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ArtsHow To Build An Art Collection

How To Build An Art Collection

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By MEIMEI SONG
June 27, 2011

Nick Simunovic of the Gagosian Gallery shares tips on how to build a solid art collection

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Art for some is a love affair, for others it is a strict investment, and of course there are a handful of people who fall between the two extremes. However, in this city that’s readily and progressively coloured by art thanks to increasing interest in the field from the public, understanding the field can be daunting. And the pressing question reveals itself: What exactly is good art?

What is the foundation of great art? We give you the Intelligence Squared debate here.??

To help us to clarify and better understand how to start a collection, we seek the help of Nick Simunovic of the world-renowned Gagosian Gallery. Below he gives us his tips on how to create a strong art collection.

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- Trust your eyes. The cardinal rule is to buy art with one's eyes rather than ears.

- Formulate your own taste. New collectors should take time to develop and cultivate their particular tastes. They should spend time at art fairs, in museums and in galleries, patiently looking at work and better understanding which pieces leave an impression on them and why.

- Act on instinct. If you are ever fortunate enough to be completely captivated and overtaken by a piece of art, you should buy it on the spot. ??

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- Ask questions. Enlisting the help of advisors or galleries whose opinions you trust can also lead to great discoveries.

- Passion vs. money. Financial return should not be the motivating impulse of an art collection. While there's no denying that artworks have value and works of art can appreciate substantially over time, money shouldn’t run the show.

- Do your research. Collect artists who have been vetted by art history and whose work is supported by a variety of players in the art world, such as museums, critics, curators, galleries and collectors. The artists around whom a positive, consensus-driven opinion has formed are the ones who are the most likely to be collected in 10 or 20 years.
 

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