Rules to observe when buying fine art.
-When you buy in an auction, put upfront a maximum bid you will not ignore at the last moment. It is easy to get too excited and loose control. -If you buy art to keep in your home, remember you will see it everyday, so it is better to buy art that charms your eye rather than buying as an investment. - Art from different periods can live together on your walls, but it could also be a sore for the eye, that’s why it is important to study the colors, the shapes, the subjects in comparison with your art already in place in your home. - Buying famous artists becomes unreachable for most collectors. But it is possible to buy drawings, studies, etc for important works by the artist. It is advised to remain on subjects that made the artist famous, rather than buy a cheap work from a youth period of an artist
- Pay attention to the provenance of an artwork. Was the artwork in important exhibitions? Was the artwork part of a famous collection? Is the artwork mentioned in art books or catalogs?
- Make your homework by navigating social media, does the contemporary artists posts on Facebook, Twitter, Instagram? The social media today is extremely important if you are interested in a contemporary artist. - Follow what is successful at the time. What is the trend? You can easily see where the interest of people is buy following auctions and compare the estimate price and the price at the hammer. Follow art magazines made by auction houses, independent art magazines etc
- Visit major art fairs, Basel, Miami etc. You will see what are the trends for the moment
- You will make mistakes, which is not so bad since you bought the artwork with your art. Also from the mistakes you will learn. Those mistakes may be used to exchange artworks with other collectors.
- Go to galleries, libraries, try to find artists before they get in the elevator to fame. Don’t buy art as an investment but spend money appropriately
Inspired by online article
Buy what you like but use your brain