How To Collect Art

by Liza Laserow

During The Avenue Show there were lectures held by a wide range people within the industry. Miller Gaffney, a girl in my own age and owner of Miller Gaffney Art Advisory, held a really interesting lecture about building your future collection. Here are some simple things to keep in mind when you are purchasing your favorite pieces and putting together what will become you future collection.

  • Have Fun – Enjoy your art buying!
  • If you are purchasing a photograph buy the iconic works of the artist. They tend to climd higher in value.
  • Before purchasing anything do you duediligence. Ask for the piece provenance and proof of authenticity.
  • Make sure that the piece you are purchasing is 100% owned by the seller. If not trouble may come your way.
  • State the condition the piece is in. When buying contemporary art always make sure its made out of durable materials. Metropolitan bought a Damien Hirst’s iconic  The Physical Impossibility of Death in the Mind of Someone Living, thats a 14-foot (4.3 m) tiger shark immersed in formaldehyde in a clear display case. The tank started to leak and the shark began to fall apart… Not something you wish to happen with your 12 million dollar work of art.
  • If you want to collect wine – store it right with the correct temperature.
  • When you are insuring your art make sure you cove all prices and not just the insurance price. Include market price and retail price.
  • I would like to add: Seek experts guidance if you are insecure. If you for instance are buying at an auction ask an objective source to make sure the piece is what the catalogue says it is.

And remember! You dont have to be a Rockefeller to collect art. There are many ways to create an interesting collection of art and antiques. Just look how Herb and Dorothy Vogel did it. http://www.youtube.com/watch?v=vma2T5luy08

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