#artinhand

Research – Seriously, this is important. You should look in to things like – the art itself, artists, and the places where you should and shouldn’t buy. Sometimes places that you least expect can be the places with the greatest potential; lesser known auction houses, charity auctions and local art shows are great. Modern and social Art Apps like Dauble can be a great tool to begin your search, and to save and create collections to share.

Foster Connections – You’ve heard this one before; It’s all about who you know. The art world is no different.  Creating connections to seasoned art veterans can help you gain insight, and sometimes even a little inside information. Be an opportunist – introduce yourself to artists at events, and take time to speak with gallery owners and managers.

Turn Up Early – The early bird gets the worm. Arrive early at auction houses, galleries or installation spaces. This can give you an edge – you’ll have time to look at pieces first and see what is on offer; the condition the piece is in or any hidden gems to be uncovered. Plus, getting there early will often give you more of an opportunity to get one on one time with artists, curators and owners (as mentioned in point 2) before things get too hectic.

Check Prices – Value is in the eye of the client. You don’t need to accept the price from a dealer. Be bold!  Hustle your way to an affordable piece and create value. Check your own prices, use databases that allow you to observe the market and see how similar works are priced. Too many novice collectors get caught paying too much, don’t let that be you.

Set A Budget – In the beginning it will be difficult to spot what is worth the ‘$’ and what is not. There is no reason why you cannot start an art collection for less than $1000. Spending more doesn’t mean your collection is worth more. There are sharks out there, be wise and be cautious. Set a budget for your pieces and stick with it.

Start Small – Buying large/expensive pieces of art can lead to costly mistakes, especially if you don’t know what you are looking at. Hold off on making large purchases until you have more knowledge and know exactly what would complement your collection best. You’ll know when the time is right to splurge on your first ‘expensive piece’.

Get Around – If you always do what you’ve always done, you’ll only get what you’ve always got, sound familiar? Expand your mind and free yourself from tunnel vision. Art is about exploration – so explore any and every avenue for finding ‘diamonds in the rough’. The simplest of places can leave you inspired for your next piece or have hidden gems.  Robert Darville, a gentleman from England once bought a £30 ($46) job lot at his local auction house and in it was a small painting in a gold frame, 10 years later it was valued. The valuation established that it was a rural scene by John Constable and worth over £250,000 ($390,000).

Observe – Visit a few auction houses and don’t buy anything, just be an observer. They can be intimidating at first and this can lead you to rush into purchases and make decisions you will later regret. Being comfortable gives you greater perspective, and you’ll find as you attend more and more art events you’ll feel less anxiety, and you’ll be able to stay level headed and make rational and timely decisions. No one likes pressure – especially pressure to feel a part of a social setting and fit in.

Be Humble – Art (even valuable art) can be found in the simplest of places such as garage sales, second-hand shops or off the street.  As a collector, it is your responsibility to find it, so don’t start turning your nose up at lesser-known places because you never know what you are going to find.

Education Is Ongoing – Never stop learning. Art is moving at a rapid pace, and the art industry is so diverse. Educate yourself on the latest trends, and work on how you can understand true long term value. Very rarely can you flip a piece of art immediately.