Investing in art can be personally satisfying and financially rewarding. These five tips will help you get the best of both worlds!
1. Go with your feelings your first impression and thoughts as you experience the piece… does it give you goose bumps? Do you know that you just can't live without it? Does it speak to you?" Pay attention to your feelings when you look at… Don't purchase a piece of artwork because it matches or because someone says it's an "important" piece of art. Instead, buy a great piece that you love and build a room around it. If you listen to your own internal and external reactions, you'll know when you find the right piece.
2. Ask questions. Interact directly with the artist. Study the artist's biography. Knowing some fundamental information about an artist can help you gauge their potential for growth and will often provide a deeper understanding of their work. It is also beneficial to get a feel for the artist's personality. Ask questions about the artist's chosen subject, inspiration and technique. If you buy the piece, you'll appreciate it even more.
3. Look for dedication, not education. When looking for a great doctor or lawyer, academic accreditation matters. When looking for great art, however, it is not as important. Artists whose work appreciates the fastest exhibit a strong work ethic and a lifelong dedication to producing great art. Find a unique, consistent style. A contemporary work of art that looks "just like" a Monet or Van Gogh, for example, might have aesthetic appeal, but will not prove to be "valuable" over time. Ultimately, you want to find an artist who can eventually be identified by his or her style (without looking at the signature).
4. Negotiate. If you find an artist whose work falls well within your budget, offer to buy multiple pieces at a discounted price. Alternately, you could suggest buying successive pieces over time for a predetermined amount.
5. Promote "your" artist after the deal is done. There is a direct correlation between the value of artwork and the name recognition of the artist who painted it. By encouraging others to explore "your" artist's work, you help increase the value of your personal collection.