How to build an art collection in 4 steps

By: September 17, 2013

It’s time to upgrade to something worth framing

Soon you’ll be a real, working professional — hopefully with a sweet salary. This means you can finally become the cultured art patron you’ve always hoped to be (huzzah for feeling all grown up)! Susan Wortzman, a lawyer and founder of Wortzman Nickle Professional Corporation, has amassed an impressive — and valuable — art collection over the last 20 years. Take this aficionado’s savvy advice on starting your own mini-Louvre.

Start looking

Wortzman was a first-year associate when she decided to replace all the posters on her walls with original artwork, one by one. “When you have no money whatsoever, it’s kind of an interesting prospect,” she says wryly. If you’re on a tight budget, look for new and emerging artists. Attend student showcases at art and design schools and discover the next Damien Hirst or Edward Burtynsky before their work sells at art star prices. Wortzman doesn’t recommend visiting random galleries if you haven’t narrowed down what kind of art you’re into yet, as they may specialize in a genre that doesn’t appeal to you. Instead, develop your taste by visiting art fairs where you can experience a whole spectrum of styles.

Do your homework

If you were going to buy a car, you’d do as much research as possible online beforehand, figuring out pricing, reading reviews and looking at Consumer Reports. It’s the same with art. Buying a piece can be a major investment, and if you’re going to spend a significant amount of money, you should know if the price is in the right range for that artist’s work by learning as much as you can about the artist, her oeuvre and where she is career-wise. In this age of e-commerce, it’s also possible to shop for art online, but Wortzman suggests seeing the artist’s work in person at least once to get a sense of its depth and texture before committing to any web purchases.

Negotiate

When Wortzman bought her first two pieces for $1,200 each, she made a deal with the gallery owner, handing over $200 a month until they were paid for. She thinks many galleries would negotiate similar lease-to-own agreements, especially if their storage rooms are packed. “They might as well store pieces on your wall and have you pay them once a month,” she reasons.

Prices are usually set during an opening show and you won’t be able to sweet talk your way into hefty discounts. Where there is room for negotiation, however, is with framing, delivery and installation. Wortzman recommends asking for all three to be included in the price, particularly framing, as it can get expensive.

Buy what you love

Yes, some see art as a financial investment and certain artists’ works can appreciate in value significantly over time. But if you don’t garner some joy from looking at the pieces hanging on your wall, what’s the point? Collecting art can be deeply satisfying — and dangerously addictive. “Then you have to work so you can afford to buy the art,” Wortzman says with a smile.

 


Web exclusive

Susan Wortzman recommends these gallery websites that have a variety of art to browse for aspiring collectors:

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