Did you know the global art industry was worth $65.1 billion in 2021?
That’s a lot of money, and it’s just going to keep growing. So, what do you do if you want to get in on the action?
Well, for starters, it helps to know what kind of art to buy. There are a lot of options out there, but not all of them will be right for your needs.
If you are wondering what are common art-buying mistakes and how to avoid them at all costs, this short and simple guide is for you.
1. Not Knowing What You Want to Buy
The worst thing you can do as an art buyer is to not know what you’re looking for. This can lead to you spending a lot of money on something that isn’t good or doesn’t fit in your home.
Before you go shopping, take time to figure out exactly what kind of art you want in your collection. This will help prevent impulse purchases and allow you to focus on what’s best for your tastes and budget.
2. Buying Art Just Because You Like It
This is one of the common art-buying mistakes.
Buying art solely based on your personal taste is an easy way to become trapped in your own bubble. You can miss out on great opportunities for growth and return on investment.
The best way to avoid this mistake is by educating yourself on art. Join an art club, visit museums, read books and magazines about art, and talk to other collectors.
If you want to learn how to invest in art, click here.
3. Paying Too Much for Art
It’s important not to overpay for any piece of art, even if it’s by a famous artist.
This is often the biggest mistake made by people buying and investing in art. It’s hard to resist the allure of a beautiful piece of art, but you should never pay more than what something’s worth.
The best way to avoid this mistake is by doing research.
Research the market, and find out what similar pieces have sold for. Look at auction records and sales data from galleries or other reputable sources.
4. Focusing on the Wrong Things
It’s easy to get distracted by the shiny objects and glitzy displays at a gallery or auction house. But it’s more important to focus on the art itself, not the glitzy presentation.
When buying art, you’re investing in an object that will be in your home for years to come. One that you may give as a gift or pass down through generations of your family.
You want it to be something that reflects your own taste, not someone else’s.
Follow These Helpful Tips When Art Buying
With art buying, there are a lot of pitfalls to avoid. But if you’re patient and willing to do your research, you can find some amazing pieces that will be a great addition to your home.
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