Kipton CronkiteBuilding a successful art collection can be daunting. What should I buy? What’s the current and future value? Will those around me like the art? How do I compete with other buyers? Where do I start? As an art advisor, I frequently help clients resolve 5 key problems in building an art collection that truly reflects their dreams and aspirations.
1. Time – searching for art takes time. It’s also very personal. Considering the number of pieces of art in the world, curating a collection that will both complete the beauty of your home and hold value in the future doesn’t happen overnight. As an art advisor, I work with collectors to understand the emotional tie and purpose they wish to convey, and have a deep under understanding for how others will respond to individual pieces. In a way, this connection is an art form.
2. Relationships – most people don’t realize how tightly knit the art world is, which can be difficult to navigate, all the while competing with other collectors. As an art advisor, I provide access to galleries, relationships, and knowledge cultivated during many years as an insider. Most importantly, my relationships with emerging artists and track record in discovering new talent enable my clients to acquire unique pieces that will appreciate overtime.
3. Fear – Collectors often fear being misunderstood by their inner circles and relationships. Will my family members and friends like the art? What do the artworks tell about me as an individual? When I work with clients, I carefully consider all aspects of their lives, the people around them, and their environment. The goal is to find art that will bring joy, emotion, and an unspoken bond. Essentially, it’s a deep personal connection.
4. Not knowing where to start – I am often faced with clients that simply don’t know where to begin. As an example, I recently worked with a client who was looking to invest in art as an asset class. He wanted to buy art, but didn’t know where to start and needed help in navigating the process. In guiding him, the most important thing was to understand what he wanted to achieve financially and what he wanted to express emotionally. We continue to work together on his ever-expanding collection curated in the context of his homes and look for new ways to expand and enhance his portfolio.
5. Value – new and experienced art collectors are continually faced with the same question – will my art hold value? And if so, how long does it take to appreciate? Of course, this answer depends on a variety of factors, but the question I always ask my clients is what value the art brings to them in their current state. Not in a year, or five years, but right now. Quite simply, what value is it bringing you at the moment by being in your home? Some are in it just for the investment, while most hold a personal connection that exceed a monetary tag.
