According to recent research from Art Basel and UBS, young collectors are revolutionizing the art market. Despite the challenges of the last year, 70% of millennial collectors surveyed said they felt the pandemic had increased their interest in collecting art, and more than 60% said they were optimistic about the global art market’s performance over the next six and twelve months.
With passion and interest on the rise among emerging collectors, we interviewed gallerists, collectors, and art advisers working across the globe about the ins and outs of getting started. They kindly shared their behind-the-scenes tricks, tried-and-true advice, and some unexpected places to search for deals. Read on for their top tips on starting a collection of your own.
Yuli Yamagata, Caipira II, 2020. printed fabric, lycra, wire thread, rope, straw hat, silicon fiber, sewing thread. 56 × 62 × 8 cm. Courtesy the artist and Madragoa, Lisbon. Photo credit: Bruno Lopes
Buy with your eyes.
“Buy with your eyes, not your ears,” Matteo Consonni, the co-founder of Galeria Madragoa
in Lisbon, urges. “That is, don’t follow temporary trends. Don’t buy what others buy just because they’re buying it. Make your very own mistakes that you will be able to learn from over time.”
Georgina Cohen, Director: Gagosian
Do your research.
“I think finding someone you trust who can help give you their time and knowledge is a good place to start,” Georgina Cohen, Director of Gagosian, tells us. “To begin, visit lots of exhibitions at both galleries and institutions, read auction catalogues back to back--these are good ways to understand what you find most appealing and to educate yourself on the market and what’s happening.
“Consider becoming a patron of the RA [Royal Academy of Arts], which has a fantastic programme and is an artist led institution. There can be an overwhelming amount to absorb , especially when currently everyone seems to be doing things virtually, but take your time and buy what you love. Usually, this is pretty instinctive (trust that), and most of all, remember to enjoy the experience.
Attend degree shows and smaller auctions.
“Degree shows are a good way to find some hidden gems,” Cohen adds. “Also, keep an eye on auctions too--not just the main ones but smaller, less high profile ones too. You can pick up some really great things at good prices.”
Hand to Hand by James Ulmer, from the collection of Daniel Turriani (@danielturriani).
Follow smaller galleries.
“Be curious,” Daniel Turriani, the founding director at JT Art Asset, advises. “Check the programs of several galleries--not only the big ones but also the smaller ones. There are so many good ones all over the world that work with great passion and dedication and represent talented young artists.
“Sign up to receive news from websites such as Artnet, Artsy, etc, as they often feature interesting emerging artists. Check Instagram, too; we live in a digital era, so with a few clicks, you can discover and communicate with artists all over the world. It’s one of my favorite places to discover art.”
Talk to the artists.
“You need to buy with your heart, so if you can, try to talk with the artists themselves,” Turriani adds. “Try to understand the message behind their art. I think the biggest mistake is to buy an artist hoping he or she will be the next best thing and double/treble your money in the short term.
“If you buy art you feel connected with on a personal or spiritual level, you can never go wrong. If the artist you picked will increase in value with time, that would be a bonus; if not, you live with something you like and feel connected with.”
Stefan Benchoam. Photo: Alan Benchoam
Stay up-to-date on emerging artists.
“Do your research to find great galleries, with proven track records, that take risks and work with emerging artists,” the curator and artist Stefan Benchoam suggests. “Pay close attention to their program, and keep an eye out for their announcements of newly represented artists, as this would be a good moment to acquire their work.
“If the gallery is a serious one, they would have done a good amount of research on the artists before announcing representation, and their support for the artist should increase the artist’s visibility and value over time.”
Stay open-minded.
“Great art can appear in the most unexpected of places,” Benchoam explains. “One of the most important things one can do when looking at art--any type of art, under any type of circumstance--is to keep a fresh and open mindset, irrespective of the context under which the art is being seen.
“Whether you are encountering art in a museum or gallery, a flea market, social media, or even through an artist who is selling their work on the street, history has taught us that one never really knows exactly how the next great artist will make his or her way into the canon.”
From the collection of Andi Potamkin: ‘Kambulo and Kapada (They Start the Dance),’ Makishi Masquerade, Kaoma, Zambia by Phyllis Galembo, 2007. From the book Maske, reprinted by Aperture.
Browse fairs.
“One of my favorite pastimes is exploring art fairs with my friends,” Andi Potamkin, Collector and Trustee of the Institute of Contemporary Art Miami, says. “There are art fairs year-round, and if you can't go in-person, you can see most online.
“Even if you don't see a single thing you like, the experience is always fun, and art is the best prompt for conversation. So make a day of it and see what you find. Don't rush or put too much pressure on yourself, or you'll end up with a piece that you feel lukewarm about, and that is a very unfortunate thing.”
Do it for more than the money.
“Unless you are buying works by an artist with a proven secondary market, do not buy pieces with hopes of reselling for a profit,” Potamkin adds. “Don't even expect to recoup what you've spent on the piece with a resale. Every so often, lightning strikes, and the value of a new artist's work skyrockets--but that is not the norm and it doesn't always last.
“Collecting emerging art is romantic; it's thrilling. Emerging art is not an ‘asset’ which is guaranteed to accrue value, though many people present it as such. Avoid this by only buying treasures that you want to live with for a very long time.”
Pacifico Silano. The Meat Rack, 2018. Archival inkjet print 20 × 16 in, purchased by Candice Madey last year
Take the leap.
“The advice I always give new collectors is not to overthink your first purchase--or second,” the gallerist Candice Madey tells us. “Just make the leap, and buy something. In time, you will learn about your tastes and yourself through the process.
“If your budget is small, no problem. If you see a painting you love but it costs too much, ask the gallery if the artist makes drawings. They tend to cost less. You can ask for a payment schedule.
“I bought my first work from the Ohio Art League for $300 when I was 19 years old. It's a beautiful and strange gouache on paper, and I still love it. It's a work unlike anything I have encountered since. I've grown since then; these purchases represent a particular time of your life.”
Connect with a non-profit.
“Non-profit organizations that exist for the purpose of giving back to your community by connecting artists with collectors exist in every major city across the country,” Bryan Hoffman, the co-founder of HOT•BED gallery, studio, and event space in Philadelphia explains. “Get connected with them and support them. In Philadelphia, I will give out a specific shout out to InLiquid, Da Vinci Art Alliance, and The Fleisher Art Memorial.”
Only buy what you have space for.
“A common mistake is acquiring work that you don’t have a place for,” Hoffman tells us. “The work ends up unseen, forgotten, and not appreciated. If it happens, don’t worry about it. Practice the art of letting things go.”
Clare Rojas. Bending Light, Bending Flight, 2020. Acrylic on panel. Framed: 58 x 66 x 2 1/2 inches, courtesy Jessica Silverman
Browse online.
“Now is a great time to see as much work as possible through online viewing rooms, art fairs, and PDF's,” Jessica Silverman of the San Francisco gallery tells us. “Galleries and artists are making a concerted effort to bring transparency and access to information, artists, and prices. Take an opportunity to listen to artists speak, engage in virtual studio visits, and join virtual walkthroughs.”
Yann Lacroix, Cocoa, 2019, oil on canvas, 146 x 114 cm. Courtesy the artist & Galerie Anne-Sarah Bénichou
Form a group.
“One original way to start a collection could be to create a group of emerging collectors,” Anne-Sarah Bénichou of Galerie Anne-Sarah Bénichou in Paris says. “It reduces the investment at the beginning. You buy with several other persons and then allocate the pieces of art according to what everyone likes. Meeting people with a common interest is always a good idea when you want to gain knowledge and expertise.
“Building and growing an art collection takes time, so it is important to build trusting relationships with gallerists, artists, and other collectors. I also recommend starting a collection with smaller prices. It reduces the risk of having regrets, as well as the financial commitment. The stakes are lower, which leaves less room for remorse.”
Photo courtesy Andrew Edlin Gallery
Invest in an artist you love.
“Buy multiple pieces by individual artists, and try to get the best ones you can afford,” Andrew Edlin of Andrew Edlin Gallery in New York suggests. “The more you collect an artist's work in depth, the more serious and respected you will become, leading to better opportunities to get more great works.
“Another good tip is to understand why a certain artist is respected or sought after by writers and collectors. Get deep into that artist and try to crack his or her code. Also, when you purchase work, make the transaction easy and, of course, pay quickly! If you show good faith and don’t
come across as a lowballer, it’s more likely you will get opportunities to purchase the best works by the most sought after artists.”
Photo courtesy www.nyartconsultant.com (@ny_art_consultant)
Start with a theme.
“I like eclectic collections that allow for everything, from interactive new media to more traditional representational work,” Jason Patrick Voegele, the founder of Republic Worldwide Fine Art & Logistics and NY Art Consultant and co-founder of The Lodge Gallery, tells us.
“As long as there is a deeper concept tying it all together, there is an opportunity to grow something new. It’s those sorts of collections you’ll find almost hidden away up in the penthouse apartments overlooking Park Ave or filling the hallways and living rooms of brownstones from Harlem to Brooklyn.
Ask questions.
“In my experience, the most common mistake emerging collectors make is to forget the post-sale logistics required to frame, transport, install, insure, and maintain his or her acquisition--especially in the world of contemporary photography or digital art, where the
mounting, framing, or presentation device can sometimes cost nearly the price of the artwork itself,” Voegele says.
“The only real way to avoid these complications is to do your research and ask as many questions of the gallery, dealer, or auction house as you can think of before closing the deal.”
Rico Weber. Fuego, 2000. signed & dated. Acrylic resin, silicone, metal, photo print. 52 x 76 x 3 cm., courtesy Galerie Maria Bernheim
Buy work that challenges you.
“Don’t look for decoration,” Maria Bernheim, the owner of Galerie Maria Bernheim in Zurich, tells us. “Look for things that make you uncomfortable, that make you think, that make you reconsider every life choice you've made so far.”
Take your time.
“Take your time: there is no rate of speed by which you should collect,” the international broadcaster James Chau says. “If you can, acquire a few pieces with no particular intent, and gradually you will understand what it is you are drawn to.
“As you go, think about the arc you are creating with this group of works and how it relates to you or the context of the times in which we live. For example, the pieces I have tend to veer towards my personal interests, such as historical events that convey social significance.
“A 'collection' suggests two or more pieces—and usually more--and these take time. Don't believe in the hype; travel quietly along.”
Of course, like everything else, the art world is turned upside-down at the moment, and it's not always possible to attend auctions or gallery openings. But thanks to advancements like augmented reality Live Preview you can still see artwork as it would look in your own home. And you can still buy original art and fine art prints directly from the artist.
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