In 2023, more and more people are making the decision to start collecting art. There are many benefits to investing in art – not only can art be a lucrative investment opportunity, but art investment can act as a hedge against inflation.
Another benefit of collecting art is that it’s something you can enjoy. A piece of art can brighten up a home and lift your mood.
But how do you start collecting art? What should you consider when you begin to build your art collection? That’s what we’ll be exploring in this blog. Read on for some helpful tips on how you can begin collecting art, whether it be art to invest in or art for your home.
Set a Budget
First of all, you should set a budget depending on your financial circumstances. Many art collectors begin their journey on a small budget as they get to grips with the art market.
It can be beneficial to begin by purchasing a relatively low-cost piece of artwork from an emerging artist. Blue-chip artwork can cost anything from a few hundred pounds to hundreds of thousands of pounds – or even millions – so we recommend that you start small. Look out for recent art graduates or artwork at local art fairs, and pick a piece that speaks to you.
If you invest in art from an up-and-coming artist, there is a chance that it could increase in value as the artist becomes more popular – so you could sell it at a later date and make a profit.
Remember, you don’t always have to stick to your budget. If you come across a piece of artwork that you love, you can always go slightly over budget to purchase it.
Choose Pieces of Art That You Love
First and foremost, collect art that you love. Not all investments will pay off – but at least you’ll be left with artwork that you love.
Choose art that speaks to you. If there is a certain artist that you like, begin by collecting their art. Likewise, if you enjoy a certain style of art, whether it be prints or original paintings, why not choose art in that style to begin with?
Picture how the art will look in your home. Will it fit above your fireplace? Will the colours match the interior of your home? Do you prefer simple designs or complicated imagery? Consider all of the above when you start collecting art, and pick pieces that match your personal preferences.
Visit Art Galleries
If you’re struggling with inspiration and aren’t sure what styles of art you enjoy, visit some art galleries. The more art you view, the more you will develop an understanding of your personal preferences.
Begin viewing exhibitions at art galleries and get to know the different styles of art, and develop your knowledge of the different artists, from emerging artists to blue-chip artists and Old Masters.
At many art galleries, you can not only view art but purchase it too. At Grove Gallery in London, you can invest in art with as little as £3,000 – and generate an average of 8% to 12% profit per year.
Work With An Art Advisor
The art market can be difficult to understand – with so many factors determining what makes a piece of art a good investment, it can be tough to know which art is worth buying.
An art advisor can help you to navigate the art market. Art advisors typically have a lot of experience in the art world and will have knowledge of the different styles of art and active artists in the art market.
Ultimately, an art advisor can advise you on the best art to purchase – which style of art, which artist, and the best time to buy the art. If you’re collecting art as an investment, an art advisor may also be able to help you sell the art at a later date for a profit.