A Novice’s Guide to Building an Art Collection
Building a good collection of original artwork requires time, knowledge and skill. One may be looking to invest in art as an investment, for decorative purposes or the sheer love for the art itself, but may not know where to begin. Australia has over 483 commercial art galleries and 31 Aboriginal and Torres Strait Islander art centres. Numerous museums and art auctions in Australia provide access to the most stunning pieces of art in the country for art collectors. They are worth over 1.8 billion AUD, with a market growth of 13.6% annually. Therefore, buying the first artwork can be a daunting task, especially for those who do not know what, where and how to buy art.
Why Do People Collect Art?
There are numerous reasons why people start an art collection. They might be passionate about supporting indigenous communities that produce aboriginal art or as an investment or collecting a piece of history and culture to showcase its beauty. The kind of art one collects, their knowledge about them and what they collect reflect their personality and showcase who they are. Many art collectors do so for aesthetic reasons. Today, the art collection is not just for the wealthy and the famous. Numerous art collectors begin on a budget and learn to navigate the art world as they acquire beautiful pieces.
How To Get Started?
Define The Goals For Collecting Art
Before investing one’s finances in art, one must have a clear goal and understanding of their motivation. It has a significant impact on the kind of collection they build and how much money they invest. A good approach is to buy what brings them joy as they will have to live with the art they purchased. Those who buy art as an investment for profits in the future can hire art consultants to suggest artworks from artists who have the best growth potential.
Creating a Budget
New art collectors must set a budget before looking for artworks in galleries or an art auction in Australia. This budget helps them locate the pieces of art available online or offline that they can buy. It is always wise to start small and increase the budget as their gain more experience, understanding and confidence from collecting art. A budget of AUD 1000 or less is a good starting point. However, it could vary depending on their income. Creating a budget and sticking to it does not mean they need to restrict themselves or settle for something they don’t love. Similarly, they must not undervalue an artistic piece if it is priced below their perception of the price for a ‘good art piece’.
Do A Thorough Research
After setting the goals and the budget, one must do their homework regarding different mediums, artworks, styles, origins and artists by visiting galleries and museums. They can also find information online on social media or websites on art auctions in Australia. They can train their eye to identify the details about the artwork that excites them and what makes them authentic so that they can buy the artwork they love and believe. While one may gravitate towards abstract paintings, another might find aboriginal paintings and sculptures fascinating.
Look for Authentic Works of Quality Over Quantity
Collecting art can be a driving habit that results in some collectors being overzealous and buying works in haste. They must be patient and buy authentic artworks in good condition. They must also collect the certificate of authenticity with the piece to prove its authenticity buxic and apply for insurance. The certificate is also essential if they plan to sell or donate the artwork in the future.