How to Buy Your First Piece of Art
With 36.7 million pieces changing hands in 2021 alone, a staggering volume of art is bought and sold across the world each year. While established players still make up the bulk of the market, art aficionados are increasingly turning on to the fact that collecting art is no longer the preserve of the wealthy elite. But while buying your first piece of art can be a thrilling experience, it is also easy to feel overwhelmed. So where to begin?
The first place to start is you. What are your tastes? What sort of art are you drawn to? This can actually be harder than it sounds, especially for relative newbies to the art scene. The best way to find out is through exposure. Expose yourself to as much art as you have time for, visit museums and art galleries, open studios and even art auctions. Art fairs are also particularly useful as they allow you to come into contact with a broad range of art, artists and people in the art world who can help identify your art style. Of course, there are plenty of online alternatives, too, such as OVRs (online viewing rooms) and most major galleries offer virtual tours of their permanent collections.
While you might be approaching an acquisition as more of an investment, your first purchase should still be something you can enjoy while it (hopefully) appreciates in value. And this leads to the next important consideration: Setting a budget. If you’re buying a piece for yourself, great; all you have to do is weigh up if the price is worth the love you have for it. If you’re buying with an eye to an increase in long-term value, it gets a little trickier.
The best investments tend to be by young, emerging artists whose work you can expect to pay from $5,000 to $25,000. However, you should also consider that new trends can burn out as quickly as they arrive. Also be aware of the hidden costs of buying and owning art from factors like shipping, framing and insurance. It’s especially important to set a budget if buying through an auction, as it’s easy to get carried away. Attend one or two beforehand to familiarize yourself with the pace and dynamic (and remember you can expect to pay an extra 20-30% on top of the final bid).
“The first place to start is you. What are your tastes? What sort of art are you drawn to? This can actually be harder than it sounds, especially for relative newbies to the art scene. The best way to find out is through exposure.”
With so much to navigate, speaking to an art advisor is by far the smartest move before buying your first piece of art. Not only can ensure that you buy from reputable dealers, but they are on your side when it comes to carrying out diligent research on any artist or piece of work you are thinking of buying. Remember that not all art will appreciate in value. If you’re not planning on selling great, but if you are make sure you’re armed with the best planning and advice before you purchase your very first piece.
