Invest in Art, Invest in yourself

How to Make the Best Investment When Buying Valuable Art

Buying a valuable piece of art is a dream for most people. This explains why in 2017, the global art market was valued at almost $64 billion. Unfortunately, most people don’t know where to start and they end up being conned by unscrupulous dealers who present them with inauthentic products. If it is your first time purchasing amazing art, here are five tips to get you on your way:

  • See a lot of art: Art galleries are a great place to start so you can get an idea of what you are looking for. A Coral Gables art gallery can give you a comprehensive view of many pieces so you can see what’s visually appealing to you. You also get to interact with dealers, artists and other art collectors who can guide you in the right direction.

 

  • Have a budget: A rare piece of art can drive you absolutely mad. If you don’t have a budget to stick to, you are likely to splurge and have buyer’s remorse later. However, be ready to go over that budget slightly if something blows you away. Having a budget is more important if you are going for an auction because people get caught up in the excitement of outdoing each other.

 

  • Know what determines the price: Apart from who the artist is, the price of a piece of art available in a Coral Gables art gallery is dependent on other factors. For example, how rare is it, are you the first owner, and when was the piece drawn? There are also other hidden costs like an insurance for certain pieces, shipping and framing, and of course the buyer’s premium if you bought it at an auction.

 

  • Have an appraiser: Some people think that getting the advice of an appraiser is an unnecessary cost. In truth, it’s very important. They will give you an experienced eye on what great art looks and feels like and also make sure you don’t overpay for something that is not worth it. For example, Latino painters are known for their magnificent pieces, but you can’t know Latino art if you are new in the game.

 

 

Buying art is more than just taking an art walk to a Coral Gables art gallery and coming out with a piece. You have to familiarize yourself with art and consult professionals who will help you not to make a mistake. Once you get your hands on that rare piece of art, display it with honor and cherish it because it’s worth every penny you spent.