A few months ago Business Insider ran a post from an art advisory group on the basic steps in buying fine art. It is more from the collectors point of view, but it has some simple yet good points, including using an appraiser.
The post lists 8 simple steps, including
- Discover the art you like
- Research (online)
- View the piece in person
- Set a budget (but be prepared to go over it)
- Know pricing factors (such as primary vs secondary markets, rarity, medium, period, etc)
- Be aware of additional costs (shipping, framing, insurance)
- Talk to an appraiser
- Observe the auction process before buying at auction
- If buying at a gallery, ask for a discount
- Have a place in mind to display
- Keep records
- For investment purchases, use an advisor
Some pretty good advice.
The BI reports
Source: Business InsiderSo you've got a little extra cash in the bank—maybe a year-end bonus or recent inheritance.
Finally, it's time to start the art collection you've always dreamed of.
But buying art isn't as easy as walking into a gallery and pointing to the first painting you like. You want to purchase something you'll be happy to look at on a daily basis, and you don't want to get ripped off.
We spoke with Erica Waldbaum and Jeremy Rhodes of New York-based art investment advisory firm Artvest to find out the steps a first-time buyer should take to ensure he winds up with a piece of art he loves.
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