Tips and Secrets for Successfully Collecting Art

We are proud to publish today an article we prepared for the online art magazine The Art Post Blog, covering all aspects of art collecting: why collect art, how to get started, what to pay attention to, the secrets of a successful collector… and much more!

When thinking about art, many people believe that it is an exclusive world reserved only for a few chosen ones. In reality, anyone can become an art collector, regardless of the resources available, and build a collection of artworks that hold great value (both economic and emotional). 

All you need to start collecting art are passion, knowledge, or even simple curiosity and a desire to explore a sector that, once you’re in, will surely give you immense satisfaction from multiple perspectives. 

We’ve had the opportunity to meet many collectors who started this journey with modest savings and, over a few years, managed to build a successful art collection, with pieces that were once worth just a few thousand euros but are now valued in the millions! And when asked, “Would you sell your collection?”, their response would be, “No, thank you!” The emotional value is often far more fulfilling than the economic one! 

So, in this article, let’s see how to become a successful art collector, by analyzing the main motivations to undertake this exciting journey, what the right steps are to take, and what mistakes to avoid. 

COLLECTING ART: WHY START 

Why should you start collecting art? There isn’t a single answer to this question. The reasons, in fact, vary from person to person. 

When asking various established art collectors, the answers could vary significantly. However, among the recurring motivations, we find: 

• I collect art as an investment. 
• I collect art because it is a meaningful emotional and cultural experience. 
• I collect art to decorate with taste and style. 

There could be many other reasons, but these three are undoubtedly the most common, and if you are already a collector, you will likely identify with one or more of these motivations for collecting art. 

If your motivation is strong, the path to becoming a successful collector is already paved! 

BECOMING AN ART COLLECTOR: HOW TO START 

Is your dream to become an art collector? Even though the journey isn’t short, it’s not as difficult as it may seem. 

Here are some practical tips regarding the right steps to take. 

Collect only what you love 

Artworks often reach very high prices, especially in recent years, we’ve become accustomed to seeing works by ultra-contemporary artists sold for hundreds of thousands or even millions of euros. This might lead anyone to think that simply buying a work by any artist will make them a millionaire in a few months. It’s not as simple as it seems, and although there are frequent cases of collectors making significant profits in the short term, our main suggestion is to collect what you love, what creates a deep emotional connection. 

A successful art collector doesn’t collect works just to sell them and make a profit, but first and foremost because they reflect their personal tastes and style. 

This also involves a certain eclecticism in the choice of artworks: the best collectors do not limit themselves to one genre or period, but often collect works from different artists, periods, and styles, following their personal preferences and not just the investment value. 

Know the Art Market 

This step is crucial. Even if you have never flipped through an art book or an art object catalog in your life, now is the time to start. 

Not sure where to begin? 
You could start by visiting the websites of the most well-known galleries in the world, beginning with ours, or by reading the most famous industry magazines (such as Arte and ArteIn). 

Attend Exhibitions and Fairs 

We can never say this enough: if you really want to become an art collector, you need to know what’s happening in the world of art, stay aware of changes, and learn to anticipate new trends. 

The best way to do this is by participating in major events in the field: exhibitions, fairs, and shows promoted in your city are definitely a good starting point, but try to step out of your “comfort zone” as well. 

Attending an event outside your usual routine (another city or even another country) can help broaden your horizons, discover new trends, and meet people who can guide you on your journey. 

One of the fairs that excites us the most internationally is Art Basel, which annually gathers the most renowned and celebrated galleries from around the world in Basel, bringing together all the artists that the market is focused on at that moment. 

Other high-quality fairs include TEFAF in Maastricht and, in Italy, Arte Fiera Bologna and Miart in Milan. 

Buy Art Online 

One of the most immediate ways to surround yourself with art is by purchasing it online. The main advantage of the internet is that it allows you to explore art and trends from around the world, conveniently from your electronic devices, no matter where you are. 

In this case, our advice is to always turn to certified art sales platforms and the websites of recognized galleries, and most importantly, always request the condition report of the works you’re interested in. 

Many collectors also buy art from platforms like eBay and similar, but in such cases, it’s best to be extra cautious and follow the advice we’ll provide later. 

Keep an Eye on Young Artists 

An art collector is, by nature, a talent scout: they don’t limit themselves to buying works from already famous and recognized artists, but instead focus on discovering talented but still little-known artists. 

This strategy also has an advantage: not only are young talents easier to find because they haven’t yet been overwhelmed by art dealers and prestigious galleries, but their works can also be purchased at much more reasonable prices. 

Just recently, we met a German collector who had acquired a Banksy piece for a mere sum when no one was buying his prints. Today, that same piece is valued at around 120,000 euros and can be resold almost immediately! 

MISTAKES TO AVOID AND TIPS FOR SUCCESSFUL COLLECTORS 

What should you never do when you want to start collecting art? Here are the most common mistakes: 

Not Ensuring You Have the Right Documents 

Once you begin purchasing your first pieces, always make sure that along with the painting, sculpture, photograph, or print you’ve bought, you also receive all the necessary documents to prove the provenance and authenticity of the work. 

These details are essential not only to increase the artwork’s value but also to give it “meaning” within your collection. 

For unique art pieces, there is always a certificate issued by the artist or their respective Foundation/Archive, or a certificate of authenticity issued by the gallery that represents the artist (this is a more common practice for American artists who often do not provide certificates themselves, delegating this task to their galleries). 

We always recommend verifying the certifications that accompany the artwork by contacting the entity that issued them, as it’s not uncommon for fake art to be accompanied by counterfeit certificates. For example, although the artworks we deal with come with a certificate of authenticity from an artist’s archive, we usually send an email to that entity to confirm everything is accurate. 

Also, be careful with provenance, as it is often even more important than authenticity certificates for two reasons: 

1. Prestigious provenances can significantly increase the value of the artwork;
2. Provenance is necessary to prove that the artwork was legally acquired. 

For private sales, we always recommend obtaining a provenance statement and verifying the certificates that are provided. 

In the case of graphic works, the situation is more complex since certificates of authenticity typically do not exist for these pieces, except for certain artists like Banksy (whose works are certified by Pest Control) or Andy Warhol (for whom there used to be the Andy Warhol Foundation, but it ceased operations years ago, so many of his graphic works are not certified). 

In these cases, provenance and the reliability of the seller, along with the collector’s experience and knowledge, are crucial. 

Buying Based Only on Price 

One of the most common mistakes made by beginner collectors is thinking that if an artwork is sold for a price lower than its market value, it’s automatically a good deal. It is very rare for a collector to undervalue their artwork or sell it for much less than its market price. 

Most of the time, such situations hide risks and problems that are best avoided. Many collectors don’t realize that the risks they take by saving a small amount of money are much greater and more costly than the savings themselves! 

Artworks with illicit provenance, fake pieces, fake certificates, or works stolen illegally, etc., could all be reasons why an artwork is being sold for a lower price, and it’s essential to pay close attention to these issues. 

Therefore, when you come across an artwork with a price significantly lower than the market value, carefully check the documents, provenance, and the seller’s reliability. If something seems off, it’s best to walk away from the purchase! 

Not Building Relationships 

No one is an island, especially not an art collector! If you truly want to build a future as a collector, even if it’s just for passion, you need to work on establishing relationships with gallery owners, exhibition curators, other collectors, and art experts in general. 

This will also keep you better informed about emerging artists and all the latest trends in the art world. 

Having a Budget That’s Too High 

Needless to say, one of the main obstacles to becoming an art collector is financial availability. However, this is often just a false problem: to start collecting art, you don’t need a huge budget. You can easily decide to allocate only a small part of your savings to this passion (or investment). 

As you increase your knowledge and your collection grows, you can also decide to increase your budget, finding new resources from other investments you’ve made in the past. 

Our final suggestion is to also consider purchasing artworks with installment payments. Unfortunately, not all galleries provide this option, but we do and believe it is incredibly important for any collector. 

TIPS AND SECRETS FOR A SUCCESSFUL COLLECTION 

For the collector/investor, it is crucial to build a collection of artworks that not only evoke emotions and tell a personal growth story but also increases in economic value over time. 

In fact, it often happens that a collector who carefully selects works for their collection, without focusing on the investment factor, finds that years later the value of their works has significantly increased. 

But how does this added value emerge, and why can an artist’s prices skyrocket? 

Like all markets, publicity and the artist’s fame influence their market. In the art world, many galleries have the resources and capability to manage an artist’s career both artistically and economically. 

As exhibitions increase, museum inclusions, participation in biennales, and institutional events happen, and as the artist’s fame and their gallery’s ability to promote the artist grow, there is almost always a corresponding rise in the artist’s market value. 

It’s clear that an artist needs to exhibit their work to gain recognition from the public, critics, collectors, museums, and institutions. The more an artist and their gallery can exhibit the artist’s works, the greater their chances of financial success. 

The biggest contemporary artists are almost always supported by high-level galleries that intelligently manage their careers with targeted strategies. 

Therefore, the collector/investor who wants the best chance of acquiring works that will increase in value over time must also consider the galleries representing and supporting the artist. 

THE SALES MODALITY AND CHANNELS MAKE A DIFFERENCE 

Not everyone focuses on this detail, but even the sales method and the related channels play a significant role. 

Any artist has two options for selling their work: direct sales or sales through a gallery. 

You will easily notice that, except for a few artists around the world, no successful artist sells their works privately, as they delegate this task to their gallery. 

Damien Hirst, Jeff Koons, Kaws, etc., none of these artists will ever respond to requests from collectors who want to buy directly from them! 

While buying directly from the artist might seem more convenient for a collector, this choice often turns out to be counterproductive in the long term. 

Let’s imagine that an artist decides to sell their works privately and, as often happens, decides, out of greed or necessity, to lower the prices in order to sell as many pieces as possible. Buyers will increase exponentially and will be thrilled, thinking they’ve scored a great deal. 

But over time, all these works will flood the market, and since they were bought at low prices, the collectors will settle for even lower prices when reselling. This chain reaction will immediately destroy the market for that artist. 

Therefore, always pay attention to the channels an artist uses to sell their works. Although it might seem inconvenient to buy through the artist’s gallery, the long-term benefits could be substantial! 

HOW TO ENHANCE ARTWORKS 

Even if two artworks have the same size, year, and technique, their values can differ greatly. 

A piece exhibited at the Guggenheim will have a much higher economic value compared to a similar piece with no exhibitions. 

Therefore, the successful collector will always try to place their artworks in the most important and prestigious exhibitions, knowing that the more an artwork is exhibited and published, the more its recognition and value will increase. 

QUALITY ABOVE ALL! 

Not all artworks are equal. The ones with the highest value are those with the highest quality. 

Always aim for the highest quality works of art, even if you have to pay a higher price, because these will be the pieces that will set records when the artist’s work appreciates. 

Artworks of lesser quality, secondary works, unsuccessful pieces, and sketches will always be harder to sell. 

Therefore, if you have to choose between 5 pieces of lower quality and 1 high-quality piece, we suggest you acquire that one high-quality artwork without a doubt.