There are so many benefits to beginning an art collection. Some people begin an art collection from a purely artistic and emotional perspective. They focus primarily on their love of art, collecting art that they are genuinely interested in from the perspective of personal taste. Other people are doing their art collections to invest, gradually accumulating wealth over time through their collections and with the help of fine art asset management service.
Quite quickly, art collections can expand grow. It’s estimated that about 53% of all art collections worldwide have over 500 pieces. But you certainly don’t have to start with numerous pieces or even high-end pieces. Let’s look into how you should begin your art collection before working with fine art asset management services.
1. Know Your Budget
Not everyone can begin with the same degree of the budget as they start collecting art. But you don’t need to have a high budget to begin shopping for art. You can begin picking up pieces from up-and-coming artists for more reasonable prices, and if you do so with the advice of an art consultant, they may very well begin to accumulate value over time. You just need to make sure that you’re sticking to your budget as you shop.
2. Know Your Goals
What’s your goal when buying art? Some people are focused on purchasing pieces from a certain era, or of a certain type. You may want to collect South American paintings from the twentieth century. Other people might buy art to work with a fine art asset management service, eventually selling that artwork for a profit. You need to know your primary goals before you make any purchases.
3. Know Your Artists
You need to be very careful when buying art. Artists go in and out of vogue, and while it’s impossible for you to perfectly predict the future of the artist whose work you are considering, you can get an idea of where they stand in the market if you work with a qualified consultant. Make sure that you know about the atmosphere in which you’re buying art and whether or not the artists you’re interested in will gain value.
Collecting art can be tricky, but it’s not impossible. Feel free to dip your toes into the market!