Art collecting is a wonderful hobby that can bring immense joy and fulfilment. However, it can also be intimidating, especially for those who are just starting out and do not have unlimited financial resources. But fear not. Building a valuable art collection is possible and highly attainable for non-millionaires. We will provide a comprehensive guide to help you start your journey as an art collector.
1. Educate yourself about art
Before buying art, you must educate yourself about the different styles, artists, and movements. You can start by reading books, attending art exhibitions, and visiting museums. You can also enrol in online courses or join art groups to learn from others. This will help you develop a keen eye for good artwork and also give you a better understanding of what you are buying.
2. Set a budget and stick to it
One of the most important things to remember when collecting art is to set a budget and stick to it. Determine how much you will spend each month or year on art, and then allocate that amount towards your collection. This will help you avoid overspending and ensure you only purchase pieces you can afford.
3. Start with small, affordable pieces
As a non-millionaire, it's best to start with small, affordable pieces, such as prints or photographs. This will allow you to build your collection without having to spend a lot of money. You can work up to more extensive and expensive pieces as you gain more experience and knowledge.
4. Invest in quality over quantity
When building your collection, it's essential to focus on quality over quantity. Rather than buying several cheaper pieces, invest in one or two high-quality pieces that you love and that you know will hold their value. This will not only give you a sense of pride and satisfaction but also ensure that your collection will grow in value over time.
5. Attend art fairs and auctions
Art fairs and auctions are great places to discover new artists, styles, and movements. They also offer an opportunity to purchase pieces at a lower cost, as prices at these events can be more affordable than those at galleries or museums. However, it's important to remember that prices at art fairs and auctions can still be relatively high, so make sure you have a budget in mind and stick to it.
6. Buy from galleries and art dealers
Galleries and art dealers are great places to buy artwork, as they often have a wealth of knowledge and experience about the art world. They can help guide you in purchasing decisions and provide valuable information about the artists and their work. However, be prepared to pay a premium for these professionals' convenience and expertise.
7. Consider purchasing work from emerging artists
Investing in work by emerging artists can be a great way to get in on the ground floor and potentially make a profit. Keep an eye out for up-and-coming artists and consider purchasing pieces from them. Just do your research and ensure that the artist has a solid reputation and track record before making a purchase.
8. Network with other art collectors
Networking with other art collectors can be a great way to learn about the art world, discover new artists, and get insights into the buying and selling process. You can join art clubs, attend art events, and participate in online forums to connect with other art collectors. Not only will you learn from their experiences, but you may also be able to collaborate with them on future purchases.
9. Keep track of your collection
Keeping track of your collection is essential to ensuring that you know what you have and what it is worth. This will also help you make informed decisions about buying and selling pieces in the future. You can use a spreadsheet, database, or physical binder to keep track of your collection. Make sure to include each piece's artist, title, medium, size, date, and purchase price.
10. Seek professional advice
Finally, seeking professional advice when building your art collection is always a good idea. Consult a reputable art advisor or appraiser who can help you make informed decisions about buying and selling pieces. They can also provide valuable insights into the art market and help you navigate the buying and selling process.
Building a valuable art collection as a non-millionaire is possible, but it does require effort, education, and patience. Remember, art collecting is a lifelong journey, so enjoy the process and have fun! By following these 10 tips for new non-millionaire art collectors, you will be well on your way to creating a collection that you can be proud of and will hold its value over time.
There are many ways to educate yourself about art, including reading books, attending art exhibitions, visiting museums, enrolling in online courses, and joining art groups. Find what works best for you and make it a priority to continue learning about the art world.
Set a budget before you start collecting art and allocate that amount each month or year towards your collection. It's also a good idea to track your spending, so you know exactly where your money is going.
Focus on quality over quantity when investing in artwork. Rather than buying several cheaper pieces, invest in one or two high-quality pieces that you love and that you know will hold their value. Also, consider seeking professional advice from an art advisor or appraiser.