How to Become a Collector of Contemporary Art
Tips for Building an Emerging Art Collection as a Savvy Art Buyer
Feb 2, 2009
You don’t need to be in a major metropolitan area to have heard of the trend of artist-run galleries and new collectors popping up in the most unexpected places. Whether you feel the process of buying art is heady and mysterious, or you just don’t know how to go about buying emerging art, this overview will clear up any misconceptions and provide you with art-buying etiquette.
First, the reasons behind collecting “emerging” art, (that is, new, not yet well known and sometimes local art). There are many reasons that drive people to collect or invest in emerging art. Of them, affordability, instantaneous attraction, and savvy investments (i.e. buying before the artist can demand higher prices) top the list.
For the purpose of this primer, the focus is on buying for the first two reasons, assuming you are a new buyer. Keep in mind that these reasons are very different from major art investments on a larger scale that take place in auction houses like Sotheby’s or Christie’s, and actually are inclusive to a larger, more diverse audience base with a large buying range and are less complex.
New Art, New Audience, New Economy
The audience that typically collects new or emerging artists is of all age ranges and economic makeup. This is because one can pick up a painting for $50-$2,500, a drawing from $20-$2,000, or even a sculpture in the same dollar range, which covers a rather wide margin of economic power. This level of flexibility makes the possibility of becoming an art buyer more feasible and approachable for almost anyone, as well as a lot more spontaneous.
As a first-time art buyer or collector in the emerging art world, if you are buying for attraction, pleasure, décor, (or any reason that does not suppose or bet on the growth pattern of a certain artist), it’s a good idea to scope out local galleries which host a large range of esthetics. Most cities host art walks or a once a month event where all galleries stay open late which provides a good time to become familiar with what type of galleries and work are available. Since most galleries have websites with images and an exhibition archive, a small amount of research can help you see what galleries exhibit art you would be interested in.
Best Etiquette: You, the Gallerist, and the Artist
If you attend an opening and find a piece you are interested in purchasing, rather than blatantly asking the gallerist for the price, which could lead to an awkward situation, look (or ask) for the price list which should be highly visible at the front desk or very obviously attached to a wall.
If you are certain that you want to purchase a particular piece, find the gallerist and close the deal with them verbally. Though it’s not the end of the world, its in bad taste to ask the exhibiting artist about pricing and buying unless you know them personally. Keep in mind that the gallery puts forth a great deal of work and expense to exhibit the work of artists and it’s the gallery that handles the buying process, not the artist.
Forget Bargaining, Creative Buying is the Solution
Finally, a smaller gallery that works with emerging or new artists is a situation where it’s truly in bad taste to try and “bargain” for a lower price, and you most definitely will receive a bad reception for such tactics. However, most galleries absolutely welcome payment plans if the piece you desire is just outside a one-time purchase for you economically.
Ask to put a deposit down on the piece anywhere from a quarter to one-half of the selling price with the understanding that you will pay the remainder within thirty days (or the negotiated timeframe) at which time you can pick up the piece. Remember, if you buy a piece out right, that in most usual cases you will take the piece home at the conclusion of the exhibition, not on the spot. Welcome to the exciting world of collecting emerging art!
