Many new buyers are today young, well-traveled corporate executives who made big money working in banking or in the country’s software industry. Tech savvy and well read though they are, it is still worthwhile from a new buyer’s perspective to keep in mind the key aspects of successful art collecting and investing. Some of them are as follows:
Spot the potential early in a budding artist
Investing in art is largely about spotting the potential early in a budding artist. This is not difficult since information about individual artists and broader art market trends is now available online. The decision making may also be subjective since each collector, buyer, or researcher would tend to identify with a particular style of work and would fancy it even from the investment angle. Art appreciation is a separate subject altogether, albeit vital to investing in art.
Understand the dynamics of pricing
If a certain artist is commanding a higher value compared to that in the past, it’s obviously because of genuine popularity and demand. This is owing to the limited supply situation for great works of art that tend to command a higher premium in price. Also, keep a close eye on acquisitions made by distinguished art buyers and collectors. It is imperative to buy from reputed galleries as they promote and nurture an artist’s career.
Know the procedure and avenues of buying art – online and offline
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.
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.
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