A Basic Guide To Buying Fine Art
The art world has started to open up to the marvels of technology and it is now easier to buy fine art. Social media has opened the way that artists can communicate with followers and potential buyers and there is more transparency in the art world than ever before. If you are thinking about buying fine art, there are some facts that you need to know and some steps that you need to take.
Fine Art Is More Than Old Art
A lot of people associate fine art with old art from the Renaissance and Baroque periods. However, fine art transcends these times and could be created by a modern artist. All that is needed to create fine art is skill with the medium being used and recognition of this skill.
In the past, fine art was limited to 5 categories of art which were paintings, sculpture, music, poetry, and architecture. Today, this has been broadened and now includes film, photography, video production, conceptual art, and printmaking. This broadening of fine art makes it easier for people to invest in this type of art and ensures that all skilled artists are recognized.
When you look at buying fine art, you need to keep this broad categorization in mind. The amazing landscape that you see in an art gallery is just as much fine art as a painting by Antoine Watteau. Being able to look at different types of art mediums ensure that you are able to find the fine art that connects with you the most.
Survey The Art Landscape
Before you start looking for art to buy, you need to look at the art market and the art landscape. Going to as many galleries and museums as you can is a good start. While you explore these hubs of art, you should take note of the artists and movements that draw you in. Being able to connect with the art that you buy is important because you will be able to get this connection every time you look at it.
If you do not have the time to visit a lot of galleries and museums, there are online galleries that you can try as well. The Google Art Project is an excellent way to look at different art from the comfort of your home. When you look at the art, you should also note down what attracts you the most.
When you are ready to buy, it is recommended that you start with prints and drawings. This is a good way to become used to the sourcing and bidding process of art auctions. If you do not have a specific artist in mind when you start, you should look at themed collections. These collections could offer a range of drawings or prints of historic buildings or French still life paintings.
Always Do Your Homework
Once you know who and what you are interested in, you need to do some research. You have to look at the artists that appeal to you and see if there are any similar works from the same genre. Exhibition catalogs are a great starting point for this as the texts will be created by the museum or gallery and include a lot of expert knowledge.
There are also a number of art news outlets that you should look into. These news outlets will be online and will help you get to know the art world better. Many of them will also offer daily updates on the art world.
Know Your Price
Online databases need to be used to look at price points. These databases will tell you the prices that were paid for similar works and will give you an idea of whether or not the artist is within your budget. It is important to note that older art will generally be more expensive particularly if it is by a well-known artist.
This does not mean that modern fine art is not expensive. There are some modern pieces that sell for more than older pieces and you need to be aware of this. Knowing how much you have to spend on art is important because you should never go over your budget.
What To Know When Buying From Online Auctions
Online marketplaces have made fine art more accessible, but you still need to be careful. With these marketplaces, you will not be able to inspect the art in person and this can lead to problems. There are a number of points that you have to consider when using this type of marketplace.
The first is to request and review the documents pertaining to the piece of art that you want to buy. You should look at what the document says and if this proves anything. You should also research if the sources of the document are credible.
If applicable, you will need to find out who has authenticated the work. This is particularly important if you are going to be buying art by an artist who is now deceased. You should find out who paid for the authentication and if there is a warranty on the authentication. The warranty is important because it will protect you if the authentication is later found to be false.
You should also find out about the provenance of the art and if it has been restored at all. The provenance will tell you who owned the art and if ownership can be traced back to the artist. If the piece has been restored it may differ to the original form.
Once you have all the information about the piece of art, you need to register to bid several days before the auction. Every auction house will have their own requirements for registration and some of them can take a few days to be completed.
While you are registering, you should look at the terms and conditions of the auction. You need to find out how the auction house handles taxes and if there is going to be a buyer’s premium added to the hammer price. You also need to find out how your art will be shipped if you win it.
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