Some say that art and money contradict each other in their essence but are also inseparable. When it comes to buying art, its value is determined in ways unknown to many so the prices might seem disproportionately high at points. Pieces like Jeff Koons “The Rabbit”, da Vinci’s “Salvator Mundi” or Banksy’s “Space Girl and Bird” all have distinct features they carry within themselves, which make them monumental and, in many ways, invaluable. Yet the wish of many to procure art for their personal galleries, homes or other places where they wish to thrive in aesthetic surroundings is there, so it is important to eventually put a price to most artworks. So, what is there to consider when buying contemporary art?
The internet offers endless possibilities for exploration. Most art galleries and other art centres try to accommodate that – you can find many exhibitions, single-standing artworks or entire collections on the web. A few clicks, and you can pull up the whole history of any painting, the artist’s intentions, critics’ opinions and anything else that might interest you before deciding whether the piece is worth what they are asking for it. Most importantly, you can compare prices that art dealers offer and find ones that suit you. Search for online art dealers, don’t be afraid to contact their advisors and choose what works for you!
If you are looking to invest a more substantial amount of money into art that you care about, but you don’t have much experience with the process of procuring artworks, hiring an advisor is highly recommended. They know the market very well so they will be able to share with you the names of up-and-coming artists. They will listen to your wishes and suggest names, places and works that would fit your hopes and desires best and might give suggestions you haven’t even thought of, such as buying limited editions, a series of works or considering a different art medium from the one you were locked on before.
They will also protect you from getting ripped off, which is a lot easier with contemporary art than works created back in the day. Most artworks that are old carry the element of monumental, enduring value, the artists have already gained their fame, their works have been analysed back and forth starting with primary school children all the way to most acclaimed art critics. Thus, it is easy to see why some of them are valued at the impressive amounts you see at auctions. Contemporary art, however, has almost none of these features since by definition it has appeared on the world stage rather recently. Because of that, it might be difficult to ascribe tangible value to it and you might want to consult the experts to know that the work really lives up to its price.
The key message here perhaps would be to look not necessarily for the most highly acclaimed pieces, but rather those that speak to you, those that you would like to see hanging on you walls or standing in your living room. Who knows, maybe by purchasing something for cheap you are making a big investment as artworks are known to grow both explosively and exponentially in value.
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