Finding investment pieces requires research
That’s not to say a new collector shouldn’t follow their heart as it leads to today’s freshest, most contemporary art. Just be prepared to do a lot of research and meet dealers and others in the industry. Savvy collectors, with an eye for works that are likely to catch on, spend years visiting smaller galleries and up-and-coming art fairs, constantly delving into art, and meeting the right people. These collectors can discover works when they are available at affordable prices.
“Some people are lucky. Most lucky people have done a lot of homework and searched a lot,” Ms. Gyorgy said.
What makes buying the hottest emerging art particularly challenging today is that most of these artists have not followed the once normal career path – from art school through increasingly prestigious gallery and museum exhibitions to inclusion in influential private collections. It’s a way that can validate the quality and value of an artist’s work.
For those who don’t have the skills or time to research and go to the gallery on their own, another option is to hire an experienced art consultant who is immersed in the industry and has numerous dealer contacts that provide access to desirable objects Artist.
“Not only do they look at art on a daily basis, they also have conversations about specific artists and artworks on a daily basis,” said Naomi Baigell, managing director at TPC Art Finance, a US-based specialty art rental company. “The ethical and moral aspect of the profession is that you get the best value for the works they present to you.”
Advisors also provide access to galleries, which can have waiting lists that can include hundreds of people for work by specific artists. Due to the high demand, many dealers are less inclined to work with collectors they don’t know and trust.
“In her defence, there are a lot of people out there,” Ms. Baigell said.
They need to protect their idea of how the artist market is supposed to work.”
Similar to Ms Gyorgy, Ms Baigell recommended that collectors, whether alone or with an adviser, explore a range of materials from different eras and genres that can be developed over time into a meaningful collection. “You don’t have to learn everything, but it’s important to examine and understand everything,” Ms. Baigell said.
One reason is that an inquiring collector may be drawn to artists who are currently less popular but have a well-established history whose work is in museums and private collections. Artists from the 1970s and 1980s — like Al Held, Jim Dine and Haim Steinbach — are attracting some attention lately, for example, Ms. Baigell said.
“There’s still some really fabulous work out there by these artists that hasn’t come out yet,” she said.
Purchasing these works can also help a new collector connect with a respected advisor or gallery in a way ultracontemporaries can’t, she said.
Photo: Sotheby’s London Exhibition of modern and contemporary African art in London, England