The way art collectors make their purchases has changed significantly in recent years. The art market has become more accessible, thanks to new digital platforms and a shift in the motivations behind art collecting. In this article, we’ll discuss key trends, price ranges, galleries and auctions, emerging artists, and offer tips for purchasing art.
Trends in Art Buying
One striking trend in the contemporary art market is the rise of online platforms. Websites like Artsy and Artnet have made the art world more accessible to a broader audience. Younger collectors, in particular, are increasingly using these online options, with art sales via mobile apps and social media platforms like Instagram seeing strong growth. Through these platforms, collectors can directly purchase works by emerging artists and follow their creative process.
In addition, we see growing interest in sustainability and social issues, such as climate change and diversity, which align with the values of a younger generation of collectors. These collectors are not only interested in the aesthetics of a piece but also in the message it conveys. Art that blurs the lines between traditional and digital media is also on the rise, attracting a new audience.
Accessible Art and New Talents
Art prices can vary greatly depending on the artist, medium, and reputation. For those looking for an affordable entry point, smaller works or prints by emerging artists can be a good option. Limited editions from more established artists also provide collectors with smaller budgets the opportunity to acquire unique pieces.
At the higher end of the spectrum, there is always space for collectors with larger budgets, where auctions at renowned houses like Christie’s and Sotheby’s feature works that can sell for millions. From paintings by old masters to modern icons, these pieces are often the highlights of the auction. However, these auctions also offer more accessible options, with works by lesser-known artists available at more affordable prices.
Worldwide, there are contemporary artists gaining popularity in a short period of time, making their work an interesting investment for collectors. Some promising names to watch include:
Amoako Boafo (Ghana): His vibrant portraits of Afro-diasporic individuals have already sold for millions at Christie’s.
Flora Yukhnovich (UK): Known for her baroque-inspired paintings, she has taken the art world by storm. Her works have fetched over a million dollars at Sotheby’s.
Hajime Sorayama (Japan): His futuristic, robot-like figures have reached cult status in Asia. His work spans autonomous art and commercial collaborations.
Tschabalala Self (US): Her unique blend of painting and collage explores themes of identity and racial representation, exhibited by major galleries worldwide.
While emerging artists have potential, it’s difficult to predict which ones will offer significant returns. The art market is highly unpredictable, and there’s no guarantee that a piece will appreciate in value
Timeless Purchases
Minimalist and abstract art are examples of timeless genres that fit well into a variety of interior styles and retain their value due to their universal appeal. Works by greats such as Picasso and Matisse remain highly sought after, especially when it comes to unique pieces or works from important periods in their careers. Although these works often hold their value, art can be an illiquid asset. It might take time to find the right buyer and determining the value of art can be challenging.
Tips for Buying Art
Buying art can seem daunting, but with the right approach, it can be a rewarding experience:
- Buy what truly speaks to you: Let your own taste and emotional connection with the work guide your purchases, rather than simply following trends.
- Set a budget: A clear budget helps you stay focused. For beginners, works by emerging artists or prints can be a great starting point. Platforms like Own Art offer financing options to spread the costs.
- Research the artist: Look into the artist’s background. Are they at the start of their career or already established? This can be an indicator of the future value of their work.
- View works in person: Although buying online is convenient, seeing a piece of art in person gives a better sense of its texture and impact.
- Be practical: Consider the space where the artwork will be displayed. Make sure it fits in terms of size and style without being overpowering or too small.
Ultimately, buy art because it resonates with you and brings joy, not just with the goal of making a financial profit. The value of art can be uncertain, and additional costs such as insurance and commissions can significantly reduce profits. At its core, collecting art is about the pleasure and personal meaning it brings. With the right approach, you can build an art collection that not only enhances your living space but also provides a valuable, lasting experience.
