If you think you need to be a millionaire or have a degree in Fine Art to start collecting art, you're wrong! According to Alvin Hall all you need is a passion for art. Support it with some research and you could be on your way to becoming the next Charles Saatchi. Alvin explains...
How do you get a foothold on the art collecting ladder?
Getting on the "art collecting ladder" suggests that collecting art is like buying property. It's not. To begin with, you need to have a keen interest in art. Whether it's a painting, a sculpture or a photograph, it must be something that speaks not only to your eyes, but also to your soul in a very specific, satisfying way. Despite the fact this art does not belong to you, you still respond to it strongly.
Looking at art in museums, galleries, art magazines and art fairs, is a good place to start. You might find yourself being drawn to pieces of art that you like enough you'd want to own them. It may be because the work has a special emotional or intellectual resonance for you. Only then should you begin to consider collecting art.
Buying a piece of art because it looks nice or might look good in your living room is not what a collector does or what interests them. He or she develops an idea about what might be appealing by looking at art, talking about it and listening to others in the art world. It is important to note that few collections are built without having a good relationship with a dealer or adviser who understands what you are trying to achieve and who has more experience than you.
A dealer can get access to pieces that are of interest, so a good collection starts with lots of looking and then finding the right dealer(s) or advisor.
Where are the best places to find and buy art?
The best places to find and buy art are from the best dealers or galleries - whether this is a local gallery or at an international art fair. After all, the most interesting and sometimes the most innovative art is shown in these spaces.
To know which galleries may have the kind of art you think you are looking for, you have to do some research. The owners of the galleries have the ability to help an artist build an international reputation by selling the work to other collections (both public and private) around the world.
There is an incorrect perception that the best galleries contain judgmental and snobbish staff who do not like to respond to someone who they don’t know who has walked in off the street. As a person who began collecting art when I was earning very little money, I know that this is just not true. I began collecting at the best galleries when I had very little to spend.
In fact, many would have considered buying art a foolish thing to do with the little I earned. But I was passionate about art and the dealers I met responded to this passion. They helped me to make better choices when I bought works. A core group of these early "teachers," as I like to call them, still help me today.
Is it better to buy contemporary art rather than older work?
This depends on your budget and your interests. With older works, I always think you should work with someone (a dealer, an art advisor, or a curator) who is very familiar with the artist’s reputation, history, and most important of his or her works.
One must buy the best quality. The best quality will always be expensive because the artists may be dead and there’s a limited supply of the top quality works. Buying a second-rate older work just because the artist has a big name is almost never a good idea - either financially or aesthetically.
With contemporary art, the artist will be producing new work, so you will have a better chance to get a top quality piece, probably at a reasonable price. Whether older or contemporary work, it’s always good to buy the best piece you can - even when it’s a bit of a financial stretch.
Where can I find out more information about up-and-coming artists?
Because an artist is 'up-and-coming' does not mean he or she will be a success and that the prices of their work will increase. A lot of unknown artists were once up-and-coming. For me, up-and-coming means that the artists, at this point, seems to be exhibiting the skills and/or potential talent of something new and interesting to say through his or her work. But this potential does not mean the artist will achieve it or that the art market will embrace and recognize it.
Having given this qualification, the best place to find information about up-and-coming artists is by talking to other collectors and by reading art magazines. There are collectors and dealers who actively do studio visits to look at (and sometimes buy) the works of young artist. Their word of month is the best source. Getting to know who these collectors are may take some time, but it can prove useful. The next good source is art magazines. Writers are among the first to feature or highlight interesting artist that appear in group shows or summer survey shows.
Is art a good investment?
I don’t buy art for investment. Given that people hear and see me talking about money all of the time, they mistakenly believe that every aspect of my life is focused on this. I buy art because after all these years of looking, I have a good sense, in the areas of art in which I’m interested, about what’s different, perhaps distinct, and pushing certain boundaries. Like all collectors I have bought some pieces that have skyrocketed in value over the course of a decade and others that will end up in a thrift shop when I die.
Overall, I think it is fair to say that art is a very risky investment. If you are buying the best works by those artist who already have blue-chip names - for example, Picasso, Matisse, Gerhard Richter, Jasper Johns, Ellsworth Kelly, Howard Hodgkins, and David Hockney - then they are highly likely to be good investments. Statistics support this. The problem is that people - both dealers and buyers - try to apply these stats to all every tier of the art market wanting the purchase of art to be a sure bet.
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