Common Mistakes to Avoid as an Art Collector
As an art collector, you want to bring home your money’s worth. Pieces of art do not come cheap. You do not want to buy something that you will not love. Before you start becoming an art collector, you need to remember these common mistakes other art collectors make, to avoid being in trouble.
Purchasing the first item you see
Whether you are visiting a local art gallery or browsing through a source Fine Art Online, you need to expose yourself to as many choices as possible. You want to enjoy the experience of finding an artwork that speaks to you. If you buy the first one that appears on your screen, you might end up regretting it if you see other choices that are way more beautiful than the one you bought.
Not buying art insurance
Again, you are purchasing precious items. You want to buy insurance so that you will not lose money if you break, damage, or lose the artwork. Some people are willing to steal artwork if they can sell it to someone at a high price. Other art collectors do not have enough money to purchase quality artwork and are willing to buy those pieces.
Not inspecting the artwork
Some of these pieces are quite old. It has been some time since the artist worked on them. Therefore, you need to check the condition of the artwork along with its frame or other materials supporting it. If you are buying online, you need to read the product description. You also need to contact the dealer to ensure that you will have something that is still top quality. Spending money on art restoration is not worth it as sometimes it could be as expensive as new artwork.
Buying without paperwork
You need to have clear documentation on any artwork you buy. You want to receive an invoice and a receipt if you are purchasing the artwork so if you intend to sell it someday, you can prove its worth. You also need to have documents detailing the artwork, including the name of the artist, year of creation, the material used, and many other things.
You need to find a place at home where you can hang or keep valuable artwork. Make sure that you understand the requirement for each piece. Environmental factors like humidity and smoke could affect the integrity of the artwork and diminish its value. Some of them might not even survive when exposed to air conditioners or heaters. Understand the materials used in making the art to avoid having storage issues.
Not tracking the collection
Some people have enough money to keep buying artwork that stands out for them. If you are one of these people, you might already have a lot at home, and you can barely remember where you keep some of them. It is crucial to track everything you buy or ask someone to do it on your behalf to avoid losing valuable pieces.
You need to remember these issues to avoid having problems with your collection.