Collector's Guide: How to Buy Art from a Gallery
Today, the art market has considerably expanded, and it is accompanied by the continuous strengthening of buyer engagement globally. In the Art Basel and UBS Global Art Market Report 2023, the global art market has achieved sales of $67.8 billion, suggesting collectors’ interest.
This figure was mainly made up of art galleries, of which trade-in galleries only made up $35 billion.
This figure was mainly made up of art galleries, of which trade-in galleries only made up $35 billion.
how to buy art from a gallery
July 19, 2024
Daryna Markova
contributor DOM Art Residence
Determine Your Goals and Budget
Before you buy art from a gallery, you must be clear about how much money you are willing to spend. So, if your main focus or interest is on amplifying your living or workspace, think of the styles, the themes, and the colors that attract you.
If you are interested in art as more than a hobby, research current market trends and try to discover artists whose work has become more valuable in recent years.
Once the goals have been clearly stated, the next step is to determine the amount of investment you’re willing to make without jeopardizing your financial stability.
Another detail entails getting a feel for the general price level of artworks by artists or styles that attract your interest. Recommended ideas include visiting galleries’ websites, checking the results of auctions, and comparing prices using online portals. It assists you in making informed decisions about whether or not a price is right or not.
Remember to present other possible costs like frame, shipping, insurance, and maintenance of the artwork. If you are willing to develop over time a specific collection, make a certain percentage of the money for future purchases.
This means that you can expand your collection slowly but sustainably and logically without spending a lot of money.
If you are interested in art as more than a hobby, research current market trends and try to discover artists whose work has become more valuable in recent years.
Once the goals have been clearly stated, the next step is to determine the amount of investment you’re willing to make without jeopardizing your financial stability.
Another detail entails getting a feel for the general price level of artworks by artists or styles that attract your interest. Recommended ideas include visiting galleries’ websites, checking the results of auctions, and comparing prices using online portals. It assists you in making informed decisions about whether or not a price is right or not.
Remember to present other possible costs like frame, shipping, insurance, and maintenance of the artwork. If you are willing to develop over time a specific collection, make a certain percentage of the money for future purchases.
This means that you can expand your collection slowly but sustainably and logically without spending a lot of money.
Choosing a Gallery
The gallery you select can significantly affect your level of satisfaction with the painting you intend to buy. Search for art galleries with a good reputation, good feedback from clients and the community, and long experience in the field.
Such indicators as word of mouth, online reviews, and art publication mentions can also provide insight into the gallery’s status.
Galleries are typically categorized based on the style of paintings – contemporary, abstract, classical, or regional – or the kind of art that interests you. Thus, choosing a gallery that best fits your needs and interests is helpful. It means that a wide selection of artists may show that this gallery cares about developing artists and providing a diverse array of artwork.
It would also be beneficial to show that some art galleries that are part of trade associations or organizations like the Art Dealers Association of America (ADAA), the Association of Art Museum Directors (AAMD), or the like are likely to maintain higher standards.
In some cases, quality galleries should offer biographies and summaries of the artists, their exhibitions, and critiques by renowned critics. This transparency allows for an understanding of context and how that art impacts the world.
Such indicators as word of mouth, online reviews, and art publication mentions can also provide insight into the gallery’s status.
Galleries are typically categorized based on the style of paintings – contemporary, abstract, classical, or regional – or the kind of art that interests you. Thus, choosing a gallery that best fits your needs and interests is helpful. It means that a wide selection of artists may show that this gallery cares about developing artists and providing a diverse array of artwork.
It would also be beneficial to show that some art galleries that are part of trade associations or organizations like the Art Dealers Association of America (ADAA), the Association of Art Museum Directors (AAMD), or the like are likely to maintain higher standards.
In some cases, quality galleries should offer biographies and summaries of the artists, their exhibitions, and critiques by renowned critics. This transparency allows for an understanding of context and how that art impacts the world.
Communicating with a Dealer
It is important to establish a good rapport with your dealer or the gallery representative before engaging in the business of purchasing art. Most dealers have ample information about both artists and the pieces they plan to sell. As a result, you can learn more about the work you like by discussing it with someone experienced in the field.
A sound dealer relationship is based on trust and an understanding that both parties are sharing truthful information. There are technical aspects such as the age, authenticity, preservation state, and even the monetary worth of an artwork that can only be understood with help from an expert.
When speaking with a dealer, it’s important to ask detailed and relevant questions to gather comprehensive information about:
In some cases, the first few details may not be enough. Feel free to ask for additional information or for the documents to be sent to you.
Negotiating the sales price of an artwork is always a complex process. Analyze public records of similar sales, auction prices, and marketplaces to determine the fair market value of the piece of artwork.
Negotiation can go well if you show a genuine interest in the artwork since the dealer will be more willing to meet your price demands. Instead of directly demanding a discount, use phrases like: “Are there any chances to get a lower price?” “Are there any first-time buyer discounts?”
It is recommended to ask about an opportunity to discuss payments more, whether the seller offers installments or credit. This can make other artworks, which are more expensive, more accessible in comparison.
A sound dealer relationship is based on trust and an understanding that both parties are sharing truthful information. There are technical aspects such as the age, authenticity, preservation state, and even the monetary worth of an artwork that can only be understood with help from an expert.
When speaking with a dealer, it’s important to ask detailed and relevant questions to gather comprehensive information about:
- artist;
- artwork;
- provenance and authenticity;
- condition and conservation.
In some cases, the first few details may not be enough. Feel free to ask for additional information or for the documents to be sent to you.
Negotiating the sales price of an artwork is always a complex process. Analyze public records of similar sales, auction prices, and marketplaces to determine the fair market value of the piece of artwork.
Negotiation can go well if you show a genuine interest in the artwork since the dealer will be more willing to meet your price demands. Instead of directly demanding a discount, use phrases like: “Are there any chances to get a lower price?” “Are there any first-time buyer discounts?”
It is recommended to ask about an opportunity to discuss payments more, whether the seller offers installments or credit. This can make other artworks, which are more expensive, more accessible in comparison.
Making a Decision
Purchasing artwork is an important and personal decision-making process that usually involves the individual’s emotions. Trust your instincts when you need to buy art from a gallery. Think about the feelings that you first had when seeing the painting. Does it put a sense of pleasure, curiosity, or reflective thought in the mind?
Make sure that the size of the artwork is ideal for the planned area. Consider the orientation and characteristics of the item, such as its size, compared to other items in the room. The piece should harmonize with the other furniture and accessories and further improve the feel of the room.
Do some research on the artwork's title and ensure the title gives information about its ownership. Provide a certificate of authenticity certifying the authenticity of the specific artwork.
This helps to confirm that the piece is authentic and could be useful in the future if the owner wants to resell the item or if it gets stolen or damaged and the owner needs to claim on an insurance policy. Check how many offers you get for the artwork by comparing the asking price with the market value of other works by the same artist.
It is okay to take some time to think more about your decision. When buying art from a gallery, make sure to go over the Terms of Sale to understand aspects such as payment and refund policies and any warranties extended to consumers.
Make sure that the size of the artwork is ideal for the planned area. Consider the orientation and characteristics of the item, such as its size, compared to other items in the room. The piece should harmonize with the other furniture and accessories and further improve the feel of the room.
Do some research on the artwork's title and ensure the title gives information about its ownership. Provide a certificate of authenticity certifying the authenticity of the specific artwork.
This helps to confirm that the piece is authentic and could be useful in the future if the owner wants to resell the item or if it gets stolen or damaged and the owner needs to claim on an insurance policy. Check how many offers you get for the artwork by comparing the asking price with the market value of other works by the same artist.
It is okay to take some time to think more about your decision. When buying art from a gallery, make sure to go over the Terms of Sale to understand aspects such as payment and refund policies and any warranties extended to consumers.
Documentation
These documents serve as proof of authenticity, ownership, and value, and they are essential for future resale, insurance, and appraisal purposes:
- Certificate of Authenticity (COA). This is the most invaluable document that a collector should ever acquire. It confirms that the artwork is authentic and that it was made by the mentioned artist.
- Provenance Documentation. This document is a comprehensive record of the ownership history from the artist of the work to the rightful owner at the time of this document.
- Bill of Sale. A receipt is a legal document that documents the sale of the art from the gallery to you as the buyer.
- Condition Report. A condition report notes the appearance of the piece at the time of sale and stream. It is particularly useful for insurance and subsequent restoration work.
- Appraisal Report. It contains an independent assessment of the value of the artwork. It comes in handy for insurance purposes or when an individual wants to know the market value of the artwork.
- Exhibition and Publication History. This document gives details of any other exhibitions that the artwork has been admitted to and any publication that has also used the artwork.
- Insurance Documentation. It features the insurance details of the artwork while in transit and after it is placed at the client’s premises.
- Artist’s Biography and Artwork Description. More information about the artist and a detailed artwork analysis can prove valuable in evaluating and appreciating the piece.
Caring for the Artwork
Proper care involves several aspects, from handling and displaying to cleaning and ensuring the artwork:
Handling and Transporting
When working on art pieces, it is advisable to wear cotton gloves, or if that is not available, clean hands can do the trick so that one will not accidentally ruin the piece. It is also important to never try to move a framed or stretched painting by its frame. For large and expensive pieces, hiring professional art movers who are experts in moving artwork is advisable. Use quality packing materials. This involves placing the artistic piece on acid-free paper and finally enclosing the piece in bubble wrap.
Displaying and Hanging
Do not put the artwork in places that are exposed to direct sunlight or use UV-protective glass or acrylic. Ensure that the environment is stable and the temperature and humidity level are steady, with optimum values being 18-21°C (65-70°F) and 40-50%. Do not place art near a fire, heater, electric fan, or any other source of heat or damp areas of the rooms.
Cleaning and Maintenance
Clean dusty artworks frequently with a non-lint cloth or feather duster since dust may result in damage and discoloration of the artworks. Do not use the cleaning spray or water directly on the surface since they are likely to cause harm.
Storage
Artwork should be stored in conditions that are away from direct sunlight and suffer from high temperatures and humidity. It needs to be stored in a good place, avoiding extreme conditions in which basements, attics, and garages fall.
Insurance and Documentation
Find a specialized art insurance policy that would handle theft, damage, or even loss of the artwork. Take clear and accurate photos of your collection, write detailed descriptions, and record its history, status, and purchase receipts.
Security Measures
Provide security alarms and surveillance cameras in areas of art exposition as well as in art storage places. Valuable pieces must only be made available to particular people or organizations.
Handling and Transporting
When working on art pieces, it is advisable to wear cotton gloves, or if that is not available, clean hands can do the trick so that one will not accidentally ruin the piece. It is also important to never try to move a framed or stretched painting by its frame. For large and expensive pieces, hiring professional art movers who are experts in moving artwork is advisable. Use quality packing materials. This involves placing the artistic piece on acid-free paper and finally enclosing the piece in bubble wrap.
Displaying and Hanging
Do not put the artwork in places that are exposed to direct sunlight or use UV-protective glass or acrylic. Ensure that the environment is stable and the temperature and humidity level are steady, with optimum values being 18-21°C (65-70°F) and 40-50%. Do not place art near a fire, heater, electric fan, or any other source of heat or damp areas of the rooms.
Cleaning and Maintenance
Clean dusty artworks frequently with a non-lint cloth or feather duster since dust may result in damage and discoloration of the artworks. Do not use the cleaning spray or water directly on the surface since they are likely to cause harm.
Storage
Artwork should be stored in conditions that are away from direct sunlight and suffer from high temperatures and humidity. It needs to be stored in a good place, avoiding extreme conditions in which basements, attics, and garages fall.
Insurance and Documentation
Find a specialized art insurance policy that would handle theft, damage, or even loss of the artwork. Take clear and accurate photos of your collection, write detailed descriptions, and record its history, status, and purchase receipts.
Security Measures
Provide security alarms and surveillance cameras in areas of art exposition as well as in art storage places. Valuable pieces must only be made available to particular people or organizations.
Tips for Collectors
To become a more knowledgeable and discerning collector, consider these tips:
- Visit Galleries and Museums. Visiting galleries and museums regularly enriches your perceptive skills and interest in art.
- Read Articles and Books about Art. You should read art books, magazines, and articles available online.
- Network with Other Collectors. Get into classes or groups that are interested in art.
- Attend Art Fairs and Auctions. You can also buy art without a middleman intervening in your acquisition.
Collecting with Confidence
In 2023, it was estimated that 20% of collectors acquired artworks worth more than $1 million, showing an increasing trend towards acquiring investment works.
Following strict guidelines in how your pieces are handled, stored, and displayed helps retain the longevity of your pieces as well as their monetary worth. Through observing various styles and movements, traveling to galleries/museums, and reading, you better understand how to make better decisions.
Following strict guidelines in how your pieces are handled, stored, and displayed helps retain the longevity of your pieces as well as their monetary worth. Through observing various styles and movements, traveling to galleries/museums, and reading, you better understand how to make better decisions.