AT SOME POINT IN OUR LIVES, WE'VE all been collectors. Whether you started as a kid with comic books or dolls, you didn't rely on anyone to tell you which items you liked, in the art world that same idea applies--to a degree, if you're thinking about collecting art, you should be motivated by an appreciation for a particular piece. But keep in mind that fine art can be an asset, too. So do your homework before making an investment.
And now may be a great time to look at fine art by African Americans. Early last year, Swann Auction Galleries in New York City hosted the first sale by a major auction house devoted exclusively to African American fine art. The gallery held its third such auction in February; bringing in a record $2.7 million. African American fine art has emerged as one of the most actively collected categories in the marketplace.
This snapshot will introduce you to some of the key considerations you should weigh when thinking about a possible purchase.
Seek out emerging talent. When looking to make an investment, seasoned collectors train an eye on portals for emerging talent such as Kenkeleba Gallery and the Museum of Contemporary Diasporan Arts in New York City, The Hammonds House Museum in Atlanta, The Southside Community Art Center in Chicago, as well as incubators such as the artist-in-residence program at The Studio Museum in Harlem. It's the collective activity of artists, dealers, collectors, auction houses, historians, and critics that plays a key role in propelling an artist into the marketplace, according to appraiser and art adviser Halima Taha, founder of collectinafricanamericanart.com.
Know the history of ownership. A well-rounded collection gives a sense of various approaches to a particular style. "Provenance [history of ownership] supports and can increase the value of a piece," offers Eric Hanks, art instructor and owner of M. Hanks Gallery in Santa Monica, California. This document establishes authenticity and identifies previous owners, which can positively impact the artwork's value--especially if a previous owner is famous.
Know the value of your artwork. Greg and Yolanda Head of Stone Mountain, Georgia, have been collecting abstract art since 1998. To stay on top of how much their art may have appreciated, Greg follows auctions and auction records. He also regularly visits galleries and shows such as Embrace: The Fine Art Fair of the National Black Arts Festival in Atlanta. He has their collection appraised every three to four years and has it insured appropriately.
Buy art that you enjoy. Enthusiasts say "buy what you love" because there is no foolproof formula for what to buy and when to sell. Yet everyone has a faithful strategy for collecting. Take former NBA player Elliot Perry of Memphis, Tennessee. He took 12 years to grow his collection of works by contemporary and master artists. Perry investigates a dealer's reputation and cultivates a relationship with those who help "build a collection, not just move inventory."
"There is a misnomer that collectors are plunking down thousands of dollars all at once," explains Head of making big-ticket art purchases. "Most galleries understand they have to 'work with you,' the code phrase for payment plan."
So you can get started by first shaking the notion that art collecting is strictly for the uber-wealthy.