meganrenee
Contributor
Joined: 16 May 2008
Posts: 8
Location: London
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 Posted: Wed Jun 18, 2008 3:18 pm Post subject: Beginners Guide to Buying New Art |
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Hi Chris,
I have finally finished the guide. Please let me know if you have any suggestions!
Thanks
Between art galleries filled with paintings but no prices and high energy auction rooms adhering to an unwritten set or rules, entering the art market is not for the faint of heart. Art investment has had a large rise in popularity in recent years and is a great way to diversify your portfolio. Following these simple guidelines will make the process painless.
Always buy something you like. This may seem like an obvious point but often collectors get swept up by market trends and invest in something that they would rather not have hanging on their wall. Contemporary art has the greatest potential for investment capital but it is not to everyone’s taste. Do a bit of research and find out what you like before you search for a work to invest in.
A great way for first time buyers to enter the art market without breaking the bank is by investing in prints. For a fraction of the price an original work would cost, you could buy a print by world-renowned contemporary artists including Warhol, Banksy, Hirst, and Takashi Murakami. When buying prints; however, always opt to buy a signed print. An unsigned print is more or less a glorified poster, whereas a signed print has market longevity. Always view the print before buying and ask to have it removed from the frame. Examine the front and back and make sure the signature is clear and that there are no wrinkles or tears.
When collecting art as an investment it is important to consider the provenance of the work (i.e. sale receipts and certificates of authenticity). For new art the provenance is relatively short, which makes it easier to track the trade in ownership. In order to resell a print or painting, the provenance needs to be complete and concise. Always ask to see the paperwork before purchasing and ask to have original documentation. Without a complete provenance it would be like buying a car without a V5C registration, not a wise investment.
The commercial art world is constantly changing, and although a large portion of art is still sold at auction and intimidating galleries, many opportunities for art investment are available right from your own home. Websites like Pictures on Walls and Eyestorm offer certifiable prints and original works of art that can be purchased and paid for directly online. Visiting smaller galleries offers the opportunity for one-on-one interaction with an art specialist who is usually more than happy to talk about art and investment. |
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