10 great tips for young art collectors – from our expert— Curator and Gallery owner,Ashwin Rajagopalan
Here are the 10 things new collectors should do to buy good art:
1. Speak to the gallery selling the artwork and understand all the costs involved including taxes.
2. Pay for the artwork only after a tax invoice is raised in your or your company’s name. This is the first document in a long paper trail that will build strong provenance in the future.
3. Financial laws are getting very strict in the country and it is best to keep the payments clean. Do not buy art with cash. It helps no one.
4. Make sure that the gallery submits a full set of documents to you including the certificate of authenticity on the gallery’s letterhead, artist’s bio-data, artist’s statement for the work or exhibition, preferably with a photograph of the artist, a copy of the exhibition catalogue and any other literature on the artist. Insist that this is submitted along with the delivery of the artwork.
5.Keep these documents, including an invoice copy, safely along with all your personal documents. These will come in very handy during a re-sale or inheritance.
6. As a young or new collector it is best to go deep than go wide. If you wish to hedge your bets on an artist’s career it is better to collect more of the same artist than a variety of artists because focussed support of an artist will do more to increase value and build the artist’s career in the long run.
7. Now that you own a work speak to the gallery and stay informed about the artist and his career.
8. Request the gallery to arrange a studio visit to the artist you collect. This is a great way to learn more and engage with the art you collect.
9. Make sure you visit museums, art galleries, lectures, watch videos online and any other method on a frequent basis to build your knowledge on art.
10. The more art you see the better your eye for art will become.