Mistakes Art Collectors Commit while Buying Art

If you’re a seasoned art collector, consider yourself an artist as well. The first mistake committed by most of the art collectors out there is that they do not really consider themselves artists. Erling Kagge, a Norwegian art collector in his book – “A Poor Collector’s Guide to Buying Great Art” – revealed that a collector needs to be “obsessed” with buying great art. To receive the best value for art on a super tight budget, one needs to resort to thorough research before sourcing the ultimate object of his desire. One needs to understand art as deftly as that of an artist in a bid to be a collector. Today, in the course of the post, we will unravel a string of mistakes committed by art collectors when it comes to buying art. Read on to ensure that you’re not committing similar mistakes as well.

You are not really “pally” with people belonging to the world of art

A good work of art can be an investment of a lifetime. If we are strictly weighing the financial value in this case, then you can buy affordable art in India under 50000 and still expect to profit substantially from the same (the value of art may increase or decrease with the passage of time depending on various factors). The knowledge that you end up accumulating by being around people who understand art is priceless – to say the least! The insights that you end up gathering from these people act as your lifetime mentor. When you are not in touch with artists, advisors, other art collectors, gallerists and dealers – you are actually missing out on valuable insights that are meant exclusively for the art circle. Not all have access to it. So, make sure you’re acting accordingly.

You are not really aware of the common practices ruling this world

It is extremely important on your end to be duly aware of the fact that there is hardly any regulation governing the market. The art market is different from the conventional market in this sense. It should not really be forgotten that there are actually no regulations here – only practices. Price manipulation, insider trading and cartels are quite common here. Consider becoming an art collector only when you’re duly aware of these factors.

Don’t foray into this world if you are not able to come to terms with the fact that there no regulations governing the “price” practices here.

You are averse to visiting galleries

Galleries are not the only places where you can buy art from. However, it is important for you to visit galleries and stay in constant touch with the gallerists – quite simply because it’s these gallerists who end up playing the very crucial role of introducing the collectors to the works of great artists. It is important to be duly aware of the galleries that represent the kind of art you are looking forward to investing in. Your loyalty might even earn you access to substantial discounts on rare pieces of art.