For most of us, purchasing art can appear to be a daunting task. There are tens of thousands of artists promoting their work, and trends change frequently, making it difficult to predict whether a piece you buy today will pay for your retirement tomorrow or will be worth less than the canvas it was painted on. There are, however, a few things to consider when purchasing art to reduce the chances of being dissatisfied with your purchase.
First and foremost, consider whether you’re purchasing the artwork primarily as an investment. If you’re looking to buy art primarily for personal enjoyment or to liven up your living space, you won’t have nearly as many concerns as those looking to make a sound investment decision.
Look for art that you enjoy. Pay attention to art magazines, attend gallery openings, and observe what other people have on their walls that piques your interest. Get a sense of how art interacts with the space in which it’s displayed — some works may impress you in a museum, but they’ll just feel too much if they’re hung above your couch at home. If you’re buying art for a specific room in your house, think about how the light in that room will affect the pieces you’re considering. Also, don’t rush into buying art you like because it has something shocking or jarring about it — remember, you’ll be living with it, so choose something that will suit a variety of moods and help you transform your space into what you want it to be.
If you want to buy art as an investment or to start a collection, you’ll have to think about your purchases a lot more carefully. First and foremost, understand that purchasing art is not a guaranteed investment — even the wisest decisions can devalue, and the most successful pieces are frequently those that don’t fit any model.
When looking to buy art for profit, look at the artist first. Is their name well-known? What happened to their other pieces? How much has the value of their work risen in recent years? New artists, of course, will have no track record, which can make them a much riskier proposition. Well-known artists may sell their work for far more than your budget allows; if you find yourself buying art for more than your home is worth, you’re probably overspending.
Even new artists with no track record of high-profile buyers or high-value artwork will have information about themselves available. Finding an artist who isn’t yet well-known but is building a following through articles, interviews, and small shows can be a great way to get in on the ground floor and buy art that will likely appreciate significantly in value.
Many artists will be well-known but not particularly well-known. This isn’t always a sign that their work isn’t up to par; in fact, it’s more likely that they haven’t yet been discovered. When you find an older artist who has been creating art for decades, you’re likely buying a piece of history that will last a long time.
When buying art, one thing to look for is whether the piece is an original or a reproduction. Many reproductions resemble original paintings, and this trend is likely to continue as the technology used to create such copies improves. If a piece is sold as part of a Limited Edition, make sure to inquire about whether or not it is an original. A reproduction, no matter how good it is, will always be worth a fraction of what an original piece is worth.
Finally, when deciding whether or not to purchase art from a particular artist, consider the work of art itself. Is there anything about the piece that stands out? Interesting techniques or subjects that could help the piece stand out as part of the artist’s larger body of work? A thorough understanding of art history and fine art can greatly assist you in determining what you want to buy.
However, keep in mind that such knowledge isn’t required; instead, use your common sense and try to learn as much as you can about both the artist and the piece before making a purchase. Also, as always, choose pieces that speak to you personally. Never underestimate the power of intuition; it is intuition that distinguishes the great collector from the merely competent.