How to become an art collector

ONE STEP AT A TIME

Just as a journey of a thousand miles begins with a single step, an art collection begins with a single painting.

Almost everyone feels the need to have some artwork at home or in the office. Some people opt for photographs of their loved ones, others for posters by famous artists, others for purely decorative art from Ikea or Costco. Fewer people are interested in original art, because originals usually cost more than reproductions. Moreover, quality originals cost a lot more than amateur paintings that are not investment grade. In our experience, however, original art brings joy, and people who buy one original painting usually end up buying many more, simply because of the joy of owning something beautiful and special.

Collecting doesn’t have to be expensive. Often, when dealing directly with an artist, you can negotiate the price or purchase a painting in payments. When dealing with emerging artists, a bartering system often works – you could trade a painting for a piece of furniture, for example. More ambitious collectors can propose to buy in bulk and get a discount price or an extra freebie painting when buying several.

We know of a collector who amassed a huge and valuable collection by buying multiple paintings at a bulk discount and then paying them off over the course of a year or two. Another collector took a different approach, buying one or two artworks several times a year and doing so consistently. Over a number of years, she has built up an impressive collection of antique paintings. A collector who is a dentist traded dental work for paintings. Twenty years later, one of his artworks is worth over ten million dollars. As you can see, there is no wrong way to collect. Just purchase quality art from reputable dealers or directly from artists in order to avoid fakes. Once you get started you will enjoy it so much that you will not want to stop!