How to start an art collection on a budget
You don’t need millions in the bank to start an art collection. In fact, most collectors begin by buying artworks for under £1,000. If you’re new to the art market, it can be overwhelming. Here are 6 tips for starting an art collection on a budget.
With a budget of around a thousand pounds or less, you could bag a small original painting by an emerging artist. Look out for recent graduates or artists just gaining recognition. Buying from an emerging artist means you’ll probably be one of their first collectors. If you’re lucky, it could turn into a great investment.
LOOK FOR LOVE
Before you buy, get to know what you like. And what you don’t! Visit exhibitions, art fairs and auctions. Follow artists, critics and curators on social media. But know your own mind. Which styles, mediums and subjects are important to you? Instead of following trends, think about what artwork you want to live with and love.
Online galleries allow you to easily compare artists, styles and – importantly – prices. It’s often less daunting than going into a gallery and having to ask for the price list. I find the internet has made buying art much more transparent and accessible for new collectors. If you’re on a budget, you can search by price.
COLLECT SIGNED LIMITED EDITIONS
If you have just a few hundred pounds to spend, limited edition prints are a great way to begin your collection. I recommend buying signed editions, as these have more value.
MINOR WORKS BY MAJOR ARTISTS
If you want to buy from a big name artist, it’s still possible. Look for a work on paper, such as a drawing or etching. I recommend finding an artwork which easily identifies it as by that artist. Look for characteristic symbols. For example, a drawing of a shark by Damien Hirst recently made £4,500 at auction because it’s the subject which first brought him fame.
PAY IN INSTALMENTS
If you fall in love with a painting which costs more than you can afford straight away, many galleries will allow you to spread the payments over time. An original painting worth several thousand pounds could be paid for over a couple of years.