Have you always wanted to start an art collection but didn’t know where to start or if it was right for you? Have you started collecting art but wanted to learn more about the process or looking for more guidance on where to go next? Art collecting and managing the art market scene can be daunting, but it doesn’t have to be. Follow these fundamental tips below for a successful art collecting journey regardless of your budget.

I. Define your goals

Before you start collecting, think about why you are interested in the first place as your objectives might dictate the trajectory of what you buy. Starting a collection for personal or aesthetic value as a hobby or to decorate your home or another space means you’ll want to look for art that you love and inspires you, not necessarily ones that follow trends or have high market value. On the other hand, if you are more interested in investing for later return profit, you might focus more on acclaimed and established artists and artworks that already have an extensive value.

When investing in art for financial gain, a great way to engage in market research is with the aid of an art dealer who has experience in dealing with the art you are interested in collecting. Follow art auctions such as Christie’s or Sotheby’s and look online at Artnet, Artprice, or Artsy for data on current trends. Examining annual reports and insights into global art market trends through sources such as Art Basel and UBS GLobal Art Markets Report will also provide helpful insight. Using these platforms can help you make informed decisions and maximize your investment in the art market.

II. Identify themes and consider what you love

Establish the categories and themes of your collection: will you only collect certain media like sculptures or paintings, perhaps only certain artists, or only certain themes like landscapes or abstract art? Regardless of what you decide, if you choose to follow a more niche set of art or go forth with no specific guidelines, you should always consider what you love, especially if this is a personal collection. When you are first starting out, think about art you’ve seen before and why you liked it or didn’t like it; are there any trends you can identify?

If you don’t know what you like, go to exhibitions, galleries, and art markets and fairs and see what speaks to you. Try not to act on impulse when buying but rather take the time to wait and see how you feel about a work later on. Follow your instincts, choose what stays with you and what you can’t stop thinking about. Collect what you love, what you connect with, and what is meaningful to you, and you can never go wrong.

Exterior of Serpentine Gallery, London. Courtesy of Hertford Street.

III. Set a budget

You don’t have to spend a lot of money to have an art collection, and nonetheless to start one.

Try to stick to your budget so collecting remains joyful, but also know that you can always ask to see if the seller will allow you to pay in installments. Also determine how your budget will function: for a couple months or a year or for single artworks or several? Your budget will help you stay on track but also help you consider what artwork matters most to you and how much you want it in your collection. Strive for quality over quantity too. Remember that less expensive does not mean less quality work.

IV. Keep space in mind

While building your collection, consider where it will be stored. If this is for a home or office space, remember how much room you have to display or store these works. Look at the sizes of the artwork you are interested in to confirm if it will be a good fit for your space.

V. Research and learn

Build an art history foundation so you can appreciate the value of art within society and culture as well as recognize certain techniques, movements, and styles. Learning more about the art market will help you contextualize your own collection within the art scene as well as better prepare you to make informed decisions. Educate yourself on the art you are seeking and collecting, knowing its context, who the artist is, what techniques were used, and the story of the art itself will elevate your connection with the works you collect.

Talk to professionals in the field of collecting, curating, and dealing to gain more insight and tips into managing the market and your collection. Getting to know local gallery owners could also help you learn more about upcoming artists. If you are bidding at an auction, research records of previous auction sales and investigate the price of similar works so you can make a reasonable bid.

Stay updated on market trends, engage with the art market, and learn valuable insights from experts by following these Instagram accounts. For established auction houses, follow @sothebys, @christiesinc, and @phillipsauction. For art news and market analysis, follow @artnet and @artsy. To see contemporary and modern art from leading galleries, follow @pacegallery, @hauserwirth, and @whitecube.

VI. Look everywhere

After setting a budget, doing research, and determining what you want to collect and why, it’s time to start viewing and establishing your collection. There are many places you can go: look for art often and everywhere you can. Explore the art world by going to local fairs, markets, exhibitions, and galleries. Pay attention to special events near you that host fairs and local artists as well. Make connections at these events and places to build your network and knowledge.

By looking at as much art as possible, you will not only further refine your taste but also familiarize yourself with local artists, perhaps finding artists who you want to follow to see more of their work. You will also be able to better contextualize and compare certain artists and art within the modern art scene. Follow those artists and more as well as auction houses such as Sotheby’s on social media to stay in the know about their newest creations and offerings.

Take advantage of art events and spaces when traveling as well, allowing you to experience new work in unique settings. Attend graduate shows, especially at recognized art schools, to observe the upcoming/emerging generation of artists who soon might be represented in established galleries. Build relationships with these artists as they continue to grow in their career.

Look online at galleries, major auction house websites, and other reputable sources. Online venues are great for comparing prices and artists as well as allowing you to refine searches for specifics.

Take every opportunity you can because you never know where your next find will come from.

The ADAA Art Show in New York. Courtesy of Surface.

VII. Decide what to collect

If you’re just starting, start small; remember that original one-off works will be more expensive. Keep a look out for emerging artists or graduates in the news or who are featured in exhibitions, museums, or solo shows, and purchase an original piece of their work. Examine their CV to see their portfolio accomplishments, residencies, and press coverage. As well as researching online, you can find out public reactions to their work on social media. You could be one of their first customers, and establishing yourself as one of their early collectors could prove valuable later in their career.

If you’ve found an artist or artwork you love but is out of your budget, another good place to start is with original prints which can often be more affordable when printed in larger quantities or in limited editions for emerging artists. Although they may not be the physical originals, limited editions still hold value as there are only so many of them available. Signed edition prints are also great investments especially as the artists’ reputation expands.

Photography prints, sculptures, and design objects might also be good media to explore when beginning and as more affordable options and as a way to build a more comprehensive portfolio.

If you have your eye on collecting from more major and recognized artists, look into their more minor works such as within their early career, smaller paintings, or works on paper like drawings.

VIII. Ask questions

Along with learning more about the context of the work and artist, reach out to the auction house, venue, artist, or gallery for a condition report as well as supplemental photos if necessary. Especially for online purchases, if you can, always try to see the work in person before you buy.

IX. Keep documentation

When purchasing a work, take good care of and hold onto the Certification of Authenticity. It is a vital record to prove the authenticity of the work. You will need it if you ever wish to sell or donate the work. Also, consider insuring your new acquisition to protect against damage, loss, theft or travel.

There are a lot of things to consider when starting and maintaining an art collection to make it a successful and rewarding experience. Wherever your collecting takes you, remember that this is your journey. Follow your heart, make your own decisions, know that you might make mistakes or change routes and that’s okay, ask questions, make connections, and learn as much as possible. Above all, enjoy it.

Sources:

Sotheby’s. “Specialist Tips for New Collectors.” Sothebys, 7 Aug. 2017, www.sothebys.com/en/articles/specialist-tips-for-new-collectors.

Millington, Ruth. “How to Start Collecting Art on a Budget.” Rise Art, Rise Art, www.riseart.com/guide/2317/how-to-start-an-art-collection-on-a-budget. Accessed 20 June 2024.

“How to Start an Art Collection: A Beginner’s Guide.” East End Arts, eastendarts.org/how-to-start-an-art-collection/. Accessed 20 June 2024.

Kelly, Brian P. “5 Tips for First-Time Art Collectors .” Artsy , 12 Aug. 2022, www.artsy.net/article/artsy-editorial-5-tips-first-time-art-collectors.

“5 Ways to Start Your Art Collection in 2024.” Artelier, Artelier, 15 Jan. 2024, www.artelier.com/post/5-ways-to-start-your-art-collection.

Burgess, P. “How to Start an Art Collection (7 Useful Tips, 3 Potentially Costly Mistakes) .” Masterworks, 2 Nov. 2023, insights.masterworks.com/art/irl/how-to-start-an-art-collection/.

A Beginner’s Guide to Art Collecting