How To Become An Art Collector

Although there is some overlap between investing and gambling in this sector, it is nonetheless potentially profitable.  
 
These types of business concepts require a lot of time, patience, and passion not to be confused with hoarding. Visit the studio department at your local university if you have an eye for quality art; nevertheless, don’t count on making a ton of money right away from this side hustle.   There is a good chance that the item you bought for a couple hundred dollars will be worth well into the thousands of dollars in a few years because many art students are more than eager to sell their work for a discount.   But watch out, this business plan will necessitate a great deal of patience and storage space for all the art.
 
The following steps can help you start a career as an art collector:
 

1. Recognize Your Tastes
2. Recognize the Market
3. Establish Relationships
4. Make a Budget
5. Think of an art advisor
6. Get Your Feet Wet
7. Examine Before Purchasing
8. Request a new customer discount from the galleries
9. Get Documentation

 
STEP 1. Recognize Your Tastes
 
Having said that, the first step to become a collector is to identify your genuine interests. As many galleries, art fairs, and museums as you can. Look up articles online. To start collecting, figure out what themes, mediums, and types of art resonate to you.
 
STEP 2. Recognize the Market
This action is essential. You will need to put in the effort to conduct market study on the art market in order to obtain a reasonable price and comprehend what is valuable in the field of art.
Not sure where to begin? Look through all the art collecting books, gallery websites, and auction catalogs you can find. For advice, consult dealers and other collectors you admire. Find out the prices that various galleries and artists charge. Visit art fairs to observe the purchases made by other collectors.
Because the finest purchase is one that is made with knowledge.
 
STEP 3. Establish Relationships
 
It’s no secret that networking benefits you in the creative world. You can have access to information on emerging artists and fashions by developing connections with curators and galleries.
Supporting the arts is another method to foster ties. According to Bettina Korek in her essay, Not a Billionaire?, “Becoming a collector is a process, and one of the best ways to speed the process is to become a patron at the same time.” You can continue to collect works of art. Give what you can, advises Korek, as greater donations lead to more opportunities for interaction with curators and other visitors.
 
STEP 4. Make a Budget
 
Erica Waldbaum and Jeremy Rhodes, two art investment advisors, deem this idea crucial. Additionally, they advise considering a few factors that may influence an artwork’s pricing.
 
For instance, purchasing directly from an artist is usually less expensive than doing so when the artwork is being sold through a gallery or auction after having been owned (secondary market). Additionally, a high-end gallery could charge more than a gallery that is newer. The price can also be influenced by other elements like the rarity of the work, the media utilized, and the time in the artist’s career that it was created.
 
Don’t forget to account for expenses like insurance, shipping, frame, buyer’s premiums for purchases made at auctions, and special handling requirements in your budget.
 
STEP 5. Think of an art advisor
 
The information, connections, and experience that art advisors bring to the table, along with their expertise in the field, can work wonders for your collection.
 
If you’ve been thinking about employing an art advisor, you should first comprehend their charge schedule and include that in your spending plan. While some consultants charge a fee, others work on a commission basis. Some charge an hourly basis, while others might have various pricing tiers for certain services.
 
STEP 6. Get Your Feet Wet
 
To put it mildly, attending an auction can be scary. Therefore, Waldbaum advises going to a few art auctions as a test run to become more accustomed to the atmosphere and procedure before you actually intend to place a bid. By doing this, you’ll feel more poised, calm, and prepared to bid when the time comes.
 
STEP 7. Examine Before Purchasing
 
Even while falling in love with each piece is crucial, there are a few things you should do before committing. Waldbaum and Rhodes advise first trying to view each potential work of art in person, particularly if you found it online.
 
Next, do some research to learn more about the artist, such as his or her reputation and achievements. To confirm that the pricing is appropriate, speak with a dealer you trust. Take a step back and consider whether this is really love or only a passing trend. Will it complement the other items you’ve gathered? You can proceed with the purchase process if it passes these tests.
 
STEP 8. Request a new customer discount from the galleries
 
According to Rhodes, “Galleries may mark down an item in an effort to forge a bond with a first-time buyer.” So, try requesting a discount on your initial purchase, and ultimately strive to establish trusting relationships with the galleries you intend to work with again.
 
STEP 9. Get Documentation
 
Make sure you will receive authenticity and provenance certificates before making a purchase.
 
A piece’s ideal provenance traces its wp-admin/admin-ajax.phpship history back to the artist’s workshop. This information is essential for establishing legitimacy, raising the piece’s worth, and giving it collector meaning through the narrative it conveys.
 
The tools provided by Artwork Archive for art collectors make it simple to store digital versions of these documents and have access to them from anywhere.