“Beauty is in the eye of the beholder,” and this is so very true when you buy fine art. You will want to take your time to research pieces, but it’s also important to choose items that you simply enjoy viewing. If you are considering art as an investment, be meticulous with your research to adequately estimate your return on investment, and then protect that investment with professional art storage.
Initial Steps When You Want to Buy Fine Art
A really fun part of the process of choosing and purchasing fine art can be deciding what type of art you most want to own. View as much art as possible at museums and galleries, and check out art books, online galleries, and exhibition catalogs.
Review many styles, techniques, mediums, and periods before buying. Do not limit yourself. Look at as many different artists and pieces as possible, along with different types of art, such as:
- Collectible furniture
Research Before You Buy Fine Art
Once you have found an artist you like, find out as much as you can about that artist. What is his or her story, for what is he or she known, has he or she had big art shows, have they exhibited in a museum in the part, is there a certain period or body or work in his or her career that is more valuable than others? The history of the gallery that represents them is also important to consider. This will help you choose a piece you love and can enhance it as an investment.
Purchasing at a Fine Art Auction
Before you purchase, set your spending limit, particularly if you are going to buy at a fine art auction, to keep yourself from getting caught up in the moment and overspending. Attend a few auctions before you purchase so you understand the process, and research their policies and procedures so you know what to expect. Understanding the auction house fees and commission percentages is also important as you should be prepared to include them in your budget. As a new art buyer, it is good advice to check out small auction houses first. It may also be a good idea to approach a professional who can liaison between you and several of the auction houses to get you the best deal possible.
Additional Costs When You Buy Fine Art
In order to budget correctly, you must know the other costs associated with the purchase of fine art. Some things to consider are the cost of:
- The buyer’s premium (paid to the auction house)
If you are purchasing as an investment, or if your collection has outgrown your display space, professional white glove art storage is crucial. Protect your collection in the Miami and West Palm Beach area by contacting Museo Vault for a quote today.