Art, like music, is a universal language. It beautifies our homes, expresses our tastes and enriches our lives. Collecting art is open to everyone. But how does one start?
To help you become more knowledgeable and confident in acquiring art, and to ensure that your collection lives up to your expectations, WorthWhat answers these commonly asked questions about the fine art of collecting.
How do I start?
The first step is to develop an appreciation of what good art is and to learn about the many kinds of art available. To start, visit galleries and museums. Such visits will give you the opportunity to see what types of art most appeal to you and equally important, what doesn’t. Most museums have lectures and audio-visual tours that will enhance your appreciation of art. Visits to auction houses will then enable you to more closely inspect the kinds of art in which you are interested, furthering the development of your taste. After awhile you will be in a firmer position to decide what you want to own. Art sections of newspapers and art magazines such as Art News and Art & Antiques are excellent sources of information on current trends in art and art collecting. Read these not to find out what you “should” be collecting, but to broaden your knowledge. Books by art collectors will give you insights into the process and strategy involved in collecting.
How can I learn the terminology of the art world?
There are several good art dictionaries on the market. OmniGuard publishes a Glossary of Frequently Used and Often Misunderstood Art Terminology. It is available to you free for the asking at many galleries worldwide.
What kinds of art should I buy?
The three most important words in art collecting are: quality, quality, quality. Buy the best quality art you can afford but only those works which appeal to you. Buying what other people think is right for you is never right. Don’t let an art dealerÍs opinion – or anyone else’s – sway you. You and your family are going to be looking at the art you own every day for a long time. Your taste is your own and you should trust it. At the same time, keep an open mind and continue to develop your taste and expand your knowledge.
Where should I buy?
The traditional answer is art galleries and auction houses. For the novice collector, a repuutable art gallery with a knowledgeable staff is usually the best place to start. Moreover, in today’s marketplace, art is available everywhere – art shows, the Internet, television shopping, mail catalogues and framing studios. It is always possible to find something you like in an unlikely place. An established professional dealer will be happy to provide you with information and guidance and will not pressure you to buy. Don’t be reluctant to walk into a gallery and browse. The staff is there to answer your questions.
What do I need to know about an artwork before I buy?
Asking the right questions about a work of art can prevent complications. The most important thing you need to know is the work’s provenance. Like the title history of real estate, provenance is the title history of an artwork. It provides information about the origin of the work and its previous owners. Provenance serves as the key evidence of a work’s authenticity and its rightful ownership. Occasionally you will hear of art that has been confiscated from its current owner, who very probably purchased it in good faith. Regardless of how long ago a collector may have purchased a stolen artwork, neither the collector nor his heirs will be compensated for the original purchase price or any appreciation that the artwork has realized. In any event, an unclear provenance can make selling your art difficult or impossible. If you are considering a limited edition, you should find out the total size of the edition worldwide. The total edition size is usually slightly greater than the number noted on the work, as the total includes all the proof prints authorized by the artist (including artist’s or printer’s proofs which are “pulled” from time to time during the production process to ensure consistent quality). Knowing the total edition size will tell you accurately how rare a print is. It is rarity that usually determines future appreciation in price. Any work bearing the OmniGuard seal has an unblemished provenance and an irrevocable guarantee of authenticity and edition size.
What questions should I ask when making a purchase?
Asking the right questions about a work of art can prevent complications. The most important thing you need to know is the work’s provenance. Like the title history of real estate, provenance is the title history of an artwork. It provides information about the origin of the work and its previous owners. Provenance serves as the key evidence of a work’s authenticity and its rightful ownership. Occasionally you will hear of art that has been confiscated from its current owner, who very probably purchased it in good faith. Regardless of how long ago a collector may have purchased a stolen artwork, neither the collector nor his heirs will be compensated for the original purchase price or any appreciation that the artwork has realized. In any event, an unclear provenance can make selling your art difficult or impossible. If you are considering a limited edition, you should find out the total size of the edition worldwide. The total edition size is usually slightly greater than the number noted on the work, as the total includes all the proof prints authorized by the artist (including artist’s or printer’s proofs which are “pulled” from time to time during the production process to ensure consistent quality). Knowing the total edition size will tell you accurately how rare a print is. It is rarity that usually determines future appreciation in price. Any work bearing the OmniGuard seal has an unblemished provenance and an irrevocable guarantee of authenticity and edition size.
How do I know that I am buying at a fair price?
You can obtain price information on works of established artists from auction sales records and reputable galleries. Remember, the dollar value of a work of art is determined by the market – by the desire of collectors to own it. Price is influenced subjectively by taste, trend and rarity, and objectively by provenance. Unbroken provenance and certainty of authenticity and edition size will inevitably maximize the value of a work of art.
Are prices negotiable?
Usually they are. In any case, don’t be afraid to ask. Discussing price seriously demonstrates to a gallery your genuine interest in the artwork. Many dealers will compromise to make a sale.
Suppose the price is more than I can manage?
Most galleries and auction houses will work with you to arrange a payment program. You may be able to trade in art you already own. For more expensive works, many banks will provide a loan to help you make the purchase, especially if the work is OmniGuarded.
What questions should I ask when making a purchase?
Be sure you understand what the dealer is guaranteeing and what your recourse is if a problem arises. Find out enough about the dealer so that you are confident that they can make good on their guarantee. Make sure they have a good business record and have been in business for a while. A phone call to your local Better Business Bureau will tell you if the dealer has a history of dissatisfied customers. Always insist on a certificate of authenticity covering the provenance of the work and a bill of sale.
Is art a good investment?
In many cases the price appreciation of fine art has outpaced the stock market. But don’t initially think of art as a form of investment. An investment requires liquidity and art, of course, lacks liquidity. Buy art because you love it. If its value goes up, that is a plus, but never count on the price appreciating or on being able to sell the art precisely when you want to. Be very wary of any dealer who tries to sell you a piece because it will soon increase in value. Art prices are not only subject to many of the same economic pressures as other investments, they are also subject to changes in fashion.
Are there bargains to be had?
Certainly there are. But wait until you have some experience and knowledge in the field, or consult a bone fide and trustworthy expert, before you try to determine what those bargains are.
Is it a mistake to buy on impulse?
Not at all. Most collections begin that way and are upgraded as taste and experiences change. Don’t be afraid to mix different artists, styles, periods and mediums. Painting, sculpture, prints, and ceramics can all “go” together. Many galleries will encourage you to take a piece home and live with it for a short time to help you make your decision.
What about buying at auction?
Definitely. In fact, you should attend one or two auctions as a spectator before you consider bidding. When you do, examine the piece not only to see whether it appeals to you, but also to ascertain its condition. Read the terms and conditions of sale in the auction catalogue to understand all of your rights before making a bid. Unless you are buying from established auction houses, you may have no recourse for any reason once you buy. Most important, know your maximum price before you start to bid and keep to it. An auction can be a very emotional situation and it is easy to be swept away. Don’t forget that auction houses charge you additional commission of 10-20% over and above the purchase price. Bid in haste and you will repent at leisure!
What area of art is a good place to begin a collection?
Good quality limited edition prints and photographs are a fine place to begin, and many are available at reasonable prices. They especially can be found at galleries, framing studios, art shows and auctions. Art shows are a good place to see a broad spectrum of currently-available art, including works by new artists at reasonable prices.
How do I protect my collection?
Insure your art for its full replacement value. Remember to insure for casualty loss (fire, flood, etc.) as well as for theft. Art insurance requires an additional “floater” to your home owners policy specifying each work covered. Use your bill of sale to establish the initial value and have your collection periodically revalued by a certified appraiser. For OmniGuarded art works the Authenticity Guarantee certificate provides unquestioned verification for insurance valuation.
Are there any final “Words of Wisdom” I should keep in mind?
Yes, buy slowly. There is no point of rushing into a purchase. And enjoy yourself. You will learn as you collect and should expect to change your collecting taste over time. And donÍt be afraid to take a chance on a new artist. (Van Gogh never sold a single painting during his lifetime!)