How to Buy Art

Why Are You Buying Art?

Before diving into the art market, it's crucial to ask yourself why you're buying art. Are you looking for a decorative piece to complement your home, or are you interested in art as an investment? Your answer will guide your choices and help you navigate the vast array of options available.

Decorative Art

Buying art for decorative purposes is about enhancing your living space. This doesn't mean the art is of lesser value; it simply means your primary goal is aesthetic. When choosing art for decoration, consider the following:

• Environment: Think about where the art will be displayed. Consider the wall space, color scheme, and existing furniture.
• Style: Decide whether you want a traditional or modern look. For instance, a traditional oil painting might suit a classic interior, while a bold abstract piece could complement minimalist decor.

Investment Art

If you're buying art as an investment, your approach will be different. You'll need to consider factors such as the artist's reputation, the artwork's provenance, and market trends. Here are some key points to keep in mind:

• Research: Study the artist's background and previous sales. Websites like Artnet and Christie's offer valuable insights into the art market.
• Condition: Ensure the artwork is in good condition. Any damage can significantly reduce its value.
• Authenticity: Verify the authenticity of the piece. Provenance documents and certificates of authenticity are essential.

Understanding Art Criticism

Art critics can influence the market, but their opinions are subjective. While a well-placed critique can drive demand, it's essential to trust your own taste. Do you genuinely like the art you're considering? Remember, art is subjective, and your personal preference is just as valid as any critic's opinion.

Types of Art

There are various types of art to consider, each with its own appeal and market value. Here are a few popular categories:

Contemporary Art

Contemporary art refers to works created by living artists. This category is diverse, encompassing a wide range of styles and mediums. According to a report by Art Basel and UBS, the global contemporary art market was valued at $2.7 billion in 2020 (source).

Abstract Art

Abstract art uses shapes, colors, and forms to achieve its effect rather than depicting recognizable objects. This style can be a striking addition to modern interiors. A study by the University of Vienna found that abstract art can evoke strong emotional responses, making it a popular choice for many collectors (source).

Tips for First-Time Buyers

If you're new to buying art, here are some tips to help you get started:

1. Set a Budget: Determine how much you're willing to spend. Art can range from affordable prints to high-end originals.
2. Visit Galleries: Spend time in galleries to get a feel for different styles and artists. Don't be afraid to ask questions.
3. Attend Art Fairs: Art fairs are excellent places to discover new artists and trends. Events like Art Basel and Frieze are renowned for showcasing cutting-edge works.
4. Buy What You Love: Ultimately, choose art that resonates with you. Whether it's a decorative piece or an investment, your connection to the artwork is paramount.

Conclusion

Buying art is a personal journey that combines aesthetics, emotion, and sometimes financial considerations. By understanding your motivations and doing thorough research, you can make informed decisions that enhance your home and potentially grow in value. Remember, the most important factor is that you love the art you choose.

Interesting Stats

• The global art market was valued at $50.1 billion in 2020, with online sales accounting for 25% of the total (source).
• A study by the University of Vienna found that abstract art can evoke stronger emotional responses than representational art (source).

By following these guidelines, you can confidently navigate the art market and find pieces that bring joy and value to your life.