Building an Art Collection
Set your goal
People build art collections for different reasons. Some might buy a painting or two simply because they are fond of them or because they need to fill wall space and complete the interior design of a room. Others enjoy learning about art and supporting the artistic community; these buyers might look at as a serious avocation. Still others build an art collection as a speculative financial investment; given the current economic situation, you might consider it investing in your walls, rather than Wall Street.
Often, these goals overlap. For example, if you are purchasing art as an investment and plan to display it in your home, then you would want to enjoy the aesthetic value of the pieces and have them contribute to your décor.
Go on a field trip
Once you have determined your goal, the next step in starting an art collection is discovering what art appeals to you. Visit museums and galleries to look at classical and contemporary pieces, as well as studios and art schools to view works by emerging artists. Browse art books and magazines, perhaps to learn a little art history, but more to learn about your artistic interests.
While your collection might grow to encompass a mix of styles and media, start your collection with what leaves the strongest impression during this artistic exploration. Are you drawn to certain colors? Do you prefer drawings, oil paintings, pastels, collage, textiles, glasswork, photography, metal sculpture…? Will it be realism or abstract art? Landscapes, still life, portraiture, or conceptual art? Do you want art that speaks to you or makes a bold statement?
Consider these questions to help inform your first purchase which will be “hanging around” for a long time to come.
Do your homework
Now that you know what you like, start shopping. As part of this process, research artists whose works you are considering purchasing. A gallery can help with this step – they should have information available about the artists they represent. Learn where the artist studied, whether their work has been published, where they have exhibited previously. For a contemporary artist, is he or she well established or new as a working artist? This background can help you determine an appropriate price for the art and future availability should you wish to purchase additional works from the artist, and it may also give you clues and insight into the future value of the piece.
Your taste may change over time. To help ensure the longevity of your purchase, challenge yourself to only buy a piece when there is another by the same artist that you would also be happy to have. This will decrease the chance that you are buying something faddish or on a whim. And, if you want to expand your collection of works by that artist, you will already have something in mind! For your first purchase, you might also consider buying a miniature work by the artist. This will require a smaller initial investment from you and provides an opportunity for you to live with the art before buying other similar works.
Set the stage
You will want to display your new art in a way that enhances and safeguards its beauty. Check with the gallery when you make your purchase to see if you need to keep the work out of sunlight and provide any other protection. Consider also whether you need to protect the piece from being bumped or handled. Once you know these parameters, choose a space in your home or office that offers sufficient space to display your art. If you’re hanging the work on your wall, make sure it is well supported and level. You might choose to aim existing lighting to spotlight your new addition or to add lighting. For larger pieces, don’t forget to add them to your insurance policy.
Lastly, enjoy your collection and sharing it with friends and family.