Beginning the process of investing in art

BY WAZARI JOHNSON

Art has been gaining popularity in Jamaica in recent years; gone are the days when fine art pieces could only be found in the homes of Jamaica’s “well to do.” People from the middle class and in some cases those among the poor now possess a few pieces or at least one art piece in their homes. Even with its popularity, art and collecting art can prove to be quite a challenge for some. Sometimes the art world is guilty of making the process of becoming a collector not very easy. Some galleries are cold and somewhat intimidating, even the seasoned aficionado can feel uneasy in such an environment. Sometimes gallery employees don’t make it any easier. Most of the time, instead of a greeting, barely a head goes up to acknowledge a presence. It can feel like you are intruding in someone’s personal space.

The question of how to collect art is becoming an issue as art gains popularity. For some persons it may be as simple as “buy what you like” and that is not an invalid position to take. Some purchase art and craft for decorative purposes and that should be respected, but some people approach collecting from the standpoint that they will buy what they like, yet they would love that the piece has dollar value.

If you are considering becoming an art collector here are a few steps that should be taken to ensure success in this endeavor.

Educate your eye
Start visiting art exhibitions, view pictures of artwork in art magazines, read reviews of exhibitions and artwork in newspapers and art magazines. Make notes of what you liked and what you didn’t like about the shows, that way you can compare what the critic wrote to your own impressions about the show. If possible, try to speak to artists to get an idea of what was going through their minds when they were producing their piece(s). Although almost every artist I know claims they don’t know how to “talk” about their work, once they get started, they love it. Meeting and talking to the artist adds a special element to collecting contemporary art that makes the work an irreplaceable treasure rather than just another possession. Get a thorough understanding of what you like and don’t like in the area of visual art. In making a hasty purchase you might discover with time that you don’t like the piece as much as you did initially. As your eyes become educated you will be able to identify strengths and weaknesses in art, with quality art you will find yourself loving it more as time passes. You will see new things every time you look at it. So, the absolute first thing you need to do is decide NOT to buy anything for at least one month. There is no right or wrong to understanding art. Slowly you will start to understand your taste. The goal in this first step is to figure out why you like what you like.

Determine your goals
You should decide if you are purchasing art for the purpose of keeping them as investment articles that also enhance your space, or are you filling up a blank wall you have at home. You’ll need to start narrowing down your choices by medium as this is directly related to budget. Generally, prints and photographs are less expensive than original paintings. Sculpture is generally even more expensive. But, as always, there are exceptions to this rule. Though artists and galleries try to fix prices based on the law of supply and demand and what the market will bear, there are always extenuating circumstances that contribute to the final price. Medium, size, complexity and cost of production also play important roles in determining the final sales price. But the bottom line could just as easily be determined by how much an artist is attached to a particular piece. One of the great advantages of collecting contemporary art is the artists are still living! But usually art from old masters or deceased masters are the pieces that garner the most funds.

Establish a budget for art
It’s important to do this before the shopping begins, as it is easy to fall in love with something beyond your price range. Establishing a budget and sticking to it will take some of the emotional aspects out of the experience. But, remember, you are about to embark on one of the few completely emotional buying decisions you will ever make!

Be very responsible as a collector
When you decide on becoming a collector there is something you have to keep in mind, you should accept the responsibility as the guardian of your pieces. Responsibilities include staying up to date on the activities of the artists in your collection and providing proper care and maintenance for your art pieces. With these basics you should be on your way to developing your own wonderful collection of art pieces.