Before you become a collector, it is important to understand the subtle relationship between art, markets and money. Aspects like liquidity, investment options, the different ways of valuing art, and price fluctuations need to be grasped.
Develop an insight on the linkage between art and money, which is as important as the aesthetic aspect. The markets for different types of art vary due to elements like longevity, supply and demand. There are other considerations like how accomplished an artist is, how broad collector base is, trends, and views of influential art market experts that must also be taken into account. These are important components of the art market mechanics that help determine value, saleability, and collectability of artworks over time.
In essence, you need to evaluate the asking price for each work of art. Establish the fairness of the price quoted. Know what to ask sellers to find out basis of art prices. Use price references by tracking an artist's sales history, analyzing relevant price data, and assessing an artist's potential in the marketplace. Also study a bit about the type of art that artist creates and whether it is unique…
On basis of this data, you can negotiate. Prices are flexible and you can certainly negotiate them to pay optimum price for a work of art. Know about payment options, return & exchange policies, consummating sales, documentation procedures, and how to ensure you get what you actually pay for. There is a basic difference between buying at traditional auctions and online auctions that you need to grasp.
Learn about the procedural differences between offline galleries and online auction houses. Study their functioning so that you do not harbor any misconceptions about auctions. Learn online auction buying basics, so that you can buy the right work at the right price.
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