Have you ever considered collecting modern contemporary art as an investment?
Would you know where to start if you did chose to take up art collecting?
If you have never acquired a work of art before, there are a number of important things you should consider before making that decisive purchase.
The first thing is to ensure the painting you are interested in has a provenance. This is the documentation that authenticates a particular piece of artwork or painting.
Details on the documents outline the artist, the painting's history, and its appraisal value.
Take your time between buying paintings. You might find that the art you invested in six months ago is no longer to your taste.
Remember that even if you really love a painting, it is always better to buy a piece that is in good condition – having to restore a painting in poor condition can drive up its cost significantly. It is important to focus on the quality of a painting and not the quantity.
Also weigh up your risks. With any form of art investment, higher returns are
often tagged to higher risks. You may see or hear of other art collectors buying young emerging artist's paintings and making a good profit by reselling them later. It is very tempting to follow suit.
However, we strongly recommend that art should not be purchased for pure investment. You need to like the artwork you have invested in, be willing to live with the painting, and believe in the artist's career.
If you’re completely new to the art industry and art collecting, it’s better to buy something a bit more conservative and collect the tried and tested 'famous art' favourites.
There is no short cut to art connoisseurship and it does take time, energy and money.
Talking to artists, other art collectors, art curators and art advisors and using the plethora of information available on the internet will increase the pace of learning.
Collect Art offer an in-depth free art consultancy service for current
clients and anyone who is keen on finding out more about art and art collecting or investment.
We take pride in the many years of experience in art consulting, and going on a journey with a client to find the perfect piece of artwork brings the team a lot of joy.