BUYING YOUR FIRST ART PIECE FOR YOUR HOME

December 29, 2016

Selecting art for your home is one of the most personal things you will do in your life. Art reflects your personality. Art comes in all budgets from posters to priceless original artworks.

The first step is to know what you like. Go to art galleries or museums to learn about various periods, styles, value and ultimately, what you like. Visiting galleries also gives you the chance to see young artists as “galleries feed to museums.”

Try attending art fairs, galleries or auctions when you are ready to buy. Don't feel pressured to buy because it will be instinctive when you fall in love with the perfect piece of art. Buying art can be very intimidating.

Art fairs is great way to discover emerging artists and appeals to all budgets. Don't be afraid to negotiate on the price. Art auctions are more tricky and you should observe how it works or bring someone familiar with the process.

For the best kind of investment, consider looking into young, emerging art. These pieces are cheaper and have a great potential for increasing in value and leading to future gains. Not all art is created equal; decorative pieces or lesser pieces with impressive names can be great, but they are often times more expensive and do not appreciate for a long-term investment.

When you feel confident and are ready to make your first purchase, it’s about setting and sticking to your budget. This point is very important when it comes to an auction because you could get carried away during an art auction with the energy of the room and rapid pace of bidding. You may blow your budget because there is a buyer's premium of 24% that is added on top of the winning bid!

Also be aware of the hidden costs of owning art: shipping, framing and insurance.

Keep all the receipt, invoice and documentation. Don’t throw anything away, as this is what is used to authenticate and value a piece.
Lastly, buy what you love. Trust your heart and be confident in your purchase. Always remember it’s important to try to see the piece you are considering in person. Things look different in a photograph or online.

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