Before investing in art having a strategy can make collecting even more fulfilling. Here is a checklist to keep handy when investing in your first or next artwork for your personal collection at home.
1. How does it make you feel?
Do you love it? Do you hate it? Whatever it is you feel, is it something you would be happy to look at and live with at home? Knowing your taste in art beforehand helps you make decisions that you will be happy with long term. The new art you buy will then fit better into your home and collection with ease.
2. Set yourself a budget
Before you invest, set yourself a budget by thinking about what you can afford and be comfortable spending. Investments aren’t always guaranteed, and the value can go down as well as up, are you willing to absorb the risk? Looking to buy a piece that is a little out of your budget? Don’t let the price get you down, you can always try to negotiate too! The vast majority of art dealers and galleries are open to a little bargaining and could possible offer discounts.
3. Where will you purchase your art?
The question of where to buy art can be just as important as how to buy. Would you rather pay a set price directly from the artist, or would you have more fun bidding at an auction for a possible bargain, but having to buy a buyer’s premium? Would you consider a small dealer or should you look around the galleries? Where you look for art will determine how you feel about it more and will also result in the aided confidence you will gain about your buying decision.
4. What size and medium?
Keep the size and medium in your mind to determine which artwork you should invest in for your home. Large artworks require more space, whereas smaller pieces can fit more easily in your home and sometimes along with other artwork on a wall. Also think about where you intend on hanging or placing the artwork in your home. This is useful to keep in mind, so that you don’t come home with a new, beloved art piece then find no good spot for it in your home.
5. Who is the artist?
Searching for the next Picasso, Pollock or Hockney to invest in? Knowing more about the artist and if their reputations, and if their market is on the rise can help a lot in your decision. Not only thinking about the value, but do you like their overall style and values? Another thing to think of is what other art is within the artists oeuvre. They could have more work for sale, so you might find other pieces in the future that will go well with the artworks you already have?