections of major institutions like museums.
2) HOW IMPORTANT IS THE ARTWORK?
Next, evaluate the artwork’s importance.
Get Familiar
Study the artist’s work. Look at the different periods in the artist’s career. Each piece of art should be assessed in its context. View as many samples of the artist’s work as possible. Talk to people who are knowledgeable about the artist’s work. Ask the dealer to educate you about the distinctive features of the artist’s work.
Reproductions And Originals
Reproductions come in many forms today, and some are excellent copies of the originals.
Modern digital printing technology makes it possible to produce canvas prints which are almost indistinguishable from the original.
Buying reproductions is fine as long as you know what you are getting. Originals, of course, always have better value.
Major And Minor Works
Not all originals are worth collecting. Learn to identify whether a work is major or minor, as major art pieces are worth more. Find out how significant that piece is compared to other specimens of the artist’s art. Is it a good example of the type of work that the artist is renowned for? Most novice art collectors prefer to focus on typical pieces. Collecting atypical pieces requires a strong sense of adventure.
Early And Late Works
Most people tend to go for early works. However, late works can also be highly-collectible. It all depends on who the artist is. Some artists actually become more accomplished and creative as they advance in age, experimenting with different techniques and styles and producing art which is more complex than anything done earlier.
Best Phases
Good periods are when the artist is considered to have produced superior work. Collectors generally home in on the best examples of the artist’s art from the ‘best’ phases.
Unique Or Cookie-Cutter Art?
Shrewd art connoisseurs favor artists who have demonstrated genuine creativity and originality, and who are always experimenting and evolving. Collections featuring such pieces are certainly more desirable than collections of cookie-cutter art.
Condition Of The Artwork
It’s natural for old art pieces to have some flaws, such as slight soiling. Major flaws – like fading, discoloration, large tears, unusual trimming - are the ones to watch out for. Such flaws can significantly diminish the dollar value of an artwork.
Buy From Reliable Sources
If you’re making your purchase through an online dealer, make sure that the dealer has a secure online payment system, offers proper packing, courier and insurance services, and has a fair return policy. If you buy from unauthorized dealers, auctions (including those on the internet), private individuals and flea markets, you’re on your own...
3) WHAT IS THE ARTWORK’S HISTORY AND DOCUMENTATION?
Provenance
This refers to the background and pedigreed of an artwork. Art with an illustrious provenance is more desirable than art with a non-descript background.
Ask questions like:
- What kind of caliber does the artwork have?
- Is it associated with any significant event or party?
- Was it commissioned to mark an important occasion?
- What is the caliber of the commissioning party?
- Where has the art been exhibited?
- What kind of media exposure has it received?
- Has it received any honors or awards?
- Who has possessed it before?
- Are there any interesting stories behind it?
- Has anything been published about it?
- Has it been reproduced (with permission) in anything noteworthy or prestigious?
Documentation
Gather any documentation about the piece, such as certificates of authenticity, receipts, copies of publications where the art was mentioned, or signed photographs of the artist. Separate fact from fiction. If you hear any anecdotes about the work, write them down and try to get them verified.
Documentation can influence marketability and value. People are more attracted to art that they can understand.
Documents Can Also Have Value
Good documentation helps to increase the value of the art, but well-kept documents can also have value in due time. Signed photographs of the artist or gallery brochures, receipts of the sale, reviews, certificates of authenticity – all these can have some historical and commercial value some day. Think of the Titanic.
4) IS THE ASKING PRICE FAIR?
Compared to a lesser piece of art, the artwork may seem expensive, so make sure that you compare prices only with similar pieces, whether by the same artist or by artists of similar caliber who create similar work. Prices may fluctuate over time, so satisfy yourself that the price is fair at that particular point in time.
Smart art collecting requires quite a bit of sleuthing. If you have a genuine interest in art, you will find this stimulating and fascinating, adding to the pleasure of art collecting.
Art Collecting Tips for Profit and Pleasure : Part 4 - Know The Art Market
Cultivate Relationships With Good Dealers
Did you know that not all newly-available art is displayed by galleries, whether brick-and-mortar or online? Quite often, the best items are offered and sold to favored customers without any publicity or exposure. The most sought-after pieces often exchange hands privately.
Find out who the good dealers are and cultivate a relationship with them. Let them know what you like, what your preferences are and what kind of budget you have. Naturally, dealers like to cultivate loyalty so they tend to reserve preferential treatment for their best clients.
Let the dealer know that you are a good candidate for this special treatment. Be responsive when the dealer contacts you. If you trust the dealer and he or she offers you an artwork which meets your specifications and your budget, accept it with minimal negotiation. Avoid haggling just for the sake of getting a lower price. Dealers find this annoying. Of course, if you have a valid reason for asking for a lower price, then let the dealer know.
Do your part to be a good customer and favor will come your way.
Auctions
Now, what about buying at auctions? Auctions can be a lot of fun and you can pay less than retail prices but, in order to make really worthwhile buys, you must do your homework. Be particular about the auctions you patronize. Many auctions offer inferior or, worse, problematic pieces which are not worth bidding on.
You should be especially careful with charity auctions; people who donate to such events often do so for social or tax reasons. In other words, charity auctions can be a dumping ground for inferior art. If you were a dealer, would you donate highly-marketable art that can easily fetch a good price to a charity auction? You’d probably be more willing to part with art which is unpopular, flawed, minor and so on.
One red flag is the price. If something seems like an unbelievable bargain, too good to be true, it probably is. Good-quality, collectible art will have many suitors, so that will tend to chase the price up.
The auctions most likely to yield valuable finds are those which offer art owned by highly-regarded entities such as museums and other institutions, respected artists, collectors and galleries. These bodies sometimes do a ‘spring-cleaning’ of sorts, to focus on their core interests or collections. In the process, they may actually let go of some great art, simply because it does not fit in with their long-term plans.
Once you’ve spotted something of interest to you, the same rules of art acquisition apply. Find out as much as you can about the piece and check its condition before the auction starts. If it meets your criteria, you can proceed to make a bid.
Buying On The Internet
With the advent of the internet, anyone can be an armchair collector today. For convenience and choice, the internet is hard to beat. Just by tapping a few keys, you can view art in the comfort of your home and find out everything you need about a known artist and his or her artwork. Try this, for instance:
Of course, the internet has its hazards, just like the ‘real’ world. If you’re thinking of purchasing art via the internet, check whether the online dealer:
- is accredited by the artist(s)
- specializes in a certain genre or artist (this reflects expertise)
- runs a proper, professional website, with all necessary information
- provides contact details (do a test by calling or e-mailing)
- is transparent about costs
- ensures all pieces are covered by insurance
- has a return / refund policy
- has a secure online transaction system
Just like for conventional dealers, it’s possible to establish a ‘favored client’ relationship with an internet dealer. Send out your feelers and let the dealer know what you like.
Art Collecting Tips for Profit and Pleasure : Part 5 - Art Conservation 101
You've probably seen what humidity, light and mold can do to photo prints and film. The same environmental conditions which inflict this kind of damage threatens your art pieces. In fact, with the worsening environment, art works are more in danger than ever before. Even modern lifestyles pose a threat. Have you noticed how art galleries and museums discourage the use of flash cameras and other artificial light sources in the presence of their exhibits?
As the curator of your own collection, you would be well-advised to protect your art pieces from the following hazards:
Pollution
Dust, dirt, human bodily fluids and oils (such as perspiration) and acids are corrosive and discoloring to art. The first three elements are obvious, but where do acids come from? These can be found in household cleaners, air fresheners, chemicals found in furniture, carpets, curtains, appliances, packaging and even the air. Direct skin contact is also damaging to art, which is why handling art works with bare hands should be avoided.
Humidity
This may be good for the skin but the same cannot be said to be true for art. Humidity, moisture or dampness cultivates mold and causes foxing, or brown spotting on the art. Storerooms are typically humid and poorly-ventilated, the perfect breeding ground for these evils, as well as vermin like silverfish and cockroaches. Even paintings and prints displayed on walls can be destroyed by the wormholes or worm tracks of silverfish. Check any art on display regularly for any potential problems.
Heat
A very dry environment can also be damaging to art. Constant humidity of less than 40% can make art works, especially paper or textile-based ones, brittle and very fragile. Humidity should range from 40% to 60%. Modern living environments in cooler climates widely use central heating or radiators which may make conditions far too dry for delicate art. To minimize the problem, try placing bowls of water on radiators.
Radical fluctuations in temperature can cause items to expand and contract. Art should preferably be kept at a constant temperature, just like in special exhibition rooms in museums.
Light
Art cannot be appreciated without light but too much light is detrimental to art, as the UV found in both natural and artificial light fades colors and details.
Protective Options
So what can you do to protect your art collection?
You can try to keep your art pieces in a relatively pollutant-free, temperature, light and humidity-controlled environment. This may involve:
- purchasing and installing special boxes, chests, cabinets or folders
- designating a special purpose-built room or area for your collection
- renting specialized storage space designed for housing delicate art
Some protective options, such a metal cabinets, are rather ugly, but they will protect your valuable items more effectively than, say, wood. Not all materials are equal; acrylic plastic is preferred to glass, and acid-free paper is better than normal paper.
The variables can be confusing, so seek the advice of an art specialist or archiving expert to get started on the right foot.
If you keep your lovely art works safely tucked away under lock and key, you will not have the pleasure of displaying and admiring them. That would be like having the cake and not being able to eat it. Find a balance that suits your requirements.
Art Collecting Tips for Profit and Pleasure : Part 6 - Leaving a Legacy of Art
Ignorance results in the art being relegated to a dusty and moldy storeroom or, worse, being consigned to the trash. More conscientious ‘beneficiaries’ may give away the pieces to thrift stores and charities. Commonly, haulers are summoned to dispose of the pieces. Some shrewd haulers have learned to consult art dealers on their ‘finds’, as they have discovered that there can be gold in dirt.
Imagine paying someone to take away priceless art! Sadly, this scenario is played out year after year around the world, because too many art collectors fail to plan for future owners of their art. Have you planned for posterity?
Who would you like your art collection to go to some day? A loved one? A charity? A foundation? Or perhaps a museum? Who will be the beneficiary of your much-loved and treasured art? If you don’t want your art pieces to fall into undesirable hands or be destroyed, you’ll need to start keeping detailed records and make clear provisions NOW.
The Importance Of Documentation
Some years ago, while clearing out my parents’ rambling old house which had just been sold, I came across 10 glass beer mugs, stored away in a small musty storeroom under the staircase. The mugs were plain and ordinary-looking, except for a circular, thumbnail-sized design an inch below the rim. No documents accompanied them.
For a moment, I contemplated keeping the mugs, as I thought they could serve some practical use around my own home, although they were rather unattractive. That moment passed very quickly, as I still had much clearing and packing to do. After all, the mugs appeared very pedestrian. I knew that I could always get more appealing-looking mugs whenever I wanted. So I left the mugs behind in the old house. I don’t know if anyone ever took them before the demolition crew started their work.
Less than a month later, there was a newspaper advertisement looking for beer mugs just like the ones I had seen in my parents’ old house. The company which had placed the ad was willing to pay $500 for each mug in good condition turned in. Those 10 mugs I had left behind were practically in mint condition. I could have cried.
From Treasure To Junk
Have you ever seen the sign “We buy junk and sell antiques”? While this may sound humorous, there’s also a lot of poignancy and irony intermingled. Don’t let your art treasures become junk. Do your utmost to ensure that they are treated with respect and go where you wish them to go.
List Options And Directions
Whatever the size of your art collection, do provide a list of options and directions to go with it. Besides the usual documentation which should accompany every item, this should include the contact particulars of parties who can assist in the valuation, sale or dispensation of the art pieces.
Choose Beneficiaries
Do also mention any parties you may like to give your art to. Remember, you may know the subject and its market like the back of your hand, but others probably won’t. Don’t leave your beneficiaries at the mercy of opportunists or others who may not be able to appreciate the value of your art collection.
Provide Values
It’s a very good idea to include the insurance or replacement values of your art pieces. You might even wish to provide suggested wholesale values, so your beneficiaries will be more prepared should they decide to sell your art pieces.
Ideally, if you haven’t already begun, let the people closest to you understand the importance of your art collection now. Once they develop a healthy respect for it, the chances improve that your art collection will be in good hands and go where you want it to go.
Be an artful collector – plan like a pro all the way.
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