To Buy Or Not To Buy: Advice For Building A Collection

Don’t be in it for the money

In the last decade art started to be seen as an investment, and record prices started to be set by auction houses. however, not all goals are the same; one may buy art to build an aesthetically pleasing and personal collection, therefore pure investment value should not be your main consideration. If this is the case then, your decision should be based on your own preferences and the value of the work to you: does the piece inspire you, moves you, and challenges you? what would be best to avoid, is to buy a work just based on the artist and you’ve been told that the value will skyrocket. There is never a guarantee that it will.

Where to buy

Galleries Once your decision to collect has been made a gallery is the best place to look for art. The advantage of going this route is that you can take more time in making a decision and in some cases even enjoy the added benefit of an at-home trial period. The authenticity of work sold at galleries is guaranteed, an established relationship with a gallery can give you advance access to new pieces, and the price can be negotiated. But, with all of the benefits comes a downside: usually the asking price is higher than at auction.

Auctions If you head to an auction instead, you’ll likely find that the price is more favorable and closer to market value, but you will need to act quickly. Make sure to have a bidding strategy and a set price ceiling, and, in some cases, consider bringing your own valuation specialist to ascertain the value and condition of the work. If you prefer making purchases from the comfort of your own home, then perhaps you can try your hand at online auctions. Major auction houses, such as Sotheby’s and Christie’s make the process even easier by allowing you to see the works in person, ahead of the online sales.

Art Fairs Last but not least, art fair are a good window to see artworks. Art fairs offer the widest variety: most are international in scope, provide the exposure to new artists, and allow you to view a lot of work in a short period. The competition is fierce so decisions need to be quick and offers solid, also try to get ahead with advance VIP viewings.

What to buy

A few things to consider in analyzing the work: has the artist received critical and curatorial recognition? Does the artist have gallery representation? Were the works included in museums or personal collections? For historical work in particular, pay special attention to provenance, established authenticity as well as the condition, and think about hiring art advisors to help with the process.

It is very important to conduct thorough research first. Investigate the work and artist in question, and understand the best value and price. Unless you’re buying at auction, polish off your negotiation skills, ask for the best price and make your best counter-offer, but make sure to never underestimate the merchandise by aiming too low.

- Credits to Sotheby's Institute website-