3 Mistakes to Avoid When Buying Art

With regards to purchasing works of art, here are the 3 top mistakes people can make when buying art at art fairs; these mistakes can occur in most art buying opportunities, so read on even if you are not attending Art Basel Miami Beach in a few weeks:

1: Preparation (or lack thereof): Just as you would not show up to purchase a high-end luxury item without having done any research in advance, one major mistake would be not to do any homework in advance of the fairs. Review the various fairs, study the floor-plans, note exhibiting galleries that interest you, and artists that you want to see and make a plan. Bonus points for reviewing your own space and taking measurements and pictures of the areas for which you are seeking art and bringing all of this information with you to the fairs.

2: Fear: Don’t be scared! Do not be scared to ask questions of the dealers (art-speak for person who sells art) at the booths. The reality is that some people in the art world may seem pretentious or too busy to answer your questions, but you will find many are quite happy to share information about about the artists they represent and the artworks on view. Fairs are a great place to learn about contemporary art from exhibitors from all over the world, so definitely take the time to ask questions and learn as much as you can.

3: Pricing: Pricing in the art world is notoriously opaque and you will notice that prices are not exhibited next to the works of art. A red dot means that the work is already sold and in fact, a lot of work is sold in advance of the actual art fairs. For new collectors, it is essential not to rush and and purchase. If you do find a work of art you are interested in, ask questions, get artist and pricing information from the dealer and place it on hold while you take a walk and do a quick online search for information about the background of the artist and any pricing you can find (via ArtPrice or Artsy). Try and find some comps if you can to ensure the price is fair. Finally, depending on the artist and the booth, you may be able to ask for a discount - keep in mind each gallery is different so some may be able to give it, and some may not, depending on the particular artwork.