While navigating life as a young adult, you’re probably waiting to cultivate your own art collection until you have enough in the bank. It isn’t surprising that many Millennials put off their hopes of owning a work from their favorite artist. Most are plagued by student loan debt and living expenses, as the average student loan borrower has $37,172 of debt after graduation.
Serious art enthusiasts have started out with small budgets and grown their personal galleries without being wealthy. To keep the market for fine art strong, it’s necessary for the younger generation to get involved. You may not purchase a Norman Rockwell or Monet for your first piece, but you can begin your journey as an art collector in your 20s. Check out this guide to find out how.
1. Determine Your Taste
Building a collection for yourself starts with a cohesive understanding of your aesthetic. You don’t have to follow the crowd and opt for artwork that’s generally considered beautiful when it doesn’t match your preferences. Which styles and time periods resonate with you?
Before you make a transaction, research what kind of art is out there. Compile a list of artists you like and mediums that stand out to you and fit your budget.
2. Attend Auctions, Galleries and Art Fairs
Next, familiarize yourself with the best locations and sources selling art at a reasonable price. Auctions, galleries and art fairs are each viable places for buying artwork. Auctions can produce profitable bargains, but look out for premiums that may hike up the price.
For a mutually beneficial relationship, purchase items from the same gallery. Your steady presence and patronage can earn you an early look at new art and possibly better deals.
Fairs also hold an assortment of works to browse through, and often the artists are present, offering a unique chance to dialogue with them about their work.
Online auctions are also an ideal platform for 20-somethings, as a Millennial with a clear advantage when it comes to technology. You can bid on artwork that costs upwards of a couple hundred dollars and still stay in your price range.
3. Consult a Specialist
As you’re learning the estimated worth of pieces and studying about quality, use the knowledge of specialists for guidance. An expert opinion can inform you how desirable a painting is and whether the price is fair. Ask plenty of questions about its condition and maintenance needs, too.
Connecting with specialists can shape your understanding of art collecting and equip you in future purchases. While your instincts can direct you, there’s no harm in making an informed decision.
4. Invest in Worthwhile Pieces
Artwork that stands the test of time is a sound investment. If a piece is pricier than you’d normally prefer but it’s an outstanding creation, it’s a better purchase than settling on subpar one.
Changes in the market may make some artists seem less advantageous, but in the long-run, the right purchase can prove to be a lucrative acquisition. Investment options for every price level are available and useful if you’re seeking them out.
5. Try Lower-Cost Mediums
Canvas paintings and certain sculptures are highly sought after, but other mediums of art are equally striking. More affordable mediums can help you ease into art collection without struggling over an uncomfortable price.
Photographs, etchings, paper drawings and rare prints are exceptional alternatives to traditional paintings. These can be a manageable starting point to introduce you to the process of finding, purchasing and displaying art.
6. Pay in Installments
A price tag on artwork doesn’t always indicate what you’re required to pay upfront. It’s commonplace to pay for a painting in monthly payments.
After you make an initial deposit, you can take it home and continue to gradually purchase it. Some art services also provide interest-free loans for art collectors on a budget.
Begin Your Art Collecting Journey
Although displaying a part of history in your own place is appealing, it’s also important to consider the emerging artists who are your contemporaries. Support up-and-coming artists during your collecting, too, and watch how their pieces gather value throughout their career. Embarking on the endeavor of art collection is thrilling. Embrace the sense of discovery as you investigate and acquire the best pieces for your personal use.