Collecting art on a budget

[JhwkMac]

Recently saw a lovely movie titled Herb & Dorothy about a couple from New York with relatively low means, he was a postal worker and she a librarian that amassed one of the biggest art collections in the United States.

Is there someone here that collects art on a budget or has some tips on how to go about doing it?

 

[mordecai]

Depends on what you consider a reasonable budget or art worth collecting I guess. If you buy contemporary art from small galleries, and maybe buy prints (although this is more difficult to find with young artists), there are several options for $400-$5k. Buying directly from unrepresented artists will usually cost less too. In general I'd recommend not focusing on quantity. Owning a lot of art can be a burden and one or two well chosen pieces is much more interesting than several.

I liked that doc

 

[turboman808]

All about being in the right place at the right time. Also keep in mind that peoples taste change. That $100 bargain could be worth 1 million in 10 years. I was at an auction 2 months ago an no one was bidding on a piece I knew was worth $2k-3k. I didn't really want it but I knew it's value and bought it for $200. Sold it 2 days later for $1500.

I am getting married and planning to have kids so I am starting to sell off some of my collection. Actually I am auctioning off 9 pieces this Sunday. Wish me luck!

 

[StephenHero]

Having ****** taste helps.

 

[mordecai]

Originally Posted by turboman808

All about being in the right place at the right time. Also keep in mind that peoples taste change. That $100 bargain could be worth 1 million in 10 years. I was at an auction 2 months ago an no one was bidding on a piece I knew was worth $2k-3k. I didn't really want it but I knew it's value and bought it for $200. Sold it 2 days later for $1500. I am getting married and planning to have kids so I am starting to sell off some of my collection. Actually I am auctioning off 9 pieces this Sunday. Wish me luck!
What kind of art sells at auction for prices this low? Were they sold as antiques?

Originally Posted by StephenHero

Having ****** taste helps.
+1

 

[L.R.]

Originally Posted by StephenHero

Having ****** taste helps.

If you enjoy the piece, and are collecting for your own sake, it's not really ****** taste. If you intend to sell it off eventually, than "****** taste" is a factor.

 

[JhwkMac]

Originally Posted by mordecai

Depends on what you consider a reasonable budget or art worth collecting I guess.

At this point it would be hard for me to spend more than $200 dollars on a piece. I don't want to collect to sell, I'd like to build a personal collection that hopefully keeps growing throughout my life. The price range will surely grow as well but for now that is what I can afford. I was thinking of starting by investing in a piece of around $200 dollars per month. Technically I could skip a few months and then spend more on a certain piece if I really liked it.

From my experience visiting galleries they always seem to go for more than what I can afford. One thing that was interesting about the documentary from my previous post was that they visited the artists studios or private exhibitions and bought from them directly, cutting out the middle man. If one could show up to these young artists studios with cash in hand, there might be some great pieces to be had.

Originally Posted by StephenHero

Having ****** taste helps.

As you're a fellow Kansas Citian, do you have any suggestions? I've been to the Plaza Art Fair and First fridays but they have been a bit expensive for me. I was thinking about getting in touch with some Kansas City Art Institute students, i heard they have a big sale once a year. any insights?

 

[mordecai]

Originally Posted by StephenHero

Having ****** taste helps.
I am guessing you hate most of the artists that they bought btw. I know I'm not fond of a lot of them. Perhaps having a "good eye" is just as important as not having "****** taste."

Originally Posted by JhwkMac

At this point it would be hard for me to spend more than $200 dollars on a piece. I don't want to collect to sell, I'd like to build a personal collection that hopefully keeps growing throughout my life. The price range will surely grow as well but for now that is what I can afford. I was thinking of starting by investing in a piece of around $200 dollars per month. Technically I could skip a few months and then spend more on a certain piece if I really liked it. From my experience visiting galleries they always seem to go for more than what I can afford. One thing that was interesting about the documentary from my previous post was that they visited the artists studios or private exhibitions and bought from them directly, cutting out the middle man. If one could show up to these young artists studios with cash in hand, there might be some great pieces to be had.
You should save $200 a month and eventually buy a better piece. Most artists worth a damn won't sell out of their studio unless they aren't represented, in which case you would have to know about them by some other way, which would usually require more involvement in the arts community than you seem to engage in currently. I've heard the KCAI sale can be a cluster **** but some good (though ignored) artists come out of that school. I'd be surprised if student works were that affordable.

 

[StephenHero]

Originally Posted by JhwkMac

any insights?

Honestly, no. I'm not tuned in at all. The Plaza fair sucks HARD. There are some decent galleries in town, but you'll pay. You might try going to the First Friday next month and checking some out. I don't know anything about the KCAI fair, but there are some very successful and affordable fairs at other schools like the Ivies and some of the NY design schools. I just don't know how KCAI's talent ranks in comparison, but it's definitely worth checking out. Nothing to lose.

 

[Ambulance Chaser]

Here's a good article from the Washington Post on buying art on a budget. Much of the article is DC-specific, but it contains a lot of good general information. If you google the article, a PDF of the actual article will be one of the first hits.

I endorse the idea of spending more than $200 on a piece.

 

[StephenHero]

Originally Posted by mordecai

I am guessing you hate most of the artists that they bought btw. I know I'm not fond of a lot of them. Perhaps having a "good eye" is just as important as not having "****** taste."
I didn't see the movie, but I've seen my fair share of "affordable art" in people's homes on Apartment Therapy, or in Dwell & other living magazines. I think bad artists usually have a common characteristic in that they really treat their subjects as sacredly profound. They really fetishize beauty and tragedy in the same way emo chicks in high school do. The best affordable art pieces I've seen are humble, mundane, and unapologetically mediocre.

 

[mordecai]

One thing to keep in mind is that within the world of artists and galleries, there is a very small subset of either that will sell a product that appreciates in cultural or economic currency as "legitimate" artwork, rather than decorative artwork/antique. This is related to how those artists and galleries market themselves, to whom, and whether that audience is receptive to them. A $500 piece bought from an undergraduate student that does not go on to get an MA or pursue their career in other ways will probably not ever be worth more than $500. Art bought from galleries or auctions with a decorative focus also have mostly embalmed value. On the other hand, that "legitimate" work has to appreciate to an often absurd amount before it can command any attention in the secondary market. I own a few pieces that I bought for $50 (my first purchase was at 16, with interest from my bar mitzvah money; the artist has amazingly achieved a small amount of fame) - $500 that now sell at galleries for much more, but that does not mean that I can find a buyer for them. The Vogels were buying from the right galleries at the right time. There was a major factor of luck mixed in with their passion, which is what makes their decision to donate, rather than sell their collection so interesting and perhaps admirable.

Originally Posted by StephenHero

I didn't see the movie, but I've seen my fair share of "affordable art" in people's homes on Apartment Therapy, or in Dwell & other living magazines. I think bad artists usually have a common characteristic in that they really treat their subjects as sacredly profound. They really fetishize beauty and tragedy in the same way emo chicks in high school do. The best affordable art pieces I've seen are humble, mundane, and unapologetically mediocre.
IIRC, when my house was on Apartment Therapy you liked the big piece in my living room

. Bolded is not a bad point.

 

[Dakota rube]

Originally Posted by JhwkMac

Recently saw a lovely movie titled Herb & Dorothy about a couple from New York with relatively low means, he was a postal worker and she a librarian that amassed one of the biggest art collections in the United States.

Herb and Dorothy is a great story. They did it for love, not really for investment. They could cash out and be quite wealthy.

 

[JhwkMac]

Thanks for the advice, Mordecai. I understand the fact that some art pieces do not escalate in value. My main goal is to acquire beautiful pieces and be able to appreciate them in my home, not necessarily cash them out as a retirement fund. I've contacted some artists friends and told them to keep an eye out for local shows or one of their friends that is wanting to sell some pieces and i'll see if i can start collecting that way.

 

[driveslowk]

I guess you could go to MFA shows / open studios. You might be able to find something you like,, you can talk with the artist a bit and it'd be in your price range.