"To Buy or Not to Buy?"

"The sense of enrichment that one derives from viewing a work of art should be the "foremost" reason considered when making a purchase or acquisition of fine art.

This is important.  It bears repeating.

Market Value should not be the sole reason for making an art purchase, trade or acquisition. Rather, without seeming too dramatic, there should be a feeling that one gets…a bonding with the spirit...that is evoked when viewing that artwork.  Valuation has its place...but trust me...that's not what it's truly about.

Let's explore the point a bit further.

With few exceptions, each of the hundred or so pieces of artwork that I personally own has a special place in my heart.  I'd be hard-pressed to part with any of them during my lifetime...even for a huge profit.  It would be like parting with my old high school ring or maybe a favorite old LP (for those of you who remember LPs).  That's the kind of "feeling" that I'm talking about. 

My granddaughter, on the other hand, may not get that "feeling" should someone offers her five figures for one of her inherited, limited edition, Jacob Lawrence serigraphs as she's scrambling to pay off student loans twenty years from now.  It might, in fact, be all about the "Benjamins" for her. 

Well, so be it. 

She may not have fallen in love with the image as I did.  If it turns out that it provides her with support when she needs it...well I won't be rolling over in my grave.  But to those collectors who are mainly speculators, don't bank on paying off medical or law school tuition bills with those Artist's Proofs hanging in your den.

There's a lot that could go wrong.   

Don't get me wrong.  Accumulating wealth through fine art is a good idea. 

A very good idea.  

So is leaving a legacy of financial stability for our children, grandchildren, and (for the very fortunate among us) our great-grandchildren. That's a noble and necessary cause that people from the Diaspora haven't exactly participated in to a significant degree.

I'm talking about building wealth though...not getting rich.

Still others don't care about any of that...they've got to have it, regardless.  How ever it happens, they generally don't care if others don't like it or think it's attractive...as long as they see its beauty.

Sometimes it works out and sometimes it doesn’t.  Unlike love gone badly, however, it generally won't cost you to get rid of fine art.  In fact, it will usually be profitable.  (Though like an old love, you may still miss it from time to time.)  I could go on.

Seriously though, seasoned collectors recognize that "feeling" when looking for art. They develop their inner senses. What I like to call "An Eye For Art" and "Art Sense" that grows and develops with greater exposure to the art culture. 

Visiting galleries, museums and art web sites as much as possible will certainly help in developing an "Eye for Art."  Once your "Eye for Art" is developed, you'll very likely seek out art that can grow in value, and is also stimulating for you personally as well.

The other sense is harder to define...I call it "Art Sense." 

Like common sense...it isn't as common as we'd like.   It's a combination of experience and financial savvy. 

Your "Art Sense" will tell you when and when not to become the guardian of a piece of art.   After all, you could just visit museums and galleries for the rest of your life to get "that feeling."  You don't have to pull the plastic from your wallet or open your checkbook.  Your personal finances can tell you how much you're able to buy, but your "Art Sense" will tell you how much you should buy.  How much should you pay for a piece of art?  "Art Sense" will come from being in the art world long enough and talking with enough people with similar experiences.  Most importantly it'll come from getting sound advice and guidance. 

Should I repeat that?

Perhaps not.  A word to the wise is sufficient.

Only when you have reached the point where your "Senses" are developed should long term financial gain be a stronger consideration regarding artwork.  There’s a very functional market out there for collectors, sellers and buyers.  There are also pitfalls.  Don’t forget the “dot.com” phenomenon.   Fortunately, unlike the "dot.com bubble," art collecting is ages old and will be around when we're not.  

In short, buy art because it speaks to you.

 

Buy it because it has value to you.

 

And then...because we are all more alike than not...it will speak to others as well."

Copyright -2004 - D. Edward Dyer