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How to build an art collection on a budget

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If you’re aspiring to build a collection of art but don’t have millions of dollars in the bank to spare, don’t worry.

Art collecting may be a popular interest for wealthy elites, but that doesn’t mean you can’t build your own art collection on a much smaller budget.

Here is a guide on how you can start building your art collection without forking out too much money. 

 

 

What is an art collection?

An art collection is a body of art you own that should speak to your individual taste in art.

As a starting point, your art collection should reflect a cohesive style or interest.

Think about an art movement or art style that speaks to you, or more broadly, a place or theme that’s personal to you.

A good benchmark to ask yourself is: can you see all of your art being displayed in the same home?

A good art collection should reflect you as a person.

An art collection shouldn’t be defined by artists who are well-known or trendy.

Often, artists who are household names have works priced at exorbitant amounts that aren’t proportionate to the quality or skill of their art.

A Basquiat or a Rembrandt painting will easily fetch millions at art auctions – because at that point, people are buying art for the name, and for the bragging rights, rather than the artwork itself.

As much as I love Basquiat, I simply don’t believe that a single piece of his art is genuinely worth $45.6 million.

And I also don’t believe that the artist would’ve wanted his work to turn into something exclusively owned by wealthy elites, either.

So if you are going to venture into the art space, don’t follow the trend of collecting artists you know.

Only buy what you love.

Start with collecting prints

Prints are a much more affordable purchase compared to paintings, and they can be a great place to start when you’re on a budget.

A lot of artists will sell limited edition prints of their original work, which allows you to own a piece of art that is still fairly exclusive.

On top of their accessible price point, prints are also easy to frame, display and store, making them a great option for art collectors who are just starting out.

visit your local art galleries

These are the smaller galleries that exhibit art for sale.

While some of the art you see in galleries will inevitably be above your price point, visiting these galleries can help you build exposure to new artists and develop your own artistic style.

You could also let the gallerist know what you’re in the market for, and ask if they have suggestions on what to buy with your budget.

If there is a piece you like, don’t be afraid to ask the gallerist if the price is negotiable at all.

It’s also a good idea to visit the local art galleries in different cities when you are travelling. This is a good way of finding unique artists whose work you would most likely never otherwise come across.

New York City, for example, has several artsy neighborhoods worth visiting. The art galleries in Chelsea can be a little highbrow, but there are also galleries in the Lower East Side and the Soho/Tribeca districts with more accessible art pieces.

Browse online art marketplaces

An excellent place to start is Artsy – an online art marketplace with a large collection of contemporary art listed by various galleries. This is a great way to browse the works exhibited in art galleries that you can’t visit in person. The artworks listed on Artsy can be quite pricy, but it’s still a good place to browse for rising artists.

If you do find something that you’re considering purchasing on Artsy, I encourage you to reach out to the gallery directly first.

Ask them about the piece you saw, and whether they can give you a good price. Art marketplaces take a cut of the sale, so speaking directly to the gallery might mean that you can get a better rate for the art you want to buy.

Etsy is another great place to look for art by smaller artists. It’s a less prestigious and curated platform, but still a great starting point for new art collectors who aren’t too fussed with collecting gallery-level artworks.

Etsy is also a great marketplace to use if you already have a specific type of art in mind, or if you’re after something customizable. On Etsy, you can reach out directly to artists and request artwork tailored to you.

Visit local art fairs and markets

At art fairs and neighborhood markets, you will find stalls set up by artists looking to sell their work and gain traction on their profiles.  

I’ll be honest – smaller art fairs and markets can sometimes attract art that feels more ‘arts and crafts’ and hobbyist, rather than art created by a professional artist. A lot of the time, you’ll find amateur artists with less unique works being sold here.

But while this is a less prestigious avenue than galleries, you can still find hidden gems from new artists working to build their customer base.

Outside of the formal environment of art galleries, prices get much more affordable, so this is a great place to start if your budget is tight.

Where possible, try to see the art in person before you buy.

Viewing art is a very visual experience.

Seeing an image of the artwork on a phone or computer can be quite different from actually seeing the physical art in front of you, displayed on a wall. Many artworks will look far more commanding and impressive when viewed in person, at their full size, and how the artist intended them to be viewed. Textured paintings, for example, have varying thicknesses in paint which a camera simply cannot pick up.

There is also the practical benefit of seeing your art when it’s to scale. This can give you a better appreciation for the size of art you want to purchase, something that viewing a picture online simply can’t do.

Art galleries typically don’t offer refunds, so you’ll want to make sure that you are 100 percent happy with your purchase before you commit. 

Remember that art collecting is a long game.

Take your time in deciding what to purchase.

Your art style is something that slowly develops over time, the more you visit galleries and acquaint yourself with different art pieces.

Once you come across something you like, get well acquainted with the artist and their work first. Make sure you’re confident that you will love this piece of art for many years to come before you buy it.

The end goal isn’t to have a large collection as quickly as possible. Art collecting is a lifelong process, so you’ll want to take your time and slowly curate individual art pieces that are authentic to you.

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