Here’s what you have to know to start your journey as an art collector.
1. The Reason Why You’re Collecting
Knowing the difference between short- and long-term assets will help you if you’re interested in art collecting. Suleyman suggests that new art collectors distinguish between collecting for investment purposes and personal interest. ‘The things you buy for investment should fund what you buy for a personal collection. What you buy for investment is because you actually want to sell it so you can make some money out of it. This should be non-emotional.’
2. Do Your Research
Art collecting involves a whole process of having full information about the artist’s future and trajectory. Depending on how much you believe in the artist and how far you would go to support his or her career, Suleyman explains that art collecting involves a process of researching the artist’s background and to what extent his or her artworks are worth collecting. Learning about the art global market and being clear about what kind of artworks appreciate or depreciate is vital. Lee Khai also suggests new collectors ‘See more art, read, and get to know about art—not just the art you can collect, but also art history and the art world globally. Finding out more about the art and the artists you collect will add to the enjoyment of collecting art.’