18 Dec 2017

Compiled by Art Prism team

The art of buying or collecting fine art isn’t meant for experienced collectors or enthusiasts with extensive educational background in the arts. Buying art wisely can be achieved by almost anyone given that they have appreciation for fine art and want to spend their money intelligently. It is important for any buyer to be familiar with some fundamental principles they must abide by in order to make accurate judgments about the art they’re interested in.

Information about the artist is one significant aspect worth knowing which can be gathered by hearing the artist out in the exhibition, or  reading up on the artist’s website, reviews, books and online art databases to conclude the degree of significance that the artist has accomplished so far.  These speculations are necessary because no big purchase should be hastily made without a thorough inspection, much like how it would be if you’re buying a new car or a house. The more information you gather about the artist through online and other, the better. The presence of the artist’s artwork in museums and other corporate collections only verify his credibility.

It’s always a good practice to go through as much of art as possible from the artist you’re interested in, to gain a holistic sense of value of their work. Additionally, it gives you a better idea of what their art is about and what it means for the artist. To prevent receiving a digitally reproduced copy of the original art, it is recommended to always ask the artist if the piece is original or mechanically reproducible.

Find out where the art you’re interested in falls in the quality spectrum of the range of works by the artist. If it’s one of the “major” works, it will be more valuable, laborious, detailed and obviously more expensive. If it’s a “minor” piece, it means that the work quality is below the mean quality of the artist’s work.

If the art is complemented with extensive documentation and provenance, it only adds to the market value of the art and increases the buyer’s confidence in it. Documentation related to the date the artwork was finished authenticates it, and makes it a safer choice in the buyer’s eye when compared to similar artwork that doesn’t come with provenance. If the artwork has any outstanding rewards or achievements, it should be worth knowing.

Assessing whether the art price is worth the art is the last step before making a purchase. It’s important to compare the art with other similar works to get a clearer idea of whether the price is along the same range or not, in order to judge if it’s fairly priced. Online databases are a good source for checking the sale value of various art pieces globally. If the prices are higher, the buyer should find a good reason for that.