Owning art was once the domain of aristocrats, collectors, the seriously rich and celebrities. This is no longer always the case and contemporary art can be very affordable. If you research the market and are prepared to occasionally take a gamble on an up-and-coming artist, you can get a nice collection going over time. Knowing what you can afford is key to becoming an art owner. One very interesting development is a new idea by The Arts Council England. Own Art makes buying art an option for all. The scheme lets you borrow from £100 to £2000 to pay for art by any contemporary artist through one of their galleries. The loan is to be paid back within a 10-month period, and has a typical interest rate of 0%APR. The idea of the scheme is to make art accessible to all regardless of wealth or standing. It also gives you the opportunity to support struggling artists whose work you really believe in.
Shopping can be very impulsive, a case of simply grabbing what you want and handing over your card. Other times it can be a potential headache, such as choosing furniture or a new piece of electronic kit. Then there are those that are so personal that they take a huge amount of consideration. Buying a piece of art is often one such purchase.
Obviously it’s great if you fall in love on the spot and just have to have the piece. Whether you are buying your first work, or adding to a collection, don’t be scared if the process feels overwhelming.
Buying art as a long-term investment is something professional art collectors have perfected over time, and can be a very profitable pursuit. But a knack for doing this is probably how they became collectors in the first place! Don’t get too hung up on the profitability of it as most professional art dealers have many years of experience in this field and know exactly what to look for in an investment piece. Instead of trying to become the next Saatchi, go with pieces that trigger an emotion, and that you feel will stay interesting. It might take a while for you to develop your own taste, but by visiting different galleries and making a note of what you instinctively like and dislike you will soon find something that hits the spot.
Falling in love with a piece of art should feel great. If you find a piece you really like, you’ll probably want to get to know the artist a little better, and find out about the inspiration for the work. You may like something initially, but once you get it home start to see that there are darker emotions within it that you didn’t see before. Finding out the story behind the piece will help you to understand it.
When it comes to money, consider the buying of art in the same way you’d treat any other purchase for your home. How much can you afford, and how long will you keep it? If you want some guidance on how your finances are looking, so you can work out how much you can afford, you can check your credit score at Credit Expert before you buy.
Make sure you really love the piece. And don’t be afraid to try before you buy. Many galleries will let you install art in situ to see how it fits which is pretty cool – if it doesn’t work in your space, take it back and find something else that you love even more.
All works shown available from www.artspace.com
Words by Anna Bang
Tagsanna bang, Arts Council, Artspace.com, Experian, Saatchi,