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HOW TO COLLECT ART - PATIENCE KEY TO BUYING THE BEST | |
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![]() Q: I've recently been introduced to the landscape painting of an artist whose art people around here have been collecting for years. This artist was active from the 1910s through the 40s, he's one of the most popular artists in this part of the country, and his selling prices have risen steadily since the 1980s. I would like to buy a painting or two by him, preferably more important ones, and am wondering how to proceed. A: This is a difficult situation to be in. Right from the start, know that you have to be patient and be willing to pay full retail-- or even higher-- for the right piece. That's the key anytime an artist is highly sought after and an active collecting market for his or her art is already in place. Under these circumstances, not only do quality paintings seldom come up for sale, but when one does, it tends to attract a lot of attention, dealers and collectors are more than willing to fight over it (with money), and as a result, it's priced high. Yes, plenty of galleries and collectors are looking right along with you for paintings by this artist and are prepared to compete fiercely for the privilege of owning any major examples that happen onto the market. To complicate matters, many of this artist's best paintings are already in museums and in the hands of private collectors; those in museums will likely never come onto the open market again, those in private collections may come back onto the market, but often only in situations where the collector passes away and family members decide to sell the art instead of keep it. Typically with artists as collectible as this one, most of the pieces that come up for sale tend to be average to below average in quality and above average in price-- not the best circumstances for making good buys. Because the artist is so desirable and his market is so active, you have to be especially careful about overpaying for inferior paintings. While you're waiting for that perfect piece (along with everyone else), position yourself as close to the starting gate as possible. Study the artist's work so that when a worthwhile painting comes along, you'll be able to recognize it and act fast. Tell as many galleries and dealers as possible what you're looking for, and, above all, make sure that everyone you speak with knows that if they come up with the right picture, you're ready, willing, and able to pay the price on the spot, no questions asked. If you give any indication that you're looking for bargains or that you'll waffle, whine, or complain when you hear the bottom line, you'll be instantly ruled out as a potential buyer. You might also advise all significant bricks-and-mortar auction houses of your wants or take advantage of online search services like Artnet that monitor the auctions for you and notify you when the artist comes up for sale, because there's always a chance that a major work may come up at auction. If you decide to go the auction route, make sure you know how to recognize a quality piece of this artist's art and also know how to spot condition problems and other defects that could affect significance or collectibility. Dealers and collectors who are fans of this artist certainly won't give you much advice on a piece that's up for auction because, if it's any good, they'll probably be bidding against you. When bidding, you'll be at an advantage over dealers because you can pay retail while they have to leave room for profit. Collectors will most likely be bidding too, however, so you still must be prepared to bid beyond what you've determined to be "fair market value" when you're really serious about owning a great piece of art. If you're at all hesitant about being able to evaluate art at the level of professionals, keep your cool a competetive bidding situation, or handle any other aspect of the auction experience, stick with retail galleries and let them do the legwork for you. If you have doubts about any painting you're being offered-- at auction or otherwise-- hire a neutral expert knowledgeable about the artist to inspect it for you. Make sure that he or she will not bid or compete against you for the art and is not closely affiliated with anyone who might. When a painting is for sale at a well-established art gallery or major auction house with an experienced staff, you can usually forego the outside consultants and take the assessments of the sellers at face value As for minimally regulated online auctions like eBay, where just about anyone can put up just about anything for sale, describe it however they please, and make claims or representations that may or may not be true or substantiated, know that these are among the most dangerous places to search for art by significant artists. If you're not an experienced dealer or collector, don't even think about bidding or buying at these venues. Much of the art that you find there tends to be inferior in quality, have condition problems, and, at worst, can be outright forgeries.
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