Building an Admirable Art Collection
April 23rd, 2012The art piece you buy is something you’ll experience repeatedly – it’s worth considering why it speaks to you, and how long it might continue to do so. – Glen Helfand
A good piece of art is a beauty to behold and cherish. Art has increasingly become a collectible option for aficionados around the world. But art should not be taken purely as an asset to spend in only from an economic angle! Collection of art should be from an aesthetic angle, as well. Your passion and love for art should be an underlying reason for garnering collectibles. Since time immemorial, a good work of art has always been hailed for its visual appeal. A collector should focus on building an art collection which he/she will enjoy for the years to come. Basing one’s judgement solely on an economic perspective should be refrained. However, one should be practical while undertaking the exercise of art collection. Here are some cues to help a collector build a cherishable assortment.
Collecting Art: Few Steps to Follow
1 . Buy art because it moves you and because it will enhance your life – Your motivation to buy an artwork should go beyond the need to enhance the décor of your house. Research is extremely important. Visiting as many art galleries as possible and interacting with the gallery staff can go a long way in leading you to a good purchase.
2. Tame the impulse to buy art – It is important to be sure of what you are buying. Though we all love to go by our impulses while purchasing something, and especially when it comes to art and collectibles, a seasoned collector is one who keeps his/her impulse under check. Physically view the actual artwork at least twice before taking a decision to be on the safer side. Leave at least one day between the first viewing and the day of the purchase to leave time for research and to rationalise your decision.
3. Be sure of the provenance – It is extremely important to buy an original work from recognized dealers or auction houses only. This helps in the following ways:
- Identification your collected piece of art, in case you lose it.
- If one ever plans to sell all or part of his/ her collection, it will have more value with established details of the previous owner.
- In case of a disaster or calamity, without any adequate records it becomes extremely difficult to reimburse the correct value of the losses.
4.Certificate of authenticity – To avoid possessing a “fake” piece of art, always take a certificate of authenticity. For a work of art, a certificate of authenticity certifies that the art is an original work by the artist who signed the piece and will confirm the date when it was created. One should always see, read, understand and substantiate the full text of any certificate of authenticity before buying the art. Make sure that the certificate is an original document, hand-signed by the authenticators.
5. Ensure permanence for the artwork– Gain knowledge about the artwork and its entire history. This helps in becoming familiar with the lineage of the artwork and adds value to the same.
6. Buy artwork on full cheque to safegaurd your interests – It is always advisable to purchase art by making the full payment in cheque. Avoid dealing in cash. You need to be aware that the work you are purchasing is not a product from gray market. Majority of art circulating in the gray market has been stolen from private collections. Also, in recent times art institutions have been victims of targeted theft. Always insist for the original invoice of the full value.
Globally, the trend of building up assets of aesthetic artwork is gradually picking up momentum. The meteoric rise of China and now Middle East art market bears testimony to the same. Collecting art should be done cautiously. Spending on art has an increasing liquidity value; it needs maintenance, storage, security, and it doesn’t give dividends, bonuses or income. Keeping in mind the above mentioned points before a purchase will help one acquire an original piece and cherish it.

