To the general public, the world of fine art is a mysterious and confusing place, best not entered into without a vast library of knowledge and treasure trove of funds. In reality, nothing could be farther from the truth.
I advise potential collectors to follow this simple rule when deciding to purchase art: buy with your heart, then with your mind.People should always buy works of art that appeal to them. Art is something that should be lived with, not something to put away in a safe deposit box for a rainy day. Acquire what captures your emotions and what is affordable for your budget.
With this in mind, it is important to consider several key issues when making your decision to acquire a work of art: authenticity, quality, rarity, condition, provenance and value. One should reflect upon all these factors in making a decision, as no one of these points outweighs another.
Authenticity: It is important to have access to source information that can be used to authenticate works. A catalogue raisonné is a publication that documents and authenticates a complete history of the artist’s oeuvre (the complete body of work produced by an artist). It is an excellent reference source for determining authenticity.
Quality: Quality is the most important factor to consider when purchasing a work of art, but unquestionably the most difficult to ascertain. It is always advisable to purchase the highest quality you can afford. The best way to develop an “eye for art” is to look at it. Knowledge and experience are important attributes in assessing the aesthetic merits of a work of art and evaluating the work within the specific context of the artist’s oeuvre as well within the larger context of art history.
Rarity: While exceptions do exist, rarity can be directly correlated to the enhanced value of a work of art. This can be simply defined by the number of similar, obtainable works and how frequently these works become available for sale. Understanding a specific artist’s oeuvre and having access to art market information is invaluable in determining the rarity of a work offered for sale.
Condition: Because the condition of a work directly influences its value. a buyer should be aware of any significant repairs and/or damages. If necessary, one must assess the impact of conservation or repairs on the overall value of the work of art. In many cases, finding a pristine work of art by an artist or a particular type of art is not possible. It is important to clarify the importance of condition in these instances, in light of the artist’s oeuvre, and make a reasonable judgment about the effect of the condition on the work’s value.
Provenance: Provenance is simply defined as “the source and ownership history of a work of art.” A well-documented provenance helps establish authenticity, art-historical importance and title.
Value: In times when prices are rising, the old thought that “art is an investment” becomes an attractive strategy to follow. However, one must realize that purchasing art with the hopes of financial profit as the sole underlying basis often proves to be a poor investment strategy. Art purchased solely on the basis of price will usually result in a mediocre collection that may not hold its value in the resale market, especially during a period of economic downturn. Collectors who purchase art with passion and intelligence will find that their choices stand up to the test of time, both aesthetically and monetarily.
