While it is undeniably true that the collection of art used to be an expensive practice reserved only for the rich and famous, it is no longer the case. These days, even a simple enthusiast with a modest budget looking to invest can get in on the action. Money will always be a factor but careful planning and research can go a long way in helping you get the piece that you want without paying more than is necessary and compromising on your returns. With that said, we’ll talk about everything that you need to know about investing in artwork in this brief guide.
Establish a reasonable and realistic budget
Contrary to popular belief, no budget can ever be too small when it comes to purchasing art. And it is possible to buy something decent for a lot less than people might think. However, this will still depend on what you plan to get. It is unlikely that you’ll be able to afford iconic artwork by Da Vinci or Picasso, but there are many emerging artists whose pieces will be affordable. And by giving yourself time to do the numbers and find out the amount you can spend willingly and safely, you’ll give yourself a much better chance of finding and buying items without committing more than you can afford. And as a result, you will benefit from the resale value of inflation.
There is power in knowledge
To buy original art online or offline without any knowledge of the pieces is never a good idea, especially if you’re looking to purchase a substantial art piece. And if you want to have a better experience and get great results, you must step into the world of art only after you’ve armed yourself with information. After all, if you don’t know what you’re spending, you’ll just end up with pieces that will neither appeal to you nor give you the ROI that you’re looking for. There’s no reason not to research either, when you consider the multitude of blogs, databases, and journals that offer a wealth of information online.
Familiarize yourself with the artist
If you find emerging artists whose works strike your fancy, try to learn more about them before you invest in their pieces. Information such as where they studied their craft, museums or galleries that have showcased their artworks, and any awards they have won may seem like a lot of irrelevant details. The information can help you form a clearer picture of who the person behind the art is and gauge whether or not the prices are fair. More importantly, it will also give you a good idea if the value of their work will improve over time. So be sure to familiarise yourself with the artist before anything else.
Investing in art may sound like a daunting proposition, especially to those who aren’t familiar with the art world. But it is much simpler than it seems. And by allocating a budget, doing your research, and familiarising yourself with the emerging artists behind the pieces, you’ll maximise the profit potential of the artworks that you buy.