Anyone who knows me understands my affection for art. Paintings, sculpture, drawings... I love it all. I do have a preference for antiquities especially Old Kingdom Egyptian bronze. I like large pieces both paintings and sculpture. | RETIRE RICH Although my art acquisitions are overwhelmingly subjective, I consider them a long-term investment for not only my retirement but also as heirlooms to pass down through the generations. Aside from the investment potential, art can be a great hedge against market volatility. Below is an interview with investor Mark Ford, in which he discusses why he likes art as an investment. You can also checkout my Featured Interview with millionaire art collector Kevin Pugh. Kevin has been collecting for about two decades and he shares his insightful strategy towards building a collection that will appreciate over time. |
How To Make Money Collecting Art
Interview by Tom Dyson
Interview by Tom Dyson
| Millionaire investor Mark Ford, is the classic American tale of work hard and educate yourself about your finances and you will achieve success. Mark tackles the seemingly complex world of investing with a common sense approach. Like many self-made people, Mark had humble beginnings and learned how to elevate himself out of the pitfalls of debt and financial mismanagement. Today he enjoys a lavish lifestyle at his Palm Beach mansion and has a net worth of $150 million. | 
Mark Ford
|
Tom: Let's talk about art. You've mentioned many times what a great investment it has been for you.
Mark: Are you sure that's a door you want to open, Tom? I can talk forever about art collecting.
Tom: Yes, let's hear it. I'm interested to know why art collecting? Why not cars, or antique dollhouses or something?
Mark: Fine art, paintings, drawings, and sculpture has always held a special place in my heart, so it was a natural choice for me.
My art collection has enriched me in three ways: Buying it is a lot of fun, especially when you know you are buying it right. Owning it is a great pleasure. It enriches your life every time you look at it, and it tells your friends and people something important about you. Thirdly, it can make you richer. My art collection, as a whole, has appreciated more than a million dollars. I wouldn't care if it didn't. I'd be happy if it simply maintained its value. But I made investing in art a hobby, and it paid off.
Fine art, like a number of other historically recognized collectibles, has a lot of the qualities you want in an investment: It's a tangible asset, so it tends to appreciate during inflationary times. It's portable, which is a very good thing in case you might want to disappear one day. It's also private and by that I mean that you don't have to report your transactions to the government. And finally, if you buy the right art it can appreciate sometimes a great deal.
Tom: So what does a novice need to know before collecting?
Mark: The novice needs to know that, from a wealth-building perspective, there are different kinds of art.
First, you have what I call "decorator art." These are pieces of art that simply fill a given space with color and texture, but will never appreciate. This is the kind of art you see in Las Vegas hotel lobbies and Caribbean resorts. "Decorator art" is a waste of time and money.
Commercial art is what you find in galleries. However, the quality of this art can vary widely...it all comes down to the dealer and his expertise. While it's true that some dealers peddle that "decorator art" I was talking about, there are also some fine art commercial galleries that cater to local artists, graduate students, the talented Sunday dauber, as well as fine art by recognized talent. Priced right, these artworks make a very good starting point for the fledgling collector.
Those small local galleries I was talking about is where you want to go when starting your collection. You can find oils, pastels, and drawings that are worth a few hundred dollars. Buying pieces like that is a good way to train your eye.
Investment-grade art is different. It hangs in major museums. The artist is already in the art books. He's already a serious figure. His art isn't going to disappear. Nor will its value. It might fluctuate, as all investments do, but the long-term trend is good, and you can be confident that over the long run it will maintain or increase its value.
When buying art for investment purposes, collectors need to understand that appreciation happens over a substantial period of time. Unless an artist dies or is the subject of a 60 Minutes interview, collectors will cool their heels for a while before selling for a profit. However, studies show that high quality, investment-grade art is one of the top performers in terms of long-term return on investing.
Tom: Okay, so how does someone begin?
Mark: There are two methods. If you are new to art and aren't sure what you like, you can begin by buying inexpensive art. I'm not talking about decorative art. It won't teach you anything. I'm talking about art that you might find at small galleries, local art shows, or antique shops. Buy the stuff you like, but don't spend any more than a few hundred dollars on any individual acquisition.
As your taste improves and it will improve, you may find that much of what you once admired is not so wonderful anymore. When that happens, you can sell it (for whatever you can) or give it away. Ask questions of the dealer every time you buy art. If you meet the artist and like him, make friends. Gradually, your circle of contacts will improve and so will your eye. Eventually you will feel ready to venture into investment-grade art.
Tom: Sounds like a relatively slow process. Is there a better way?
Mark: Yes. You can begin with investment-grade art, but you have to do your homework and be patient. Start by trying to figure out what genres of art you like. Do you like landscapes? Do you like abstract art? Do you like portraits? Sculpture? It doesn't matter. Don't let someone talk you into, say, abstraction, if you prefer portraits. Art and collecting are life-enhancing endeavors, first and foremost. There is investment-grade art of every kind. The collector needs to figure out his personal tastes before acquiring. That is why museum visits, gallery openings, etc., are so important.
Find what type of art appeals to you. Then figure out what artists you like within that genre. Try to limit your interest to two or three artists to begin with. Study the price history of those artists. Find out what their pieces have sold for in auction in the past. Find out what they are selling for currently. Try to become an expert in their work as quickly as you can. You don't need to take any art appreciation courses. Just read books about the artists and the genres you like. You should also visit museums whenever you can and study the work of your preferred artists. When you have studied a thousand paintings, you will have developed your eye. You will know what you like. And more importantly, you will have a sense for quality.
You don't want to start off spending lots of money. This can lead to costly mistakes. Begin by buying inexpensive pieces such as sketches from major artists (expect to pay $1,500 and upwards) and gouaches and paintings of second-tier investment-grade artists ($2,500 to $7,500). This sort of buying will keep your risk relatively low, so if and when you do make the occasional mistake (like buying a fake or overpaying for a piece), it won't break you.
When I first got started, one of the things I got involved with was a school of art called CoBrA. CoBrA is an acronym for Copenhagen, Brussels, and Amsterdam. It was a period of art that officially took place from 1948-1952. It had a total of 10 or 12 artists in it, of which there were three major artists: Appel, Corneille, and Jorn. All of these artists hang in the major museums in the world. I knew their art would never be worthless. This was a good group to begin with because it was small. It took place over a small period of time, it comprised a small number of artists, and each of them was recognizably different. In other words, it was easy to study. So I began by collecting these three artists. I bought sketches and crayon pieces at first because they were cheap, and afterwards I sold some of them at a profit and "traded up." Eventually, I was able to purchase a very nice collection of good pieces that have appreciated over 300%.
Tom: Okay, so let's say I've done all that. I've picked my genre and my artists, I've spent months pouring over paintings and visiting museums. When I'm ready to buy, how do I know what's a fair price, or how to value a piece of art?
Mark: That's actually easy. But you have to ignore what the pundits say. Art pundits say that valuing art is impossible because it's subjective. That is true in terms of the pleasure you get from art but it is not true of the investment value of art.
From an economic perspective, art is valued by the marketplace, just as stocks are. An artist's work is valuable because important critics at some point decided it was good. Because of that, it went to the big museums. It got into books. It is taught in art courses. And when it goes to auction, people bid it up.
Once there's a ten or twenty-year market for a particular artist, the value of his art is unlikely to collapse. By that time, so many people, museums, brokers, and wealthy collectors are invested in it. None of them, if they can help it, will allow it to collapse.
Who is ever going to say that Rembrandt wasn't a great artist? Or that his paintings aren't worth millions of dollars? Nobody. That doesn't mean he was the best Dutch painter of his time. If you look at paintings by his contemporaries you might think that some of the other Dutch masters (or even a few of the minors) were just as good. But Rembrandt's values will hold. Why are his paintings worth a hundred times more than another one that is technically just as good? Because history has decided it should be so. Art critics, experts, people who dedicated their lives to studying art, have decided. The marketplace has put a value on it, and that's what makes it more valuable.
When you're collecting art, you're collecting the history of what art critics have decided. You might disagree with them on an aesthetic basis, but you'd be foolish to disagree with them with your money.
My point is that the value of art, from an investment point of view, is not subjective at all. It is objective. More objective and easier to predict, in fact, than stocks.
Tom: Are there differences in value for the same artist?
Mark: Yes. First of all, there is almost always a range of values according to medium. You know, paintings versus sculpture versus watercolors versus pencil drawings. As a general rule, you will pay more for an oil painting than you will for a pastel, and you'll pay more for a pastel than you will for a drawing.
But there is one notable exception. A medium that an artist is "known for" will always demand the highest price. For instance, the artist Andrew Wyeth is known for his watercolors. Those will get the top pricing. But if you know your artist you will know this.
The other factor that comes into play is size. As a general rule, the larger the piece, the more expensive it will be.
A third thing is period. Most museum-level artists are best known for certain periods. Their works that were composed during those periods are therefore considered more valuable.
Finally, there is image. Certain artists are best known for certain images. Andre Derain's "best" images, for example, are somewhat abstract. When he got older, he reverted to a more representational style. These pieces are beautiful! I have one. But they will not fetch the prices that his abstract works do.
One last thing, it is better to buy a top-quality, wholly representative work by a second-tier artist than an uncharacteristic piece by a major "name." So many collectors get wooed by names and prestige. But nobody wants a painting of a barn by Jackson Pollack. They want his "splatter" work.
Tom: Seems like a lot to know.
Mark: Not really. There are about half a dozen good websites that track auction prices of investment-grade artists. All of these will give you the key elements: the image, the medium, the size, and the year. You can study them and learn them very quickly.
Tom: So, when I'm looking at an artist's body of work, how do I know what to buy?
Mark: In collecting in general, you always want to buy the best you can afford. If you are very rich, you should buy large paintings or sculptures with the right image, painted at the right period. The best of the best is going to appreciate the most. For example, if you were buying a Karel Appel, you'd want to buy a colorful abstraction in oil of a figure that is dated in the 1950s or the early 1960s.
Tom: Okay, so now that I know what to buy, where do I go to actually buy it? Do I have to participate in some kind of auction or do I pay a broker to get it for me, or do I go to a store and just pull out my checkbook?
Mark: There are several places you can go: galleries, auctions, and private owners.
Galleries will sell you their products at retail, which means they will charge you 50% to 100% more than what they paid. As an investor, you can't afford to pay that kind of premium. But sometimes galleries buy cheap and don't insist on such big margins. If you know what you should be paying (by educating yourself) then you can negotiate.
Auctions charge a premium, too. Usually it's 10% to the seller and another 10% to the buyer. That's not a trifling amount, but it can work if the piece sold is sold at a price that is considerably under its retail value. This happens all the time at auctions. Again, you just need to know the right price to pay and don't bid above that.
The best venue is a private sale. I've just bought a few great pieces from a private collector who ran into financial difficulty and wanted to raise money fast. By buying privately, you can sometimes get paintings at rock bottom prices and with no commissions. Again, it's critical to know the right price.
On a side note: it is remarkable how many collectors pass by antique shops and estate sales. This is an environment outside the gallery scene or auction house that may house bargains and sleepers. That grimy oil landscape (which can be cleaned) could be a hidden gem. I came across many items in my collection this way.
When buying investment-grade art, be cautious. There are lots of forgeries in the market, especially of popular artists like Salvador Dali and Wilfredo Lam. You can't protect yourself from this problem by buying only pieces that have good sales records. Buy from reputable dealers and auctioneers. Ask for a complete provenance. And you can always have the work looked at by an expert if you have any doubts.
Tom: Do you have anyone you can recommend?
Mark: For matters like that, I go to my friend Roger Hurlbert. This guy knows everything about art. He has been an art history professor for over thirty years and wrote a fine arts column for The Sun Sentinel for twenty years. He has also been an art collector and a buyer for clients for decades. He has literally attended hundreds of exhibitions, met and interviewed tons of artists, and personally dealt with more dealers and gallery owners than anyone I can think of. In fact, we should publish his contact information in this piece.
Tom: Ok, we will. Well, thanks Mark. We'll see you next week.
Mark: My pleasure.
Mark: Are you sure that's a door you want to open, Tom? I can talk forever about art collecting.
Tom: Yes, let's hear it. I'm interested to know why art collecting? Why not cars, or antique dollhouses or something?
Mark: Fine art, paintings, drawings, and sculpture has always held a special place in my heart, so it was a natural choice for me.
My art collection has enriched me in three ways: Buying it is a lot of fun, especially when you know you are buying it right. Owning it is a great pleasure. It enriches your life every time you look at it, and it tells your friends and people something important about you. Thirdly, it can make you richer. My art collection, as a whole, has appreciated more than a million dollars. I wouldn't care if it didn't. I'd be happy if it simply maintained its value. But I made investing in art a hobby, and it paid off.
Fine art, like a number of other historically recognized collectibles, has a lot of the qualities you want in an investment: It's a tangible asset, so it tends to appreciate during inflationary times. It's portable, which is a very good thing in case you might want to disappear one day. It's also private and by that I mean that you don't have to report your transactions to the government. And finally, if you buy the right art it can appreciate sometimes a great deal.
Tom: So what does a novice need to know before collecting?
Mark: The novice needs to know that, from a wealth-building perspective, there are different kinds of art.
First, you have what I call "decorator art." These are pieces of art that simply fill a given space with color and texture, but will never appreciate. This is the kind of art you see in Las Vegas hotel lobbies and Caribbean resorts. "Decorator art" is a waste of time and money.
Commercial art is what you find in galleries. However, the quality of this art can vary widely...it all comes down to the dealer and his expertise. While it's true that some dealers peddle that "decorator art" I was talking about, there are also some fine art commercial galleries that cater to local artists, graduate students, the talented Sunday dauber, as well as fine art by recognized talent. Priced right, these artworks make a very good starting point for the fledgling collector.
Those small local galleries I was talking about is where you want to go when starting your collection. You can find oils, pastels, and drawings that are worth a few hundred dollars. Buying pieces like that is a good way to train your eye.
Investment-grade art is different. It hangs in major museums. The artist is already in the art books. He's already a serious figure. His art isn't going to disappear. Nor will its value. It might fluctuate, as all investments do, but the long-term trend is good, and you can be confident that over the long run it will maintain or increase its value.
When buying art for investment purposes, collectors need to understand that appreciation happens over a substantial period of time. Unless an artist dies or is the subject of a 60 Minutes interview, collectors will cool their heels for a while before selling for a profit. However, studies show that high quality, investment-grade art is one of the top performers in terms of long-term return on investing.
Tom: Okay, so how does someone begin?
Mark: There are two methods. If you are new to art and aren't sure what you like, you can begin by buying inexpensive art. I'm not talking about decorative art. It won't teach you anything. I'm talking about art that you might find at small galleries, local art shows, or antique shops. Buy the stuff you like, but don't spend any more than a few hundred dollars on any individual acquisition.
As your taste improves and it will improve, you may find that much of what you once admired is not so wonderful anymore. When that happens, you can sell it (for whatever you can) or give it away. Ask questions of the dealer every time you buy art. If you meet the artist and like him, make friends. Gradually, your circle of contacts will improve and so will your eye. Eventually you will feel ready to venture into investment-grade art.
Tom: Sounds like a relatively slow process. Is there a better way?
Mark: Yes. You can begin with investment-grade art, but you have to do your homework and be patient. Start by trying to figure out what genres of art you like. Do you like landscapes? Do you like abstract art? Do you like portraits? Sculpture? It doesn't matter. Don't let someone talk you into, say, abstraction, if you prefer portraits. Art and collecting are life-enhancing endeavors, first and foremost. There is investment-grade art of every kind. The collector needs to figure out his personal tastes before acquiring. That is why museum visits, gallery openings, etc., are so important.
Find what type of art appeals to you. Then figure out what artists you like within that genre. Try to limit your interest to two or three artists to begin with. Study the price history of those artists. Find out what their pieces have sold for in auction in the past. Find out what they are selling for currently. Try to become an expert in their work as quickly as you can. You don't need to take any art appreciation courses. Just read books about the artists and the genres you like. You should also visit museums whenever you can and study the work of your preferred artists. When you have studied a thousand paintings, you will have developed your eye. You will know what you like. And more importantly, you will have a sense for quality.
You don't want to start off spending lots of money. This can lead to costly mistakes. Begin by buying inexpensive pieces such as sketches from major artists (expect to pay $1,500 and upwards) and gouaches and paintings of second-tier investment-grade artists ($2,500 to $7,500). This sort of buying will keep your risk relatively low, so if and when you do make the occasional mistake (like buying a fake or overpaying for a piece), it won't break you.
When I first got started, one of the things I got involved with was a school of art called CoBrA. CoBrA is an acronym for Copenhagen, Brussels, and Amsterdam. It was a period of art that officially took place from 1948-1952. It had a total of 10 or 12 artists in it, of which there were three major artists: Appel, Corneille, and Jorn. All of these artists hang in the major museums in the world. I knew their art would never be worthless. This was a good group to begin with because it was small. It took place over a small period of time, it comprised a small number of artists, and each of them was recognizably different. In other words, it was easy to study. So I began by collecting these three artists. I bought sketches and crayon pieces at first because they were cheap, and afterwards I sold some of them at a profit and "traded up." Eventually, I was able to purchase a very nice collection of good pieces that have appreciated over 300%.
Tom: Okay, so let's say I've done all that. I've picked my genre and my artists, I've spent months pouring over paintings and visiting museums. When I'm ready to buy, how do I know what's a fair price, or how to value a piece of art?
Mark: That's actually easy. But you have to ignore what the pundits say. Art pundits say that valuing art is impossible because it's subjective. That is true in terms of the pleasure you get from art but it is not true of the investment value of art.
From an economic perspective, art is valued by the marketplace, just as stocks are. An artist's work is valuable because important critics at some point decided it was good. Because of that, it went to the big museums. It got into books. It is taught in art courses. And when it goes to auction, people bid it up.
Once there's a ten or twenty-year market for a particular artist, the value of his art is unlikely to collapse. By that time, so many people, museums, brokers, and wealthy collectors are invested in it. None of them, if they can help it, will allow it to collapse.
Who is ever going to say that Rembrandt wasn't a great artist? Or that his paintings aren't worth millions of dollars? Nobody. That doesn't mean he was the best Dutch painter of his time. If you look at paintings by his contemporaries you might think that some of the other Dutch masters (or even a few of the minors) were just as good. But Rembrandt's values will hold. Why are his paintings worth a hundred times more than another one that is technically just as good? Because history has decided it should be so. Art critics, experts, people who dedicated their lives to studying art, have decided. The marketplace has put a value on it, and that's what makes it more valuable.
When you're collecting art, you're collecting the history of what art critics have decided. You might disagree with them on an aesthetic basis, but you'd be foolish to disagree with them with your money.
My point is that the value of art, from an investment point of view, is not subjective at all. It is objective. More objective and easier to predict, in fact, than stocks.
Tom: Are there differences in value for the same artist?
Mark: Yes. First of all, there is almost always a range of values according to medium. You know, paintings versus sculpture versus watercolors versus pencil drawings. As a general rule, you will pay more for an oil painting than you will for a pastel, and you'll pay more for a pastel than you will for a drawing.
But there is one notable exception. A medium that an artist is "known for" will always demand the highest price. For instance, the artist Andrew Wyeth is known for his watercolors. Those will get the top pricing. But if you know your artist you will know this.
The other factor that comes into play is size. As a general rule, the larger the piece, the more expensive it will be.
A third thing is period. Most museum-level artists are best known for certain periods. Their works that were composed during those periods are therefore considered more valuable.
Finally, there is image. Certain artists are best known for certain images. Andre Derain's "best" images, for example, are somewhat abstract. When he got older, he reverted to a more representational style. These pieces are beautiful! I have one. But they will not fetch the prices that his abstract works do.
One last thing, it is better to buy a top-quality, wholly representative work by a second-tier artist than an uncharacteristic piece by a major "name." So many collectors get wooed by names and prestige. But nobody wants a painting of a barn by Jackson Pollack. They want his "splatter" work.
Tom: Seems like a lot to know.
Mark: Not really. There are about half a dozen good websites that track auction prices of investment-grade artists. All of these will give you the key elements: the image, the medium, the size, and the year. You can study them and learn them very quickly.
Tom: So, when I'm looking at an artist's body of work, how do I know what to buy?
Mark: In collecting in general, you always want to buy the best you can afford. If you are very rich, you should buy large paintings or sculptures with the right image, painted at the right period. The best of the best is going to appreciate the most. For example, if you were buying a Karel Appel, you'd want to buy a colorful abstraction in oil of a figure that is dated in the 1950s or the early 1960s.
Tom: Okay, so now that I know what to buy, where do I go to actually buy it? Do I have to participate in some kind of auction or do I pay a broker to get it for me, or do I go to a store and just pull out my checkbook?
Mark: There are several places you can go: galleries, auctions, and private owners.
Galleries will sell you their products at retail, which means they will charge you 50% to 100% more than what they paid. As an investor, you can't afford to pay that kind of premium. But sometimes galleries buy cheap and don't insist on such big margins. If you know what you should be paying (by educating yourself) then you can negotiate.
Auctions charge a premium, too. Usually it's 10% to the seller and another 10% to the buyer. That's not a trifling amount, but it can work if the piece sold is sold at a price that is considerably under its retail value. This happens all the time at auctions. Again, you just need to know the right price to pay and don't bid above that.
The best venue is a private sale. I've just bought a few great pieces from a private collector who ran into financial difficulty and wanted to raise money fast. By buying privately, you can sometimes get paintings at rock bottom prices and with no commissions. Again, it's critical to know the right price.
On a side note: it is remarkable how many collectors pass by antique shops and estate sales. This is an environment outside the gallery scene or auction house that may house bargains and sleepers. That grimy oil landscape (which can be cleaned) could be a hidden gem. I came across many items in my collection this way.
When buying investment-grade art, be cautious. There are lots of forgeries in the market, especially of popular artists like Salvador Dali and Wilfredo Lam. You can't protect yourself from this problem by buying only pieces that have good sales records. Buy from reputable dealers and auctioneers. Ask for a complete provenance. And you can always have the work looked at by an expert if you have any doubts.
Tom: Do you have anyone you can recommend?
Mark: For matters like that, I go to my friend Roger Hurlbert. This guy knows everything about art. He has been an art history professor for over thirty years and wrote a fine arts column for The Sun Sentinel for twenty years. He has also been an art collector and a buyer for clients for decades. He has literally attended hundreds of exhibitions, met and interviewed tons of artists, and personally dealt with more dealers and gallery owners than anyone I can think of. In fact, we should publish his contact information in this piece.
Tom: Ok, we will. Well, thanks Mark. We'll see you next week.
Mark: My pleasure.
1. DO some homework. Check out exhibitions, prices, and, most of all, what the artist creates that
might interest you. The Internet has changed everything. Most of the time, it is easy to research an
artist via a website.
2. DON'T make a gallery owner your art advisor. Galleries are great places to visit, but remember
that gallery owners are in the business of selling. They will be high on their wares no matter what.
Avoid the hard sell, the promise of how prices for the artist's work will surely soar, the "better get
one now" pitch! That sort of stuff. No one can predict an artist's market.
3. DO some traveling. There is nothing wrong with living in Kansas and buying art at a local art
gallery. But if you strive to put together a collection of beauty, interest, and value, you must go to
New York City. Since WWII, Manhattan has been the hub of the art world, and every artist longs to
exhibit there. Want to find new and exciting talent? All art roads lead to The Big Apple. Look about
the multitude of galleries both old and new, big and small.
4. DON'T expect the average interior decorator to fill your home with fine art. They are adept at
"furnishing" a residence with art objects for a hefty fee. But virtually none will ever be worth
anything. Often, for nearly the same budget, the homeowner can become a collector of material of
value. So maybe there isn't the sense of immediate gratification. Patience is a collecting virtue.
5. DO pay heed to the words of art critics and reviewers. Their observations are born of knowledge,
objectivity, and an intimate connection with the art trade. If they say some up-and-comer is worth
watching, watch that artist. And, if you like the work, consider buying it.
6. DON'T buy art at a gallery that runs "sales." Prices for viable artists, established artists whose
work may or may not appreciate invariably rise, but they NEVER go down. Never. Steer clear of
mall galleries and ersatz art emporiums that are really framing stores in disguise. And those
weekend hotel-lobby extravaganzas promising "original oil paintings." If you want to match a
painting to the hues in the couch cushions, call your decorator.
7. DO maintain a sensible art-buying budget. You don't have to mortgage the house to collect quality
art. Collecting does cost money, but it is not how much money you spend, it is what you spend your
money on.
8. DON'T "invest" in copies, facsimiles, or reproductions. They are worth nothing tangibly or
emotionally. All collectors, whether or not they recognize it, desire satisfaction in a work of art.
Something outwardly bogus will never deliver.
9. DO develop and follow your own collecting eye, taste, and spirit. Shy away from trends, who
celebrities buy or endorse, and who just caused a sensation at the Venice Biennial. Art collecting is
one of the most personally rewarding of endeavors if you stick to your own emotional and visual
guns.
10. Don't consider becoming an art collector if any of the previous "do's and don'ts" make little sense.
There are always baseball cards, Beanie Babies, and vintage wines to collect.
Contact Info:
Roger Hurlburt is an art historian, fine arts critic, and acquisition consultant. If you would like to contact him, you may call him at (561) 251-9860 or email him at [email protected].
might interest you. The Internet has changed everything. Most of the time, it is easy to research an
artist via a website.
2. DON'T make a gallery owner your art advisor. Galleries are great places to visit, but remember
that gallery owners are in the business of selling. They will be high on their wares no matter what.
Avoid the hard sell, the promise of how prices for the artist's work will surely soar, the "better get
one now" pitch! That sort of stuff. No one can predict an artist's market.
3. DO some traveling. There is nothing wrong with living in Kansas and buying art at a local art
gallery. But if you strive to put together a collection of beauty, interest, and value, you must go to
New York City. Since WWII, Manhattan has been the hub of the art world, and every artist longs to
exhibit there. Want to find new and exciting talent? All art roads lead to The Big Apple. Look about
the multitude of galleries both old and new, big and small.
4. DON'T expect the average interior decorator to fill your home with fine art. They are adept at
"furnishing" a residence with art objects for a hefty fee. But virtually none will ever be worth
anything. Often, for nearly the same budget, the homeowner can become a collector of material of
value. So maybe there isn't the sense of immediate gratification. Patience is a collecting virtue.
5. DO pay heed to the words of art critics and reviewers. Their observations are born of knowledge,
objectivity, and an intimate connection with the art trade. If they say some up-and-comer is worth
watching, watch that artist. And, if you like the work, consider buying it.
6. DON'T buy art at a gallery that runs "sales." Prices for viable artists, established artists whose
work may or may not appreciate invariably rise, but they NEVER go down. Never. Steer clear of
mall galleries and ersatz art emporiums that are really framing stores in disguise. And those
weekend hotel-lobby extravaganzas promising "original oil paintings." If you want to match a
painting to the hues in the couch cushions, call your decorator.
7. DO maintain a sensible art-buying budget. You don't have to mortgage the house to collect quality
art. Collecting does cost money, but it is not how much money you spend, it is what you spend your
money on.
8. DON'T "invest" in copies, facsimiles, or reproductions. They are worth nothing tangibly or
emotionally. All collectors, whether or not they recognize it, desire satisfaction in a work of art.
Something outwardly bogus will never deliver.
9. DO develop and follow your own collecting eye, taste, and spirit. Shy away from trends, who
celebrities buy or endorse, and who just caused a sensation at the Venice Biennial. Art collecting is
one of the most personally rewarding of endeavors if you stick to your own emotional and visual
guns.
10. Don't consider becoming an art collector if any of the previous "do's and don'ts" make little sense.
There are always baseball cards, Beanie Babies, and vintage wines to collect.
Contact Info:
Roger Hurlburt is an art historian, fine arts critic, and acquisition consultant. If you would like to contact him, you may call him at (561) 251-9860 or email him at [email protected].
RSS Feed
