Any art collector would tell you that building a collection is a lifelong effort, a process of constant learning and discovering. So, if you are thinking about embarking on this adventure, now or at a future date, it would be good to keep certain things in mind. In this article we explore some of these thoughts and pointers.
A good story to begin this article would be the sale of the legendary Paul Allen collection at approximately USD 1.6bn, by Christie’s in November last year, called ‘The Visionary’, the story is not about the market value achieved, which is desirable, but no that is not our point.
Paul Allen’s journey into the world of art collection spanned 26 years of passionate commitment of time and energy, which included identifying and purchasing artworks. Indeed, when the collection was first brought to public view, through Christie’s sale catalogue, we were amazed to discover that it spanned 500 years of art, covering different time periods, geographies, and styles. Some of the works, which had already fetched record breaking prices in earlier years to ‘mystery buyer’ were also found here.
The diversity and extent of what the collection held has been written about at length by many. From our perspective, the common thread amongst the works appeared to be the reflection of his genius, and esoteric sensibility. However, when one looked at the collection in its entirety, it paradoxically felt precise, that he knew what the whole might look like at the end, and the decisions to buy where based on some deep calibration (his mental algorithm!).
It is said that Allen took a personal interest in the works he bought, not just being dictated by their potential investment aptitude, but whether the works communicated with his sensibilities, their importance in the oeuvre of an artist, and the trajectory of history of art.
While few of us would have the resources garnered by Allen, what remains interesting is that he chose to embark on this adventure with his capital, and how assiduously he went about it. We feel this to be the crux for anyone desirous of starting an art collection. Allen is also noteworthy since as a self-made billionaire he started from scratch, and build on the collection, artwork by artwork.
Does this inspire our budding art collectors? Here’s a list of points to consider for starting on an art collection.
1. Does the work speak to you?
Art can be an expansive, esoteric space, and it becomes difficult at times to judge what may or may not constitute ‘good art’. So, one of the first things to be aware of is our own sense of curiosity, aesthetic, and sensibilities. As one moves further along the adventure (yes! It is an adventure!), one would no doubt push boundaries, becoming more familiar with artists, techniques, and stories which delight us. Art after all should be a source of discovery and delight for veteran and new collectors!
2. Do you know the story behind the artwork?
Which brings us to the next point on the list. An artwork has many stories, about who created / commissioned it, what it represented of a time and space, why did the artist undertake the work, what medium, techniques were used. These facets add another dimension to the heft of the work. Since each work is individual (we are not going to cover AI art or NFTs in this article), it brings its own lore and layers, and knowing these facets becomes important in the story of the work, bringing it further to life.
3. Are you familiar with the artist body of work?
Which is why when looking at an artwork, it becomes important to understand the information available on the body of work by that artist. Now, by no means are we suggesting that people should know everything about every artist, just where that particular work features in the repertoire. For example, is this an early work, or was this created at the height of an artist’s creative period. For new artists, is this work featured in exhibitions, art shows etc. Knowing the overall repertoire of an artist helps in judging if it is one work wonder or if there is a consistency across the body of works.
4. Have you verified authenticity and provenance?
Now for some technical points. Again, we have discussed these at length in our podcasts. In short, it is important to get verification from experts (recognized experts of artists, galleries who represent the artists or the estate of the artist) on the authenticity of works. This becomes especially so for established artists, with a standing market demand, where forgeries are likely to be rife. For new upcoming artists, the artist themselves can verify the works, and it becomes important to hold on to these documents for the future.
Provenance pertains to the sale history of an artwork, ideally from the time it changed hands from the artist studio to its current owner. Galleries and auction houses typically provide the chain of ownership to buyers, thereby verifying that works have exchanged hands in a lawful manner. An impeccable provenance has an enhanced value as does a work that has been published in an exhibition catalogues, books, newspapers or magazines.
Blockchain software have made this process more streamlined, but these are still in very early stages, and sellers typically still maintain and provide physical documents.
5. Condition of the artwork
It is important to remember that artworks have a life expectancy and need to be cared for regularly. However, regardless of the care an artwork is given it is expected that older works will show signs of aging. For example, oil paints take years to dry and as they dry stress lines appear on the surface, which according to experts is a sign of the age of the work. Similarly, metal sculptures gain patina over time. The process of aging hence becomes integral to an artwork, and add to the beauty of the work. So it is not necessary and always possible for works to be in mint condition!
Always ask for a condition report for an artwork and it should give you the basic information and if the work has been conserved or restored and the details of that process. It becomes important to understand the condition of a work, especially when immediate physical verification is not possible. Heavily damaged works, regardless of their artistic and / or historic importance impact the valuation.
6. Do you understand their current market valuation?
Stories, background…all add to an artwork’s market value. We did a detailed discussion on valuation in a podcast available on our website and Youtube channel. For this article, we would like to add that artwork valuations are dictated by many aspects, and an understanding of what makes an artwork valuable becomes important to be able to assess whether it will retain, increase its value in the future. For developing markets such as India, valuation has a long way to go, and it is likely to see significant increase as the market develops over the coming years.
7. How does this work fit into your overall collection?
Collectors may be enthused by many objectives, such as Allen who focussed on pretty much the comprehensive history of art. Others have preference towards styles, time periods, mediums, subject matter. These are largely personal decisions. It may be that at the beginning of this journey, the only intention is a personal connect, and any other themes develop later. Whichever way the journey shapes up, it’s a good idea to always think about the entire collection (to-date), when buying the work.
And last but not the least it always helps to build relationships with the galleries to understand the artists they feature. It is important to note that this is likely to be a long-drawn process. In addition, you may be interested in artists that show across diverse galleries / cities. Another route, especially if you are committed to building a long-term collection, is to work with an art advisor who can bring in a wider market perspective be it auctions or galleries across the art market.
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