Buying Art 101: The Basics

Acrylic on wood panel - abstract painting by Karlin Meehan Studios 2015

 

 

One of the perks about being an artist is that I get to create artwork and be a part of an individuals growing art collection. Many times when I get a commission I get a lot of comments like "I don't know anything about art" or "what kind of art would look good in here"? ... Because the truth of the matter is, very few people are knowledgeable about art collecting and are afraid of having a real opinion about it. But let me tell you a little secret : you don't need to know anything about art to start collecting it. Yup, anyone can become an art collector. It's simple. Here's the cheat sheet of questions to ask when adding to your collection:

1. Who is the artist?
Whether the artist is well known or a personal friend, their work is a reflection of them. So you should like, and want to support the creator. Do your research and get to know as much as possible about them. The types of information that you come across during the course of your search should include facts like:

* The artist's birth date and death date (if applicable).
* Where the artist lives and works.
* Galleries, museums or institutions where the artist has exhibited art either in one-person shows or in group shows with other artists.
* Awards, prizes, grants and honors that the artist has received.
* Public, private or corporate collectors who own the artist's art.
* Positions the artist has held (resident artist, professor, teacher, lecturer, writer, and so on)
* Publications that mention the artist such as online art sites, books, catalogues, art magazines and so on.
* Organizations the artist belongs to.
* Where, when and with whom the artist studied.

You use all this information to make basic conclusions about the artist... nothing complicated, nothing overly scholarly or academic. You merely want to come away with a reasonable idea of who the artist is and how significant his or her accomplishments are. Knowing how to assess an artist's career information becomes increasingly important the more expensive or significant the art is that you're thinking about buying.  The more art costs, then the more respected, established and documented the artist should be.
 
2. How significant is the art?
Assuming the art you're interested in is original, find out whether it's "major" or "minor," that is, whether it's more or less significant when compared to other examples of the artist's art that you've been looking at. Is it more labor-intensive? Or is it more like a two-minute pencil sketch done on a three-by-five card? Keep in mind that major works tend to be more expensive, more valuable, more collectible, and fare better in the marketplace over time than minor ones.
 
3. What is the art's history, and documentation?
 If you can, always ask the artist or seller to tell you everything he or she can about the art you like. Find out where it's been, what it represents, how it came into being, who's owned it, whether it's been exhibited, won awards, or been pictured or mentioned in any books, catalogues, articles, or reviews etc. Has it ever been discussed online or in print by experts or by the artist himself? Are any interesting stories associated with it? These questions give the artwork a background and can also be very useful if you ever end up selling the piece in the future to someone else.
 
4. Is the asking price fair?
You should have a figure in mind when you are decorating your home or investing in a piece of art for the future. That year end bonus you got? That tax refund Uncle Sam gave you? Be willing to part with it if you feel that it's worth the splurge. The reality is --like Prada handbags-- good art will only go up in price as time goes on.

Art is like real estate in that an individual piece may indeed be unique, but plenty of other pieces are similar or comparable to it. Those comparables-- like similar houses in the same neighborhood, so to speak-- are what you look at when evaluating the price of the art that you're thinking about buying. As for the asking price being what the art is worth, that's not necessarily true either. The asking price might be fair, it might be a bargain or it might be excessive, and it's up to you to figure that difference out.  Once you learn the basics, evaluating the price of most works of art becomes easy. All you have to do is a little comparing and contrasting between the art you're thinking about buying and records of public and private sales of similar works of art that have already sold.

5. Bottom line - if you like it, buy it.
Some people buy art as an investment because they heard that a particular artist is "hot" and therefore their work will one day become largely more valuable than the current asking price. However "investing when the stocks are low" is never a guarantee. So in my opinion, buy what you like. At the end of the day you are the one who has to look at the art piece on a daily basis so make sure that the piece makes you feel good. Slowly take your time and remove the posters from your walls and put real handmade work up; you'll feel like a million bucks when you do.