Throughout history, art collecting has generally been a pursuit for the ultra wealthy and the elite—but no longer.
By Hussein Hallak, Co-Founder of Momentable
While everyday art enthusiasts may not be snagging paintings at a Christie’s auction, there are thousands of artists who will become the next generation’s Picassos and Warhols, exhibiting all over the world. And the good news is that it’s easier than ever before to discover them.
The essence of art collecting, after all, should revolve around the art itself, not its monetary value or social prestige. The genuine appreciation and pursuit of art are what make the journey rewarding.
So with passion, commitment, and a discerning eye, art collecting can be a democratic pursuit, open to anyone. You don’t need millions to start buying art…because art isn’t about the money. No matter what financial bracket you’re in, you can find art you love.
While we think about art collectors, big names like the Medicis and Rockefellers come to mind, but art collectors have also come from more humble means: middle class workers, doctors, lawyers, teachers, and more have built remarkable art collections through passion and discipline.
Take for example, Herbert and Dorothy Vogel: Herb, who never finished high school worked as a clerk sorting mail for the postal service, and Dorothy worked as a librarian until her retirement in 1990. Somehow they amassed a collection of almost 5,000 pieces of artwork to become some of the most important and influential art collectors in the modern era.
How to Get Started with Art Collecting
If the idea of art collecting excites you, but you don’t know where to begin, here are the key elements to focus on and get you started on the right foot:
Determine Your Budget: It’s important to set a monthly or annual dollar amount you can reasonably afford to allocate towards art purchases as you’re starting out. Art collecting can fit any budget – you don’t need millions to buy great pieces. Setting parameters helps curtail impulse spending and allows you to be strategic in selecting pieces that will give you the most meaning and enjoyment per dollar spent. Consider setting aside 1-5% of your annual income for collecting if art is a priority.
Learn Art History: Read key texts about movements and genres you’re drawn to. Take an art history course at a local college or museum. Learn about the important artists, techniques, and influences across eras. This context will make you a savvier collector able to understand an artwork’s significance in art history and evaluate quality and value.
Visit Galleries and Museums: Expose yourself to a wide variety of art to discern your tastes. Take notes on pieces you love. Meet gallery owners – most are welcoming to new collectors and will mentor you. Attend gallery openings and events. Follow local artists on social media and visit open studio events.
Consider Your Specific Preferences: Assess why you’re drawn to certain pieces or artists. Is it the color palette, materials used, subject matter, evoked emotion? Defining your preferences helps you select pieces you’ll continue enjoying for years to come.
Start Local Before Art Fairs: Art fairs like Art Basel can be overwhelming for rookies. Start by diving deep into the galleries and museums in your own community first. Get a sense of pricing for different mediums and artists. Know the gallerists in your area – they can point you to pieces and artists that may interest you within your budget.
Find Mentors and Groups: Seek out established collectors willing to take you under their wing. Attend meetups hosted by collector groups or art nonprofits. Follow prominent art collectors on social media and subscribe to their newsletters for insights.
Consider Works on Paper: For affordability as a new collector, look into prints, photographs, and works on paper by artists you admire. Less costly than paintings or sculptures, you can build up a solid collection of works you love.
Take Your Time: Art collecting is a lifelong journey. Allow your collection to grow organically over decades. Early purchases don’t need to be future masterpieces. Focus on learning and buying pieces that speak to you rather than investing.
Why is Art Basel Miami a Great Place to Start?
With 277 leading galleries from 33 countries, Art Basel Miami offers an unparalleled opportunity for new collectors to engage with the international art world. Use these tips to maximize the experience:
Immerse Yourself: Dedicate ample time to wander Art Basel and soak in the vast quantity and diversity of art on display. Make notes on galleries, artists, and styles that catch your eye. Notice patterns in your tastes – see what excites you across multiple booths. Attend on multiple days if possible – there’s more artwork than anyone can absorb in one visit.
Compare Galleries: With top dealers from across the world, you can compare how different regions and galleries showcase artists and educate collectors. Gallerists have unique perspectives – talk with them about the works and artists they champion.
Attend Education Events: Art Basel offers films, talks featuring artists and curators, panel discussions, and tours tailored for new collectors. These events offer context that amplifies understanding as you view galleries.
Connect with Gallerists: New collectors may feel intimidated when speaking with experts and gallerists. Don’t be afraid to tell gallerists you’re just starting out as a collector – many love mentoring newcomers. Ask questions – how artists work, price ranges, how to care for different mediums, art world trends. Gallerists can alert you to new artists and acquisition opportunities in your budget. Get their business cards and sign up for newsletters.
Talk to Artists: If possible, speak with artists present at their booths – hear their vision directly. Learn what drives artists and get insights about their creative process.
Identify Emerging Artists: Scan booths for new names you’re unfamiliar with along with established artists. Galleries mix emerging and mid-career artists you may connect with. After Art Basel, research their work further – follow them on social media and via their galleries. Consider works on paper by emerging artists for affordability.
Make Notes: Keep a journal while perusing Art Basel. Record artists, pieces, materials, prices, galleries. This helps you keep track of everything that inspires you and refer back later when making acquisition decisions. Snap photos of pieces you love too.
Community: Attending openings and events, you’ll connect with fellow collectors passionate about art. Use this community to continue learning – take inspiration from how others built their collections based on their tastes.
Keep In Touch: After Art Basel, follow up with artists and galleries you connected with. Maintain relationships over time – they can alert you to opportunities and support you on your collecting journey. Convert notes into a collection wishlist to guide future art purchases.
Top Tips from Seasoned Collectors
If you’re inspired to start your art collecting journey, heed this advice from seasoned collectors:
Buy what you love: Don’t worry about big name artists or investment potential as a novice. Zero in on pieces that make your heart skip a beat and you can’t stop thinking about – whether by an emerging or established artist. Staying true to your tastes ensures you’ll never tire of the collection you curate over time.
Focus on quality over quantity: Better to have a few stellar pieces that captivate you than a large volume of average works. Especially with a limited budget starting out, be highly selective. Wait for pieces you feel viscerally drawn to. Deeply engage with every piece you bring home.
For example, advertising mogul Charles Saatchi amassed an incredible contemporary art collection by following his instincts and focusing on quality over quantity, often buying just one or two pieces by specific artists.
Get to know artists early in their careers: Make studio visits, attend gallery openings, and connect with emerging artists in your area whose work resonates.Follow their progress over the years. An early piece you acquire that was important in the artist’s development can increase substantially in value.
Don’t obsess over investment potential: While valuable pieces come with time and experience, art’s financial return shouldn’t drive your initial purchases. Buy first and foremost for meaning, not monetary value.
Art Basel Miami provides novice collectors an unrivaled opportunity to jump into the international art scene. Take advantage of the galleries, programming, and community to soak in a diversity of art and start educating yourself.
Stay true to your instincts and interests vs pressure to buy or invest early on. Don’t feel like you need to ‘keep up with the Joneses’ in the art world. There will always be someone with more money and influence you can compare yourself with. And lastly, relationships and knowledge you build this year will serve as a strong foundation for a lifetime of art collecting.
References
Art Basel Miami Beach Has Unveiled Its Galleries List for 2023, Spotlighting Exhibitors From Latin America and the Caribbean Diaspora https://news.artnet.com/market/art-basel-miami-beach-has-unveiled-its-galleries-list-for-2023-spotlighting-exhibitors-from-latin-america-and-the-caribbean-diaspora-2361274
Art Basel Miami Beach Exhibitor list https://www.artbasel.com/miami-beach/exhibitors
Belonging Through Art (n.d.). Mentorship https://belongingthroughart.org/mentorship
Reitlinger, S. (2021, April 1). Charles Saatchi: the advertising guru turned art collector https://thecollector.com/charles-saatchi/
The Barnes Foundation (n.d.). History https://www.barnesfoundation.org/about/history
