How to Get Started as an Art Collector

An art collector's journey requires a similar level of devotion to that of an artist. Yet individual taste defines most of the journey. A potential art collector has to determine whether the collection would comprise digital art, physical art, or both.

Generally, a potential art collector ought to attend art fairs, visit galleries and museums and develop knowledge of the art market. Art fairs can be likened to movie festivals; only they are more diverse. Art fairs are melting pots of the different perspectives of independent artists, art galleries, and curators. There is little need to buy much art at your first art fairs, if at all. You can explore available art and understand more of what appeals to you; network with a few art dealers ahead of future dealings.

Further, a potential art collector should learn how the art market works to get the best deals. Art galleries and museums have curators you can speak with for more insight. You could also network with other art collectors and enthusiasts, especially during exhibitions. Potential art collectors can also learn more about the market by conducting online research, especially on digital art. Acquiring fundamental knowledge of the art market saves time and cost.

Potential art collectors must also prepare a budget and a purchase strategy. Works of art come at a high price. An art collector must make a plan on how to effectively acquire art and dispose of it, as art is capable of increasing in value. You will most likely not dispose of any art as a new collector, but you must formulate a strategy. An art budget is easier to adhere to when limited to a single artist or a few artists.

A milestone for any art collector lies in the first purchase. However, experts advise playing safe with your first purchase. One way to play safe is to determine the purpose for which the piece of art is being purchased. Art is typically brandished in homes and corporate buildings. Wherever a purchaser displays art, it should not feel out of place. Another way to play safe is to focus on less expensive artwork mediums. Prints are a popular option for potential collectors, and they serve as an ideal starting point.

Maintenance is another focal aspect of the art collection journey, especially with physical art. As a new art collector, you should ensure that professionals periodically examine your art pieces. You should also keep records of maintenance sessions for easy tracking. You can conduct a simple examination of your prints by looking out for worms, dust, and insects. Paintings demand more care due to the need to ensure long-term value. This is the primary reason new art collectors should develop the habit of wearing white gloves before examining paintings.

It would help if you hung your prints and paintings where infants and pets cannot reach. You should also avoid using water and chemicals to wipe off dust and soot from your pieces. All you need is a soft brush. As you begin to acquire more art pieces, do well to space them adequately.

There is no end to evolution, and the art collection journey is no different. You should be open to acquiring new tastes and letting go of old ones. You should also be open to calculated risks.

Fundamentals of Art Insurance

It is critical for individual art collectors and museums to have insurance covering artwork against any damage or loss. Burglary and physical losses are just a few threats to artworks' security and integrity. An art insurance coverage protects artworks such as paintings and sculptures from unforeseen events.

Every insurance company follows a protocol to resolve claims originating from the loss or damage to any artwork. If the artwork is damaged or lost, it is essential to tell the insurance company, either by writing to or calling their customer service number. The insurance company usually appoints a surveyor to inspect the case, and the insured must work with the surveyor to ensure all the necessary documents are provided.

Some private insurance companies promise they will accept a loss the same day the insured reports the incidence to the insurance provider. The insurance company compensates for monetary losses or other processes that facilitate restoring the artwork based on the policy. The policyholder must have his collection valued by an independent valuer. The insurance company then customizes the coverage based on the art's net worth. Afterward, the sum insured is calculated.

In most situations, the insurance company is not responsible for paying if the claim is caused by damage due to repair, retouch, or other similar activities. Some insurance providers will also cover the cost of moving the artwork from one location to another. Natural disasters, such as floods and other extreme weather events, are also covered. Generally, insurance companies will want to see proof of ownership and an appraisal of the work. If the piece has gone through numerous owners, it is necessary to give a record of ownership, known as provenance.

Fine-art insurance coverage may also cover market value appreciation, newly purchased pieces, and defective titles. It is also crucial to learn about the most typical insurance policy exclusions. Damage caused by the gradual decay of artwork is generally not insured. Insurance does not cover the natural deterioration of art objects because the exact timing of the onset of damage is impossible to verify. Museums' policies are written annually, with clearly stated premiums, terms, and exclusions. Exhibition coverings are unique in that they are typically designed to cover only the duration of a display and any associated transportation.

A homeowner's policy may not necessarily cover the total value of the artwork. In a loss, home insurers may have a sub-limit, which implies the insurer would only cover certain things up to a certain sum. Some insurers will allow consumers to add artwork as a separate endorsement to their home's policy to insure it for its total worth. Insurers may also require a photo or detailed description of the item and possibly an appraisal.

The benefit of art insurance is that it allows customers to recover the total worth of lost or damaged artwork. While many recognize that many works of art are irreplaceable and that insurance can not compensate for emotional loss, art is still considered an investment that deserves protection.

People insure various assets, including their homes, cars, and health, and art is one among them. Taking up art insurance coverage is motivated by more than just theft. According to The New York Times, damage during shipment is responsible for 47 percent of an art loss. It is critical to obtain coverage from a reliable insurance company to determine the exact value of an art collection.

Art Basel Miami Beach Welcomed a Wider

Artists, dealers, and art enthusiasts came together in early December for the 2021 Art Basel Miami Beach, an international art fair hosted by one of the art world’s foremost global platforms for connecting artists, galleries, and collectors, Art Basel. Among the most comprehensive art shows in North America, Art Basel Miami Beach is the sister event of Art Basel’s original fair in Basel, Switzerland, and takes place every December at the Miami Beach Convention Center in Florida. It provides exposure to top-tier art galleries from Europe, Asia, Africa, Latin America, and North America. Participants showcase significant contemporary artworks throughout the three-day fair.

Art Basel Miami Beach’s 2021 show featured over 250 galleries from 35 countries and the works of over 4,000 creators, ranging from historical masters to emerging talent. Leading international contemporary and modern galleries took up the main hall and displayed high-quality paintings, sculptures, photographs, installations, films, and editioned work by young artists and 20th-century experts. The fair contained sectors with a particular focus as well, including exhibition areas for international art publications, editioned prints, and curated selections.

The fair’s newest sector, Meridians, also made a return. Showcasing projects that challenge the layout limitations of a traditional art show, Meridians provides a platform for presenting installations, large-scale sculptures, performance pieces, and other creations outside of the standard mold. Meridians’ 2021 iteration comprised 16 historic and commissioned works by prominent artists such as Yinka Shonibare, Howardena Pindell, and Brendan Fernandes. Many of the projects explore key social issues highlighted by the turbulence of the past two years, including power, class, and racial inequities.

Moreover, Art Basel Miami Beach’s 2021 event marked a milestone in diversity for the fair with a broader composition of dealers, in part due to the fair organizers’ decision to relax some of its qualifications for exhibitors to participate. According to organizers, a desire to reflect the wider society of today spurred these changes. For example, they removed the required minimum for years in operation. This expanded eligibility to dozens of new galleries.

Galleries that exhibited at Art Basel Miami Beach for the first time included Pequod Co. Established by Mau Galguera and his wife, María García Sainz, it launched in February 2020 as a digital platform and acquired a physical space in Mexico City a few months later. Pequod Co. focuses on the emerging generation of Mexican artists, one of whom the gallery showcased at its solo booth in Art Basel Miami Beach’s Positions sector. The installation featured works by Paloma Contreras Lomas and used sculpture, drawings, video, and other media to examine the interplay between reality and fiction.

In all, 43 galleries made their Art Basel debut at the Miami Beach show in 2021. Art Basel global director Marc Spiegler praised the progress made in diversity, but added that the fair still requires improvement on this front.

An ardent supporter of established and new art galleries, Art Basel organizes its shows based on the principle that galleries serve as a driving force for promoting visual arts and development. Prominent gallerists from across the globe occupy its exhibitor selection committees, which handpick galleries for participation based on an extensive review in order to ensure that the artwork at each fair represents the highest quality. Additionally, committees build out exhibitor lineups with diversity as a defining characteristic.