The art world has evolved and continues to develop, offering diverse styles and techniques that inspire collectors of all levels. Artelier, a renowned art consultancy and advisory firm, emphasises that building an art portfolio is a complex and lengthy process which can feel daunting for both new and experienced collectors.
To avoid feeling overwhelmed, it is crucial to consider your primary motivations for collecting art, and have a game plan on how you will build your art collection. This guide was written to teach aspiring collectors like you how to start collecting art.
Before we examine the process of collecting art, let us first answer the question: Why collect art?
Art is increasingly viewed as a valuable asset that can appreciate over time. This is especially true for collectors who acquire artworks as a form of financial investment. According to a report by Deloitte, a multinational professional services network, in 2022, the wealth of ultra-high net worth individuals (UHNWIs) associated with art and collectables was estimated at $2.174 trillion, with projections indicating it could rise to approximately $2.861 trillion by 2026.
Besides financial gain, there are also other factors that drive collectors like you to grow their art collection such as personal enjoyment, or social connections. Regardless of your primary motivations, the step-by-step art collection guide below will be beneficial for you.
- Define Your Goals
- Set Your Budget
- Identify Your Art Preferences
- Experience Art in Physical or Virtual Spaces
- Expand Your Knowledge of Art
- Document Your Art Collection
- Seek Advice from Experts
How to Start Collecting Art: Step-by-Step Guide
The Poster Club, an online marketplace for art lovers, believes that collecting art is about curating a collection that showcases your distinct style and personal taste. In this section, we’ll explore the steps in building your art collection.
1. Define Your Goals
Before embarking on art collecting, it's crucial to understand the motivations behind your desire to collect. This will help you focus on acquiring artworks that align with your goals.
Buy Art for Financial Gain
If you aim to invest in artwork with high returns, consider focusing on mid-career artists with established track record in the art scene. However, Artelier advises that purchasing art as an investment is best suited for experienced collectors, as the art market carries inherent risks. If you’re not careful, you may end up with more liabilities than assets.
Collect Art for Personal Enjoyment
You might collect art out of personal interest, deriving satisfaction from discovering unique and valuable pieces that reflect your taste, aesthetic appreciation, or the thrill of the hunt. Faster Capital notes that discovering a valuable item feels like hitting the jackpot. This quest is filled with excitement and dedication, with each find symbolising a unique treasure and reflecting a collector's passion for the pursuit of those rare pieces to add to their collection.
Curate Art for Social Connection
Aaron Hertzman from Adobe Research says that art is a social phenomenon that impacts relationships through the creation and purchase of it. Hertzmann added that art can connect you with the creator’s experiences, and purchasing it allows for preserving the experience. It can also showcase your personality, taste, and wealth when displayed.
Nonetheless, defining your goals will help you navigate the art market, ensuring that your collection is both rewarding and fulfilling, whether for financial gain, personal enjoyment, or social connection.
2. Set Your Budget
Art can be expensive, so it’s essential to understand how much you’re willing to spend. Start by conducting initial market research through online galleries, attending art fairs, or consulting with an art advisor. This can help you gain insight into pricing, allowing you to set a realistic budget and make informed purchasing decisions.
According to Rise Art, a renowned art gallery, collectors on a budget should consider purchasing a small original painting from an emerging artist. Investing in works by new artists can position you among their early collectors. With some luck, it could become a valuable investment over time.
3. Identify Your Art Preferences
Selecting art is driven by personal preferences, so identifying what you like is essential before making a purchase.
You might be asking, what are the different types of art collections? Art encompasses a variety of forms and mediums, each with its unique characteristics. According to Britannica, art collections are categorised into the following types:
Visual Arts
Visual arts are a genre of art that communicates messages, meanings, and emotions through visual means. This can take the form of various mediums such as painting, sculpture, drawing, and photography, as highlighted by Britannica.
In addition, these are the arts that engage the eye and stir emotions through the display of skill and creativity. They can also showcase different beliefs of the artist that resonates with the viewer such as political, sociocultural or historical.
Literary Arts
The literary arts refer to works that fall under literature, encompassing genres such as poetry, prose, drama, essay, and storytelling. According to the National Endowment for the Arts, a federal agency supporting the art sector, this type of art inspires, enriches, educates and entertains you.
Additionally, it evokes emotions and explores ideas through words and storytelling, highlighting the beauty and joy found in language. Collectors of the literary arts live their lives in pursuit of rare published or unpublished works of famous (and sometimes infamous) authors. Take Tom Wayling, for example, whose collection boasts rare signed copies from JRR Tolkien, author of the “Lord of Rings” trilogy, and a copy of “The Historie Of Scotland During The Minority Of King James” from 1646 that values at £2,500.00.
Digital Art
Digital art is defined by Tate, a prestigious art gallery in London, as artwork created or presented using digital technologies such as computers, software, and other electronic devices. This category includes a variety of formats, from animations and photographs to illustrations and videos.
This type of art demonstrates skill and creativity by utilising modern tools to explore and express artistic vision in new and innovative ways.
Understanding your tastes and interests will help you focus on the genres and mediums that resonate with you.
4. Experience Art in Physical or Virtual Spaces
Building on the previous step, exploring art galleries is an effective way to discover what kind of art interests you. Immersing yourself in different art environments will help refine your preferences and identify the styles and mediums that resonate with you. Here are some of the ways to discover art collection:
Art Gallery
An art gallery is a venue for showcasing and selling artworks. As a commercial enterprise, it manages a portfolio of artists, acting as a dealer by representing, supporting, and distributing their work, according to a publisher of contemporary art, Contemporary Art Issue.
One of the most famous art galleries in the United Kingdom (UK) is The National Gallery, which houses over 2,300 paintings spanning from the 13th century onwards.
Art Fair
The art fair is a booth-style convention that features a range of galleries, collectives, curators, and independent artists, allowing them to display their art to local and international collectors for potential purchase.
The London Art Fair is an excellent example of an art fair that presents modern and contemporary art galleries from around the world.
Online Art Gallery
An online art gallery is a platform that showcases art for public viewing, purchase, and appreciation. It includes diverse art forms such as paintings, sculptures, photography, and digital art.
The Rose Gallery is a leading independent online art gallery featuring original artworks and limited edition prints by chosen British and International artists.
The more you engage with art, the more you notice variations in techniques, styles, and mediums. East End Arts added that you will begin to recognise artists by their work and develop a clear understanding of the art you love once you experience art either online or offline.
5. Expand Your Knowledge of Art
Expanding your knowledge of art, particularly in art appreciation, is a way to deepen your understanding and enjoyment of art. A local news source, Hometown Life, says that art is not just about its visual appeal; it is intended to stimulate thought, inviting you to connect with your emotions and draw on personal experiences as you interact with it.
For example, when observing a painting, try to recognise symbols or subtle details that may convey deeper themes or messages.
Whether it’s interpreting the use of colour, identifying recurring motifs, or recognising the influence of an artist’s personal experiences on their work, these elements can foster a deeper connection with the art.
6. Document Your Art Collection
Documenting your art collection is essential for easy access to information. This includes recording details such as the artist's name, title of the piece, date of creation, medium, and dimensions.
Additionally, storing important documents like certificates of authenticity, receipts, and other files that verify ownership and provenance helps protect your collection. This ensures you have the necessary paperwork for insurance, appraisals, and future sales or transfers.
Listed below are methods for documenting your art collection:
- Pen and Paper: This traditional method involves writing down details about each artwork using pen and paper.
- Spreadsheet: This method uses tools like Microsoft Excel or Google Spreadsheets to automate recording and organising art collections. You can create custom columns and use features like sorting and filtering to access and update information.
- Asset Management Software: This advanced method utilises specialised software for managing art collections. It features data importing for streamlined detail entry and provides secure storage for all information and important documents.
Knowing how to keep track of your collection is essential to prevent issues like loss or mismanagement. Whether you catalogue information using traditional methods or opt for digital solutions, having a systematic approach ensures that all details are recorded and accessible.
7. Seek Advice from Experts
Connecting with individuals who have experience and expertise in the art world can enhance the process of building a collection. Whether seasoned collectors or professional art advisors, these experts can provide valuable insights and guidance.
Experienced collectors can provide advice on building and managing art collections as well as connecting with artists and dealers. They grant access to exclusive opportunities like insider information on upcoming auctions or sales.
On the other hand, Artelier stated that art advisors serve as consultants, assisting in selecting artworks and guiding the purchase of pieces that align with your preferences. They can also function as appraisers and auction specialists for clients prioritising art as an investment.
Curate Your Personal Art Gallery
Learning how to start collecting art is a complex process that involves understanding your preferences, setting a budget, and making informed decisions. These steps not only introduce you to the art world but also help you uncover and refine your interests.
Fortunately, tools like asset management software and spreadsheets simplify the process of cataloguing, tracking, and organising your art collection. Art advisors provide valuable insights and guidance. Together, this supports building a meaningful and valuable art collection.
Collecting Art: Frequently Asked Questions
1. What makes an art collection?
According to an art advisory firm, The Nomad Salon, an exceptional art collection should feature a variety of styles, mediums, and historical periods. This diversity enriches your understanding of art history and cultural contexts, offering a more comprehensive and intricate perspective.
2. How do I make a private art collection?
To start building a private art collection, first, define a theme that aligns with your interests and consider your space and budget limitations. Research artists and mediums and consult with art specialists for market insights. Acquire pieces gradually, ensuring each one fits your collection's vision.
3. How to buy art in your 20s?
According to Artspan, a nonprofit organization producing artist-open studio events, stay open to discovering unique, one-of-a-kind pieces that resonate with you. Starting with a few distinctive and smaller works can lay a solid foundation for your collection.
Catalogue Your Art Collection with MyAssets
Starting an art collection can be both challenging and rewarding. With the right tools and strategies, you can streamline the process and manage your art collection more effectively.
MyAssets offers user-friendly software designed to help you catalogue your collection, including details like title, artist name, and purchase date, and even store important documents like certificates of authenticity.
You can also organise your art collection with MyAssets by sorting items into themes, mediums, or other categories for effortless data retrieval and reports generation.
Take the first step towards a well-organised collection at: app.myassets.com
