Sunday, September 1, 2013

Insight and tips to buy quality art

Collecting is vitally important for the domain of art, to harness talented artists’ potential and boost the galleries in their endeavor to promote good art. Secret of building a quality art collection lies in remembering and understanding the fact that ‘the whole is greater than the sum of the parts’. The key is to grasp what makes a collection timeless.

Contemporary art is sure one of the most bankable alternative assets that you can treasure even as it gradually appreciates. If you are not too much aware of intricacies of modern art, but have a fair understanding of what you like, now is the time to start investing into a work by the Subodh Gupta or the Jitish Kallat of tomorrow. But how really to spot the next superstar on the horizon!

This is a long-drawn process that should begin with the basics. And that’s what exactly what we are trying to spell out! In continuation of our series on simplifying the intricacies of buying art, we offer insight and tips for keen collectors who want to build a quality portfolio. The aim is to simplify the complex elements of buying art, trying to move away from the jargon of it!

Following pointers will be of help:

1.    In-depth market research in order to stay tuned to the latest developments in the domain of art

2.    Elaborate study of an artist’s growth trajectory, his academic background, galleries represented

3.    Clear idea about the time frame and gestation period for the work to grow in value

4.    Analysis of the formal concerns and how they relate to the core idea of the work

5.    Grasping of how well the ideas/ concepts are communicated in context of contemporary times

6.    Understanding the nuances of contemporary art practice and a grasp of art history

7.    Evaluating a piece of art in terms of its physical characteristics and longevity that also impact its value.

In essence, when planning to buy a work of art, do not merely think in terms of the market trends and value benchmarks. Try and understand what makes an artwork unique.

3 comments:

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