Investing in Art - Here are 7 Tips on Buying Your First Piece of Art
Art collecting can be one of life's greatest joys. You don't have to be a certified expert or rich to enjoy the beauty and depth that art adds to your life. Millions of people collect art because it speaks a language that influences us in ways we may not realize until we own a piece. Art is a powerful investment, with documented cases of huge returns on investments from Old Masters to contemporary artists!
Are you thinking of buying your first piece of art? Here are seven quick tips to help you get started.
1. Get educated before setting out into the marketplace
The more knowledgeable you are about a genre or artist before visiting a gallery or viewing an online listing, the better decisions you will be able to make. You can easily educate yourself by consulting art reference books and looking at auction prices realized for similar works of art.
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2. Do choose what's right for you.
The number one reason people choose art is to enhance their living space. So when buying your first piece, it's important to think about what you're hoping to gain from that new addition. Is it just for décor, or do you want something to serve a functional purpose? Will the art be hung on an accent wall or in a space where there are lots of people walking by? If it's going into a hallway where only you will see it, then hang away! Maybe opt for a smaller scale piece rather than full-size if you're not quite sure about the scale yet.
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3. Choose what feels right for your walls.
When considering how much wall space you have, pay attention to how much space there is. If you have lots of bare walls ready for new art, it's wonderful to go big! But if your walls are already pretty full, you might want to scale back and go with something smaller or medium size. Think about how the piece will relate to other things on the wall, too, like pieces of furniture. It's important not to overwhelm a room with an oversized piece.
4. Choose what feels right for your wallet (and your budget).
Don't break the bank on that first piece, no matter how badly you might want one particular work of art! Art buying is all about developing good habits over time, so be patient with yourself and treat this new hobby like any other treat. If you want something but can't afford it right now, get on the mailing list at your local art museum or gallery, so you get notified of upcoming projects. Or set up an email alert for new work by that artist you love that's at a price point that works for you.
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And if all else fails, do what I did and settle on some beautiful postcards of your favourite artists to keep by your bedside for late-night inspiration!
5. Choose original works overprints (most of the time).
When buying your first piece, there are many ways to go; originals or limited edition prints (or even giclee's); both options are good ones, in my opinion. But if there's anything I've learned from working in a museum, it's that original works always hold more value and bring in a better return over time. So if you can swing the cost, go for original work by your favourite artist instead of a print or giclee.
(Click here to buy original paintings online on Sweet Magnoliaa)
6. Choose what feels right for your wallet (and your walls) at different times of the year.
Every season is full of exciting art events, openings and exhibitions that celebrate all kinds of mediums and genres! And these special gatherings are not just for people with money to burn; there are often free or discounted entry fees too! So take stock of when these festivals happen throughout the year, so you have plenty of opportunities to enjoy the art world right in your backyard.
7. Choose work that will last a lifetime (or several years).
Remember to choose limited edition or original works of art instead of prints, especially buying for investment purposes. If you buy a print, make sure it's signed and part of an edition run, so it has value beyond its sale price at the gallery. And don't forget to keep track of who made that print! Seeing your names on each piece makes curating a beautiful collection rewarding over time.
Wrapping Up!
Put these tips into practice the next time you go out looking for something new to bring into your home, and remember not to rush anything. Taking time before purchasing will allow you to know the work and develop a relationship between you, the art and your space. Art is not only a piece of painting. It can be creative, such as accessories like wearing gold Grillz to make yourself look unique.
