Today there are many places you can purchase art. Online, in galleries and at auctions/auction houses or in shops. You can shop online, in galleries, at art shows, auctions or in stores.
But in order to understand what you're purchasing is at somewhat fair value, you need to understand the different types of artists. Knowing the background of an artist will help you to determine the current and future value of a piece. There are many types of artists nowadays and each level of artist has its own benefits and drawbacks.
Let me be clear in this article we won't be looking at various media artists, such as photographers, painters or sculptures. These artists are different and self-explanatory in their own right. We will be looking at the differences in the career stages and business models of artists in this article. This assists a collector or investor on how to navigate the price of an artists work. Helping them avoid overpaying and cutting out on potential profits.
You have two choices when purchasing artwork from a commission artist: either buy from their personal collection or order a custom-made piece made piece just for you. Commission artists work off of the demand they have and these types of artists depend on demand more than others because of their career stage.
A commission artist would be someone who may be well known locally, maybe a bit online but not on a larger scale whatsoever. This type of artist would like to get all the support they can get.
If you're looking to get some artwork for a space in your basement, home office, or dining room for a reasonable price; a commission artist is perfect for you. Especially when it comes to custom oil paintings, oil paintings are not cheap but look exquisite hung up anywhere and they're sure to impress whoever sees them.
What's The Benefit of Commissioned Artwork?
You will receive a unique work of art. You can communicate to the artist where the artwork will be displayed, so the artist can get an idea of the style/tones to use on the artwork. Staying in theme and adding to "the mood" of the room. You can even ask for a portrait of you or your loved ones. You can't get any more personal than this. Or perhaps you'd like to ask for a portrait of someone personal to you, such as a loved one. You can't get any more personal work done than this.
Understand there is no guarantee that your commissioned artwork will increase in value over time. Let's be honest, it probably wont; that's unless this artist goes on to become an established well known artist (which is of course possible).
Therefore, you should not commission artwork with an investment goal in mind. Most likely, pieces created on commission will be heirlooms that your family can pass down through the generations. They will also represent your family's history or a remarkable story.
Artists who are emerging artists are those artists who have yet to establish a name for themselves. They could be photographers, sculptors, or painters. It doesn't matter what medium they use. Emerging artists are often recent graduates from well known art schools. However, they can come from any age and any background.
Emerging artists often have yet to establish their voice and reputation. As such, their work will be more affordable than works by more established artists. This makes emerging artists the best type of artist to invest in. A great place to find emerging artists to buy from is 1Xrun.
You might end up with hundreds of thousands of dollars if you purchase a work of art today for $100. This happened to several collectors in the 90's when they bought work from Andy Warhol.
While it is possible to make a huge profit investing early in the next great artist's career, it is important to be realistic about the likelihood that each emerging artist will be the next big thing. There are many thousands and thousands of "emerging artists" around the globe, but not all of them will be the next Roy Lichtenstein.
Happy Tears - Roy Lichtenstein
Is it still worth the price? Is it meaningful to you, does it speak to you in anyway? Do you think it will compliment your space? Are you a believer that the work is valuable, even if it doesn't make sense financially? Although it is difficult to predict the future value of artists, these are some tips to help you focus on the investment potential.
The 'investment pot' is unpredictable and risky, so the only reason to buy art from emerging artists is because you feel a personal attachment towards it.
Is the artwork original? If an artist is original, it could indicate that they are likely to be successful in the future. Cleon Peterson is a perfect example of this, his work is very unique and stands out from the rest. Whenever you're at a gallery, you know Cleon's work when you see it!
Eclipse - Cleon Peterson
Is the artist gaining traction from their work? It's very common for emerging artists to have only a few sales on record, and one or two exhibitions. There are signs you can look for in an artist in order to determine if they're growing in popularity and value.
TIP: Usually the best place to buy artwork from emerging artists is directly from them! - You can purchase their work online from galleries, online stores, etc. But it will cost you more because of the resale value!
Are they recent winners of any competitions? Have they worked with any brands? Are they more active in exhibitions than in recent years? Are they selling-out? If all these questions check out right, you may have a decent investment here.
Space Man - Andy Blank
Andy Blank is a perfect example of an artist who knows how to promote themselves. The Brooklyn, NY based artist did a series of photos of him in a spacesuit around NYC. Unique idea that sparked articles and had several people wondering what was going on.
Does the artist have a great self-promotional skills? Marketing and promotion are key factors in determining whether an artist is an established one or an emerging one. Consider what they are doing to get noticed and what's their social media looks like?
Do they have a well designed website with a CV/Resume of their work and experience? Do they have a good network? What is the best way to find their work? These are all important things to keep in mind. These can give you a good indication of the artist's potential future. If you need help getting started, we wrote a piece on how to start allocating an art collectors portfolio.
An established artist, unlike emerging artists will have a well-known reputation in the art world. An established artist will have strong sales record and a history of exhibitions around the world, and they may also have regular collectors who purchase their work. Because of their reputation, the works of established artists will be more costly than those of emerging artists.
Buying artwork from an established artist is more risky than an emerging artist. Be careful to mistake established artists for blue chip artists, those artists are in a whole other lane of their own.
You can often predict the future value by looking at recent sales trends. You should consider the same factors that you would with emerging artists. Is the work original How popular are they? You'll also want to think about whether the piece has an emotional connection for you. You should be excited to own the piece you're buying.
Be sure to get original artwork signed when you buy works for investment purposes. Keep a copy of the receipt with the date and amount you paid. A certificate of authenticity should be requested whenever possible. These are vital, regardless of whether you plan to resell or purchase insurance.
Also keep in mind, artwork should be taken care of and that means avoid damage, dust or water. So if you're purchasing artwork/collecting artwork with the intention to sell it in the future, you must invest in some sort of art storage.
This is NOT Investing or Financial advice, we're sharing our opinions respectfully from a speculative point of view.