Not many of you would have a hobby of collecting works of art. Collecting works of art sounds like a hobby for the rich, and it seems like affordability is a major barrier in starting a collection. However, collecting works of art is quite accessible. ST provides tips to becoming an art collector…Ed.
People enjoy various forms of cultural presentations, including concerts, movies, and plays in their free time. Among them, many people visit art exhibitions to appreciate art and satisfy their needs for visual beauty. Though they may not be professional collectors, there is plenty of interest in art works, and there are many cases of overseas purchases. The act of collecting art works can be quite pleasurable. In Korea, however, people who visit museums and exhibitions to see art exhibitions (mostly because they see works of famous artists or works of famous modern artists) consider the act of purchasing artwork as high-quality culture that are not easily accessible. They do not easily think about collecting artwork even if they see a picture they like and can afford to buy it. It may be due to the difficulties in the areas that seem unfamiliar. So, ST is giving some basic information on buying artwork.
Things to consider based on purpose
If your purpose for collecting artwork is for investment purposes, you can choose one that is expected to increase in value in the future, after considering the artist's career, professional reputation, public awareness, and demand in the art market. Also, works that are auctioned off at high prices in famous overseas auctions mean there is public demand. A careful study of the information on the artists as creators of such works also helps develop your ability to appreciate fair pieces of works of art. Generally, if you are buying artwork for interior design purposes, it is desirable to purchase works that are generally easier to understand than those of high-priced ones. Since it is likely to be praised by visitors and acquaintances, the pride and affection you have for the work also increase. Purchasing unique but difficult pieces can be more stressful. Lastly, if you want to buy a piece of work because you like it, you need to have quick mental judgment. The work that appeals to me is likely to appeal to others as well. So, don't miss the opportunity to own a piece of work that you really like.
Place to purchase art works
Gallery is the place to display and sell artworks. A gallery hosts individual exhibitions, allowing visitors to appreciate an artist's works. You can also get detailed information on the price range of an artist's particular work, his resume, and the distribution route for the painting you want to buy. A gallerist identifies the customers' preferences, and recommends samples that match such preferences. If you visit a gallery that suits your taste, it will be to your advantage.
Although the choices are limited in art auctions, efficient betting on a famous artist’s work can give you a lower price than its original price. Also, most of the works in an auction are validated works, so reliability is guaranteed. In addition, the medium and low-priced auction market is getting active, so get into it and find your own piece of artwork at a reasonable price. Recently, online auction system has been activated too. Therefore, enjoy the opportunity to participate in overseas auctions as well.
Art fair host an event where many galleries gather and sell artwork together. In an art fair, you can compare and analyze works by various artists, and figure out what you like. In the case of international art fairs, you can see works featured in galleries overseas, so it is also recommended to visit them and be updated on global trends. There are various art fairs in Korea. KIAF (Korea International Art Fair), BIAF (Busan Art Fair), and Art:Guagju are the most representative ones. Visiting there will definitely be of great help to you in broadening your perspective of arts.
The prices for the works of art range from several hundred thousand won to several hundred million won. Thus, it is important to select your favorite work after considering your realistic buying power and preference. To get your hands on a worthy piece of work, it is most important to consider a variety of factors first. If you study as much information as you can about the authors and actively seek advice from experts in the gallery, you can buy something without regretting it. Think of art appreciation and purchasing as familiar ideas. The work purchased through a small investment may become a huge asset and source of pride in the future.
Lee-Woo Yoon (News Editor)