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You don’t need a fine arts degree and a lot of money to start your own art collection. Here’s how.
Glamorous launch parties, a way to show how cultured you are and the chance to make money – there’s plenty to love about the art world. Starting your own collection isn’t as hard as you might think; Kym Elphinstone, founder of [Art]iculate, a public relations consultancy specialising in art, explains how.
GQ: Do you recommend amateurs just buy art for their own enjoyment, or do you think it can also be a smart investment?
Kym: Art collecting should be for the collector’s enjoyment in the first instance but there is no reason why it can’t also be a smart investment if you do your homework. Speak with respected gallerists, attend the latest exhibitions and keep an eye on the media commentary about emerging artists.
What should a beginner’s first step be?
Visit as many galleries as you can – both public and commercial as well as art fairs, biennales and exhibitions. The Biennale of Sydney is a fantastic way to experience the work of some of the most exciting artists working today. The more art you see, the better you will understand your own tastes and where your preferences for collecting lie.
As a general rule, is it better to invest in pieces by emerging, established or completely unknown artists?
It really depends on your budget. Buying the equivalent of a blue-chip artist is a safer bet in the long term although will require a larger capital outlay. Buying the work of emerging artists is more speculative whilst offering the greatest potential upside. Personally, I also like to support emerging or lesser-known artists as you are helping to support their careers as well.
Are there any particular styles of art or mediums you would recommend investing in right now?
Performance art is one of the most exciting areas of art to collect at the moment. It obviously presents challenges as it is often ephemeral in nature, however, you can often purchase the documentation of a performance in the form of a video artwork.
What’s the cheapest piece of art you’ve ever bought?
A limited edition poster by Sydney-based artist Agatha Gothe-Snape, which from memory was only a few dollars, that I acquired as part of a project I was working on and she was involved with. I had it framed beautifully and it now hangs above my home-study desk.
What are some common mistakes you see amateur art buyers make?
Buying one of the first pieces of work they find. It’s important to spend some time viewing a range of different artworks to get a feel for different styles and mediums before you purchase. Art appreciation tends to develop and change the more you view and understand the range of work on offer by different artists and it would be a shame to miss that journey or purchase before you even begin.
Is it better to buy art from a dealer, at an auction or straight from the artist?
All are viable options – it depends on the work you are looking to acquire and where it is available for sale through.
How can we be sure what we’re buying is really what the seller says it is?
Be sure to buy from a reputable art dealer or auction house. That way you can trust the provenance of the artwork, as the gallery’s reputation would depend on its authenticity.
Is there any way of telling when it’s a good time to sell an artwork?
I’m yet to sell one of my works, but have helped others to do so. Being exposed to so much art as part of my business, I try not to buy an artwork unless I truly can’t live without it, so I’m usually not keen to part with it after that.
When calculating the cost of investing in an artwork, what other expenses should we factor in?
Always consider whether the artwork will require upkeep and the costs associated with that. The costs of installing some pieces might also need to be factored in, along with the usual insurance fees.
What’s the minimum you need to start a portfolio?
There is a fantastic scheme called Art Money that offers interest-free loans to buy new works by contemporary artists at participating commercial galleries. This allows you to start your portfolio with a zero down payment. artmoney.com
The 20th Biennale of Sydney runs from March 18 to June 5, 2016. 20bos.com
Click Through To See How To Start an Art Collection >
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