Collecting rare and valuable items is a passion shared by many, from fine wines and watches to classic cars and coins. The art market is among the most appealing and attractive areas of collecting and is currently estimated to be worth a staggering $67.8 billion. Whether you're an avid collector or still a novice, building your collection can be a highly rewarding and fulfilling experience. In this article, we'll shed light on this exclusive and often intimidating world by providing you with some useful tips on how you can start building your own art collection.

Educate Yourself

Before you begin collecting art it is important to educate yourself about the art market by learning about different styles and genres of art and influential artists throughout history. You can begin your research by reading books, visiting art museums and galleries, and attending local art fairs and auctions. It is also beneficial to follow art blogs and social media accounts of artists and galleries online, as well as art-related news sources. This will help you stay up to date on current trends and developments in the art world.

Define Your Taste

Defining your taste is an essential step in building an art collection that truly speaks to you. Take the time to explore different styles, mediums, and genres to discover what kind of art resonates with you. Consider which types of art evoke your emotions or spark your curiosity and use this as a guide to select works that align with your tastes. Not only will this help you focus your collection, but it can also help you spot emerging talent from artists whose work you connect with, enabling you to invest in their pieces early on.

Know Your Budget

Art collecting can quickly become a costly pursuit, so it’s important to know your budget and stick to it. Setting a maximum price for each item of art you intend to acquire can help you stay within your budget helping you to pursue your passion for collecting in a financially sound way. It is also essential to consider additional expenses, such as framing, shipping, and insurance when pricing your new acquisitions, ensuring you remain within your financial means. By being mindful of your overall budget and expenses, you can build a collection that is both meaningful and sustainable over the long term.

Build Over Time

Starting an art collection can seem daunting, especially if you are working with a limited budget. The key is to start small and build your collection gradually over time. Begin by acquiring smaller works from emerging artists, such as prints or photographs, that fit within your taste and budget. As your collection grows and your financial situation improves, you can gradually invest in larger and more established artworks. By taking a patient approach, you can build a collection that reflects your interests and passions while also remaining within your means.

Engage with the Art Community

Active engagement with the art community can enable you to deepen your knowledge and appreciation of the art you love. Cultivating relationships with artists and galleries and attending exhibitions and art show events provide excellent opportunities to meet artists and gallery owners and engage in meaningful conversations about their work. By gaining a better understanding of an artist's vision and creative process, you can more fully appreciate and value their works. Building these relationships can also provide access to new works before they become available to the general public, allowing you to be among the first to discover and acquire these pieces. 

Consider Resale Value

While it’s important to buy art that you love, it’s also important to consider the potential resale value of a piece. As an art collector, you should always think about the long-term value of your collection. Buying works by emerging artists who have the potential to become more established can be a smart investment as their works may increase in value over time. Established artists with a strong track record also tend to hold their value over the long term, making them a solid investment, and helping you build a collection that is valuable over the long term.

Invest in Conservation

Art conservation is an important aspect of art collecting as it is important to properly care for and maintain your collection to ensure its longevity. This can be done by storing works in a climate-controlled environment, using UV-protected glass for framing, and hiring professional conservators when necessary. By investing in conservation, you can ensure that your collection remains in good condition and retains its value over time.

Take Risks

Art collecting is about taking risks and being open to new ideas and art forms. Don’t be afraid to invest in works by emerging artists or try out new mediums and styles. Some of the most valuable collections in the world were built by collectors who took risks and followed their instincts.

Follow these tips to help you build your collection and add value to your life in more ways than one.