Article: So how exactly, does one become the next Warren Buffett of art?
Becoming a savvy collector\investor is an art in itself. The first and most obvious tip is to look for something that
you find beautiful and inspires you. After all, you are collecting and
investing in art, not foreign currencies or commodity futures. You are
collecting art because art is dynamic, art is vibrant, art is rich.
Investing in art should be fun. So look first for something that you can
enjoy owning and viewing for however long you choose to keep your
investment art piece.
Conner Lopez
Team Editor:NativeMotif.com
Next look
at uniqueness of the piece. Every piece is unique artistically, but
what makes your investment candidate different from other pieces? It may
be the individual piece itself or the scarcity of a set. Whether
investing in a single piece or one of a set, always try and secure a
certificate authenticity if offered.
A limited edition set has specific
properties. Since most limited sets are nearly identical, today’s
artists use the numbering system to assign and authenticate a size of a
limited edition. Although technology now generally allows for identical
prints in a limited set (say of 200), typically a lowered number print
within this set is more highly desired and thus more likely to be a
greater value.
The very first few in a limited edition set are sometimes called
artists proofs. These are supposed to be selected by the artists
themselves as the best of the set, the highest quality and best
representations of the original. Artists proofs are even more highly
desired and if you are lucky enough to get one of these of a popular
artist, hold on to it!
You
want the physical quality of your art piece to be as high as possible.
In every collectible item, condition is paramount to value. Each piece
should be inspected closely prior to purchase. Some art pieces may be
older and have had several different owners. This increases the
likelihood of damage, so examine an artwork carefully by looking for
flaws such as scratches, dents, tears, etc. If an art piece is being
sold online and you cannot see it in person before purchase, ask for
multiple close up pictures at many angles. Any flaw should be fully
disclosed by any reputable seller. Importance of condition can never be
understated, it is a key factor in the determined value of any collectible.
Finding a proper frame is crucial for protecting and augmenting the
look of your art. Art is sold both framed and unframed. The advantage of
an unframed print is that you can choose to customize a frame to your
exact specifications. Buying a framed print eliminates a step and can be
less expensive. Either way, most investors/collectors will want a frame
to protect and display their artwork investment. There are many options
including special glass with ultra violet protection etc.
How does one know which art investment will increase in value, will
make someone the next Warren Buffett of art? While no one can ever REALLY
know, what you can do is dramatically increase the likelihood of
owning a piece that will increase in value. Choosing the right artist is
the single most important decision you will have to make.
An artist with the most publicity is going
to be the one with the most potential for future value. The more
publications they are mentioned in the better. The longer they have been
a successful artist the better. The more awards, organizations, and
galleries the artist has been a part of, the more likely their artworks
will be valuable.
With future value in mind, there is always going to be an element of
risk involved. This is why an art investor should never look SOLELY at
the potential profit an art piece may win, but at the artwork as a whole. The
trickiest part, and most fun, is identifying an artist that has
undiscovered talent. This is why the best part of your art collection
may indeed be the work of an artist whose received neither awards nor recognition other than that of your own deft eye. Don’t be afraid to buy an artist's work
just because you haven’t heard of them… yet.
So challenge yourself, elevate yourself from art fan to art
aficionado, from art enthusiast to art investor, from investor
to…expert.
Who knows? You may be about to buy the piece that will have everyone
calling you one anyway some day.
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