5 Essential Tips to Plan Your First Art Collection

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5 Essential Tips to Plan Your First Art Collection

Art collecting is more than obtaining something valuable. It is about having a collection that others want to see. A good collection tells others about the art that they wouldn’t be able to determine simply by seeing the pieces alone. There are a few keys to planning your first collection.

Establish your tastes

The first step is to determine which pieces appeal to you. When you collect simply on what interests others it’s hard to make a statement with your collection. Forbes recommends touring galleries and other collections. Spend time at auctions and with other collectors before making a purchase. This will give you an opportunity to determine what interests you. Ultimately you are the one who will own the collection. It doesn’t matter if everyone shares your opinions. Your collection allows you to express your unique tastes.

Form a Cohesive Collection

Once you know what you like it’s important to know why you like it. According to ArtBusiness.com the best collections aren’t simply randomly selected pieces, but have something that ties them together. The collection then becomes a work of art in and of itself. When you know why you like a particular piece it makes it easier to select similar pieces. If you select simply based on the interests of others you may find that it is difficult to create your collection.

Create a Budget

Once you have an idea of what interests you it’s important to set a budget. How much are you planning to spend on your collection right now? How many pieces do you want to start with? These are important questions to consider and will help you determine your budget per piece as well. Art collecting can be an expensive hobby and if you spend your entire budget on one piece it may be a while before you are able to add to your collection. In addition to purchasing the piece itself you also need to consider the cost of insuring, obtaining, and displaying it.

Document Everything

Proper storage and documentation is an important key to planning your first collection. You will need to have a filing system in place to keep track of all of your purchases before you start. This paper trail is the key to establishing the authenticity of the pieces you purchase. Careful documentation preserves the value of your collection and is important not only for your own interests, but for insurance purposes as well.

Pick Your First Piece

The first piece in your collection is the building block upon which you will select your other pieces. It is essentially the first step in starting your collection. By this point you should already have a well-defined idea of what your particular tastes are. This piece should fit with the theme that you have determined for your collection. It is okay to spend more on this piece than the others as long as you don’t go over budget and are still able to purchase the remaining pieces for your collection.

15 Essential Terms to Know When Art Auctioning

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15 Essential Terms to Know When Art Auctioning

Auctioning can sometimes resemble a sporting match in terms of competitiveness and intensity. Understanding the most basic principles of art auctioning will allow any individual to excel once provided with the opportunity to bid on artwork. Here are 15 terms to keep in mind as you participate in this process. 

Appraisal- The market value assigned to an item by the house specialists.

As is- The item is sold in its current condition, with imperfections and faults at the time of auction.

Auctioneer- The conductor of the auction, usually a trained professional, can be a man or woman. They are usually known for their ability to fetch outstanding prices for items, even in the stingiest of crowds. Auctioneer’s use many different styles that are catered to specific demographics.

Bid- The amount a prospective buyer signals he/she would like to pay for the item currently being auctioned.

Bought In- Art that fails to sell and gets returned to the consignor.

Buyer’s Premium- The fee that the auction house adds to the hammer price of an item, usually a percentage from 10-20%.

Conditions Report- Description of the item up for auction, usually prepared by a specialist.

Consignor- The party responsible for putting the piece up for auction. Can stem from the three D’s known as Divorce, Death and or Debt.

Exhibition History- A complete history of all exhibitions in which an item as appeared. Exhibit history may affect the value of the item.

Hammer Price- The final and winning bid, gets its name from the gavel when it comes down upon completion of an auction.

Increment- The amount by which the next bid must surpass the previous bid.

Protecting a Market- When a dealer places a bid on behalf of an artist to assure that the market value of an artist does not fall. Major artists usually expect this type of financial protection from dealers.

Reserve- The minimum price that a consignor will allow the item to be sold for. If the reserve is not met then the work will be bought in.

Sell Through Rate- The percentage compiled to assess how the auction performed. Rates below 75% are considered to be underperforming.

White Glove Sale-  An auction in with a 100% sell through rate. A party usually ensues after.

Even with basic knowledge of these terms, any beginner can approach a sale at the auction house with confidence and ease. 

Upcoming Picasso Exhibition at the Vancouver Art Gallery

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Qingxiang Guo from the Wanda Group art collection has agreed to loan Picasso’s famous “Claude et Paloma” painting to the Vancouver Art Gallery.

China’s Wanda Group purchased Claude et Paloma for $28.2 million US, including fees at Christie’s November auction in 2013. The oil on canvas work depicts two of Picasso’s children born as a result of his long-term relationship with Françoise Gilot, which will be on display at the Vancouver Art Gallery.

Moreover, Qingxiang Guo oversees the Wanda Group art collection, which is owned by Chinese billionaire Wang Jianlin. Wang Jianlin is known as the richest person in China with a net worth of $31.5 billion US.The Wanda Group is known as one of the largest world property owning companies, as seen by their recent acquisition of the American media company called Legendary Entertainment.

Guo said he agreed to loan the painting to the Vancouver Art Gallery due to his familial connections in the area, with both son and granddaughter born in this city.

Guo also reaffirmed a notion about the “art experience” by stating that he wanted to offer this painting a space where it could be appreciated by the public eye, not only his personal use.

With over a $1.6 billion value, the works owned by the Wanda Group consist of over one-thousand paintings ranging from Pollock to Picasso.

Around 30 years ago, Guo founded the art collection that fueled his lifelong passion for all different types of art. To mark his first purchase, he gladly invested in a painting by Guanzhong Wu, who is a Chinese artist known for finding a balance between western and oriental artistic styles.

vancouver art galleryThe gallery has works by Impressionists and Modernists from not only Western tradition, but also from Chinese culture. Throughout this process, Guo has worked with a team of around 10 professionals to grow and expand this collection to what it is today.

This painting, which was crafted in 1950, depicts a brother and a sister in their everyday lives. Claude et Paloma exhibits all the visual forms of a children’s world including fat stubby fingers and the decorative ornaments from an adolescent’s perspective.

This work by Picasso lets viewers into the children’s playful, imaginary world in relation to the various patterns and playful visual components that highlight Picasso’s artistic versatility in his field. Instead deriving from historical or political subjects, this Spanish cubist chose to draw from the simplicity from a child’s gaze.

As well, Guo said what is not as widely known is that the painting is more than a portrait of two children: The painting depicts both Claude and Paloma as well as Picasso and Gilot, which provides an interesting visual dynamic for onlookers to view.

New Chinese Art Collection to Showcase at the Guggenheim

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New Chinese Art Collection to Showcase at the Guggenheim

 

The Guggenheim in New York City is currently expanding its collection in order to focus more on the evolving, complex nature of Chinese identity. Richard Armstrong, who has previously worked for other prestigious American institutions, such as the Carnegie Museum of Art and the Whitney, publicly announced in Hong Kong that the New York Guggenheim will showcase seven Chinese artists.

While this white colored rotunda has had its fair share of exhibitions, this is a precious moment for this Guggenheim branch to further indicate their ever growing, eclectic global collections.

The various artists come from the Robert H.N.Ho family Foundation, which has an initiative that primarily focuses on guiding and cultivating the potential for Chinese artists. Based in Hong Kong, this foundation’s mission is centered around the notion of art development to be one of the main cornerstones in overall societal growth.

With less than a year for these artists to make their creative mark in the New York Guggenheim, the museum’s collection will actually be completed for the public during the beginning of November. Chinese artists such as Sun Yuan and Peng Yu have been chosen by Richard Armstrong to exhibit their work that focuses on their nation’s history, ever changing political atmosphere and specifically how these factors contribute to their identity.

Both Sun Yuan and Peng Yu are especially appealing to the NYC Guggenheim because they are currently at a very unique, transitional phase in their careers as artists who have not yet peaked in their professional field, but are not necessarily new to the scene. The expected work that will display this iconic, white spiraled museum will traverse a wide array of forms, ranging from visual clips to large installations throughout the gallery.

In addition to an exhibition focusing on the work from contemporary Chinese artists, the Guggenheim is also in the process of acquiring art from the 1980’s-1990’s. According to Alexandra Munroe, the museum’s Asian art curator, art from this era is experimental and outlandish in nature, offering a very different, more visually intriguing side complementing contemporary Chinese art.

Interestingly enough, this show is expected to be the most extensive art collection of this nature to have grace a US based museum. Although there are limited details as to when or what this exhibition would specifically entail, it is clear that Chinese artists will be on the rise on the American art scene in the years to come.

China Reveals Top Collectors of Art

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Christie’s Asia+:First Open 2014, Hong Kong, October 2014In recent year, art collectors have been popping up over the world, many spending millions to secure collections of art which are deemed priceless around the world.

Forbes claimed the top three collectors in China as,

Eric Chang, Deputy Chairman of Christie’s Asia and International Director of Christie’s Asian 20th Century and Contemporary Art Department; Nick Simunovic, Director of Gagosian Gallery Hong Kong and Bao Yifeng, co-founder of Art021 art fair, and of the Chinese Young Collectors’ Council, an upscale organization connecting young collectors in China.”

These three are expected to spend anywhere from $100,000 upwards to $1 million on their art collections. They are also gaining notoriety as credited art collectors who are buying up collections which until recently seemed invaluable.

All three collectors explained that over the past 18-24 months, the youth has gotten extremely involved in purchasing art collections in China, and the numbers investing is still on the rise. Even though art buying has a social standard attached with it, it is still a family discussion and decision at the end of the day. The judgement and respect of elders still plays a major role before any purchase, but the youth is beginning to gain more power in buying.

Even though the youth has a tight budget compared to their elders when making a personal buy, they are becoming smarter in terms of buying and sending the art to exhibits to display. They understand the value and are slowly beginning to grasp what is popular and what is a good buy for the price.

The potential for youth to grow out of their families shadows is growing daily, and the youth could run the collection game very shortly once the reigns are handed over from the elders.

For more about Etienne, please visit Etienne Kiss-Borlase‘s official website.