Buying or collecting art is a fulfilling undertaking. It broadens your horizon as you immerse yourself in a particular piece; learn about the artist who made it, and the events taking place during the time the artwork was created.
While collecting art is mostly about creative preference, it also includes a process. Part of which is examining important factors, so that you can grow your collection in the most effective way possible.
Here are five important points of consideration when collecting art:
1. Reason
Before you even purchase the first piece you’ll put in your art collection, you need be clear on why you’re doing it.
Foremost, art collecting is about preference and collecting pieces that speak the most to you. It’s about appreciating the creativity, detail, hardwork, and message conveyed in a piece.
Meanwhile, artworks can also be a good investment. It can be a part of your portfolio and may provide a hedge especially during times of financial difficulty. Deliotte Art & Finance Report 2016 revealed that 75% of wealth managers say that their clients intend on making artworks and other collectibles part of their wealth reports.
Financial gains can result from collecting art, but it should only be seen as a bonus. The value of artworks varies on market trends, and it’s not advisable to rely on them alone if you want to grow your portfolio.
When collecting art, make sure that it’s an activity that you would want and love to do. Don’t do it just because you want to follow the trend and hype.
2. Authenticity
Because artworks are collectible and typically have high value, con artists and scammers will try to trick unsuspecting art buyers into paying thousands of dollars for fake pieces.
The best way to know if you’re getting the real deal or not is to do your homework. Conduct research about the artist, the piece, and what to look for to verify authenticity. Visit art museums, read up on art collecting, and seek advice from experts and fellow enthusiasts.
It also pays to have a strong discernment. As you examine a piece, see if it looks too new or too clean for its age. If your gut tells you something’s suspicious about a piece, it’s best to postpone the purchase until you know for sure that it’s authentic.
3. Proper Art Care
Learn how to properly take care of your art collection, so that you can enjoy them for a long time, preserve their value, keep them in mint condition, and increase their reselling price should you decide to put them up for sale later on.
Here are some tips for taking care of art pieces:
- Use the right framing. Putting paintings in frames helps protect the piece from damages and allows for easy display. If a painting is created on canvass, it should be framed without glass and stretched properly. Meanwhile, paper paintings should be put in a glass frame. In addition, check frames regularly to avoid or detect woodworms early.
- Hang or display properly. Keep art pieces away from direct light and areas that are prone to moisture or humidity.
- Remove dust accordingly. Use feather dusters or turn the artwork upside down and shake them slightly to get rid of dust and dirt.
- Know when professional treatment is needed. Fungi, changes in tone or color that affects the details of the piece, and water damage on an artwork may warrant professional help.
- Store properly. Store unhung paintings in an area that has a similar climate from where it came from. Cover them with cover sheets and include silica gel to minimize moisture. If you’re keeping them away for a long time, inspect them regularly, so that you can change cotton sheets and prevent accumulation of dust and dirt.
4. Estate plan
If you have an art collection, it’s advisable to include or declare it in your estate plan. Mention if you plan to sell the collection before you’re gone, give pieces as inheritance to your loved ones, or donate it to an organization.
Factoring your art collection in your estate plan will keep you aware of any tax implication it has. It also gives you peace of mind that your art pieces will be taken care of and will go to the right hands in case you pass away.
5. Commitment
Collecting art will only be fulfilling if you do it out of passion and if you intend on committing to it. It goes beyond buying pieces. It’s about knowing the ins and outs of the art world, doing extensive research, being abreast of the trends, and knowing how to care for your collection.
A genuine interest for artworks will enable you not just to learn about the pieces you want to collect, but also about the industry as a whole. This will not just equip you with the right knowledge about art, but also help you grow a collection that reflects who you are.
Biltmore Loan and Art Collections
As mentioned earlier, art pieces can act as a financial leverage when cash flow runs low. If you have an art collection, and you have an unforeseen concern that needs immediate cash, you can use your art pieces as collateral for a loan or put them up for sale. But the challenge is finding the right avenue to sell or loan on the value of your art collection.
Biltmore Loan and Jewelry is an institution that’s better than banks and pawnshops because it buys or lends on high-value assets such as art pieces. It works this way: You can contact our team or take in the piece of art you want to offer us to one of our 2 locations for evaluation and wait for an offer. If you agree on the terms, you will receive immediate cash. You can also use our online appraisal form or call us, we also accept walk-ins, no appointments needed.
What sets Biltmore Loan apart is their expertise in evaluating different kinds of items, thanks to their certified staff and 30 years in business. More so, they are known for giving the highest rates in the market, which helps people take advantage of the real worth of their items—whether through selling them or using them for a loan.
Other items Biltmore Loan accepts are jewelry, antiques, high-end designer bags, timepieces, precious metals, and other collectibles such as sports memorabilla.
If you want to know more about Biltmore Loan, you can get in touch with them through phone, visit their offices in Scottsdale and Chandler, or fill up and submit a form found on this site.
READ: Get a Loan with Art as Collateral in these 3 Easy Steps