Why Become An Art Collector? (Now More Than Ever)
Art collecting has always been an intriguing pursuit, often associated with wealth, culture, and a deep appreciation for creativity. But in today’s world, becoming an art collector is more relevant and accessible than ever before. It’s not just about owning something beautiful, or even supporting a small business (but thank you nonetheless!). Just like creating art, buying art can be a fulfilling hobby – and even a career – all on its own.
And no, I’m not just trying to convince you to buy my art. I’m trying to convince you to be part of a historical and social movement of art collecting that is way more rewarding than dropping £10 a week on Shein,
Let me walk you through the relevance of art collection in the 2020s, the unique joy of crafting your own personal collection, the art market trends in 2024, and even the tax benefits it can bring to the average person.
The Evolution of Art Collecting
If you know anything about me, you know I have to start every conversation with an historical anecdote, and this article is no different.
Art collecting dates back to ancient civilizations, where rulers and wealthy individuals would amass collections of sculptures, paintings, and other works of art. These collections were often seen as a display of power and wealth, a way to showcase one’s influence and taste. Over time, art collecting became more democratized, with the middle class gaining access to art markets, and the rise of museums allowing the public to enjoy vast collections.
But what about today?
Navigating the Modern World as a Collector
The digital revolution has transformed the way we collect and interact with art. Online galleries and digital art marketplaces have made it easier for anyone to start a collection, no matter their location or budget. The rise of digital art and NFTs (non-fungible tokens) has also opened new avenues for collectors, allowing them to own unique digital assets that can be displayed in virtual galleries or even resold for profit.
No, I am not going to try and sell you any NFTs. They’re not the way I would personally go in my art collecting journey, as they can be more predictable than I would like. However, if that doesn’t suit you, thankfully there are many paths on the way to becoming an experienced buyer and collector of art today.
Why You Should Take Your Rightful Place in the Cultural World
Art has always been a mirror of society, reflecting its values, struggles, and achievements. Collecting art allows you to engage with these narratives on a personal level, providing insights into different cultures, historical periods, and social movements. Through art, we can explore the human experience in a way that transcends language and geography.
By collecting art, you are also playing a role in preserving cultural heritage. Artworks often capture the essence of a particular time or place, and by curating a collection, you contribute to the safeguarding of these cultural memories for future generations. This is especially important in a globalized world where traditional cultures and practices are increasingly at risk of being lost.
Think of any museums or galleries you have visited. In 90% of cases, those collections only exist because they were once private – often, art is only exhibited when it has been loaned to a venue, or even donated. You could be such a patron for a famous art exhibition in, say, the National Portrait Gallery once your personal art collection is established.
Now, who doesn’t want that on their CV?
Show Me The Money! What Are The Financial Benefits?
Art is an investment.One of the most compelling reasons to become an art collector is the potential financial return. Art can be a lucrative investment, with some pieces appreciating significantly in value over time. Unlike stocks or real estate, art is a tangible asset that can provide both financial and aesthetic value. Moreover, the art market has shown resilience even in times of economic uncertainty, making it a relatively stable investment option.
Imagine there’s a huge internet storm, and the online stock market crashes. But, aha! You have real tangible investments that you can always reliably sell, WiFi or no.
While stocks and bonds are tied to market fluctuations, art often behaves independently, providing diversification in your investment portfolio. Additionally, art does not suffer from inflation in the same way that cash does, and it can serve as a hedge against currency devaluation. However, it’s important to approach art investment with knowledge and caution, as the market can be unpredictable.
Investing in art is a journey, but you’re already on your way to becoming a reknowned private collector by reading this. Can you feel the power?!
Back to the serious financial benefits of the art market. In some jurisdictions, art collectors can benefit from tax incentives. For example, donating a piece of art to a museum or gallery can provide a significant tax deduction. Additionally, if you plan your estate carefully, you can use art to reduce the taxable value of your assets, ensuring that more of your wealth is passed on to your heirs.
Why miss out? Start your collection today
Can Collecting Art Fulfill Me?
Now, this is a real worry for some people. “Isn’t buying art just like spending money on MORE random crap I don’t need?” And I hear you.
But, collecting art isn’t just a purchase for the sake of spending money, or even just to make you more money down the line. If you will, it is an investment into your creative and spiritual fulfillment.
At the risk of sounding too much like Julia Cameron, allow me to explain.
There’s something incredibly rewarding about owning a piece of art that speaks to you. Whether it’s the colors, the technique, or the emotions it evokes, art has a unique ability to connect with us on a deep level. As you build your collection, each piece becomes a part of your personal story, a reflection of your tastes, values, and experiences.
Building a Personal Legacy
Collecting art is also a way to leave a lasting legacy. Your collection can be passed down to future generations, becoming a treasured family heirloom. Alternatively, you might choose to donate your collection to a museum, ensuring that your passion for art continues to inspire others long after you’re gone.
Instead of just being more stuff to find space for, or another transaction on your bank account, art collecting is about the future as well as the present. It’s like a little Art Baby that you are helping to grow, holding it by the hand so that it will take its place in the world of culture and creativity!
But Where Do I Start With Art Collecting?
There are 3 main steps to collecting art as someone relatively new to the art world.
These steps are:
1. Budgeting
2. Research
3. Curation
The first step in starting an art collection is setting a budget. While it’s tempting to go all out, it’s important to be realistic about what you can afford. Remember, you don’t have to start with expensive pieces; there are plenty of emerging artists whose work is both affordable and likely to appreciate in value over time.
Once you’ve set a budget, the next step is research. Take the time to learn about different artists, styles, and mediums. Visit galleries, attend art fairs, and explore online marketplaces.
Don’t be afraid to ask questions—most gallery owners and artists are more than happy to share their knowledge. When you’re ready to buy, make sure to purchase from reputable sources and keep all documentation, as this will be important for both authentication and future resale. Just like with any important purchase, it’s always a good idea to hold onto your receipts!
Art collecting is not just about acquiring pieces; it’s about curating a collection that tells a story. This requires a thoughtful approach, considering not only the aesthetic value of each piece but also how it fits into the overall narrative of your collection. Over time, you’ll develop an eye for what complements your existing pieces and how to create a cohesive and meaningful collection.
Art collecting also offers the opportunity to connect with like-minded individuals. Whether through gallery openings, art fairs, or online communities, collectors often find themselves part of a vibrant network of artists, curators, and fellow enthusiasts. These connections can lead to new opportunities, collaborations, and friendships that enrich your life beyond the art itself.
By following a basic 3-step guide of Budget, Research, Curate, you can develop a plan for a beautifully personal and financially promising art collection.
“Just selling is one thing, But strategically building a collection is completely different. It’s great when you’re one of the biggest buyers. Great work finds you.”
Becoming an art collector is about more than just acquiring beautiful objects. It’s about engaging with culture, preserving heritage, and making smart investments. Whether you’re drawn to the financial benefits, the emotional fulfillment, or the social aspects, art collecting offers a unique and rewarding experience that can enrich your life in countless ways.
So why not start your collection today? After all, there’s no better time than now.