Begin Your Own Collection II
The passion for collecting art stems from an appreciation, sensitivity, and an inclination towards the arts. Art collectors carry out the activity or the art of collecting with a love for it and sometimes with an intent to invest, others want to build legacies, while there are others that look for fame, recognition, and become a respected name in the world of art.
As discussed in the part I of this article, there are some simple steps that need to be planned and taken meticulously to begin to build a collection in the right way. Continuing where we left off in the part I, here is the rest of the list.
Keep away from salespeople. Art collection is an activity that revolves around passion and respect for the arts. It is a good idea to avoid salespeople who sell art as a commodity. Salability cannot really be the ultimate goal in this arena.
The price history of the artwork cannot be the primary justification for a purchase decision. Trust a dealer who trusts their own choice.
It is better to not rely only on the price history of the artwork, it is definitely neither a guarantee nor a measure of its worth. This tends to give only another person’s dubious prediction.
It is true that the price factor should not be the driving force for any acquisition. It however should not be ignored completely. Getting the correct price records set right and documented is imperative.
Work out a flexibility and exchange policy with the dealer. Before making your purchase discuss with your dealer the possibility of exchanging the work of art in future. Also, work out if the dealer would be ready to put it up for resale and in lieu help you acquire a different, or better piece or even a particular artist.
Forge a healthy relationship at the auction house. Ensure a friendly relationship with the people at the auction house, a wide and deep network is always of great help. It is advisable to know the people at the auction house as well as you know your dealer.
Perceive, listen, educate yourself, and talk it out. In particular, if your interest lies in investment, it is imperative that you talk extensively with the dealer, or the artist if it is possible and gain as much perspective about the work as possible.
Fuel up the passion. A collector needs to be as passionate about the work of art as the artist, if not more. This is imperative and tough to attain, but with patience, indulgence and training can be reached.
Beware of the hidden costs. Acquiring the work of art is a part of the cost as you figure out the cost of restoration, framing, preservation, and insurance.
You are more than a mere owner. Over the years of ownership, the art work may be sought after by institutions of learning to loan it out to be exhibited for a limited time period. You may have to eventually assume the role of a custodian of the artwork and not just an owner.
Treat the work of art with sensitivity and respect. If you treat an artwork as a commodity, all you might end up with really expensive works that do nothing for you emotionally or spiritually. You may run a high risk of living among the works that you did not even like to begin with and that is a terrible fate to face.
Memberships & Associations. It is wise to attain the membership of some kind of an art dealers’ association. It helps one keep abreast of the latest developments, art history, current market trends, and a history of the market trends.
It is prudent to build a collection with great love and care to form a treasure trove that you would be comfortable to spend a lifetime with.