Important things to know when collecting contemporary art

Are you a new art collector? If so, it’s important to understand the basics of buying and collecting contemporary art. This guide will help you learn all the essential information you need to know to ensure that your collection is one that you can be proud of.

The first step in any art purchase should always be research. Before making a purchase, it’s important to look into the artist, the artwork itself, and the market for contemporary art in general. Read up on the artist who created the piece and familiarize yourself with their work. Knowing who created the piece and what their style is will give you a better understanding of why it may be valuable. Additionally, researching the artwork itself can provide insight into its value as well. Finally, knowing what other buyers are paying for similar pieces can also help inform your decision on whether or not to make a purchase.

When buying art, it’s important to remember that there are more than just monetary costs associated with purchasing a piece. You should also factor in time spent looking at galleries and researching pieces; travel time if applicable; storage costs; insurance needs; shipping fees; framing; authentication fees; taxes; etc., depending on what works best for your collection. All of these costs add up quickly and shouldn’t be overlooked when considering an art purchase.

It’s also important to know what type of art you’re looking for before embarking on your search for pieces to add to your collection. Do you want sculptures? Paintings? Prints? Digital media? Knowing this ahead of time will save you time in your search process by focusing your efforts on specific types of works rather than trying to explore them all at once. Additionally, understanding which mediums interest you most can help you build relationships with artists who focus on those areas and find pieces that fit within your collection’s aesthetic goals more easily.

Collecting contemporary art is an exciting endeavor but it can also be daunting if you don’t have all the information necessary to make smart purchases. Fortunately, by doing research into both artists and pieces before making a purchase decision, understanding all associated costs involved in collecting contemporary art, and knowing ahead of time what type of artwork interests you most, collectors can make informed decisions that they’ll be proud to show off no matter where they choose to display their collections!