Your goals in collecting art
Before you start with collecting art, it is important that you get a clear idea about the motivation behind your decision. This will help you to act goal-oriented and omit wrong decisions – even if your motivation should change with time and growing experience. This approach might appear to you as very methodical and you would likely prefer to begin more intuitively, but the more clearly you work out these points, the more satisfied you will be with the result.
a) For which reason do you want to collect art?
At first sight, the question appears easy. But finding an answer can be more difficult than it seems. Reasons for collecting art could be:
- I would like to buy some works for my home, because I believe that art creates an environment with an enjoyable atmosphere, one that will enrich my life.
- I would like to create a collection – e.g. photographs
- Art shall provide a higher status to my home/company
- I heard that art can be a good investment and therefore I would like to invest some money in it.
One aspect often dominates, but other points still vibrate in the background, less or more significantly. Get an understanding which is your chief motive and which other things are also important for you.
b) What kind of art would you like to collect?
The leading majority of would-be art collectors begin with the collecting of paintings, prints or photographs. Installations, sculptures and video-art will only be considered at a later point in the collector’s career – if at all. This is predominantly due to our personal access to art (we are more familiar with painting than with installations), not to mention their additional costs. “Space” circumstances also play a role: sculptures are coming into their own though, if they are properly positioned in the room and you can walk around them. The same is valid for installations, which are often times even larger.
c) What is your budget? How much do you have to spend?
Those that need to make tight calculations based upon their budget should not forget that in addition to the purchase price further costs for transport and possibly insurance and taxes will occur. For works on paper, the price for good framing can be a significant portion of its overall price; especially in the case of editions, which due to their comparatively low prices are often willingly sold in large size. A high quality framing (non-reflective and non transparent to UV) can easily cost $1000, or sometimes more.
From experience, collectors start to gather pieces very carefully and with a low budget. With a growing routine, the invested money also increases.