People don’t always want to stick with traditional investments and collections. Stocks don’t offer much excitement, and many hobbies may not see profit in the long term.
Art investing is an excellent choice for people who still want to collect and grow their net worth. Artwork is moving at a higher rate than ever, with art and collectible imports increasing by 41% in 2021.
There are many common art collecting mistakes that you must avoid to get a great deal when starting an art collection. Keep reading to learn five mistakes to know about buying art.
1. Not Doing the Paperwork
Even if you primarily collect art to display in your home, that doesn’t mean you’ll never sell what you own in the future. The problem is that other collectors want to verify an art piece before they buy. Without the proper paperwork, it’s hard to prove the authenticity of a work.
Be sure you do the proper paperwork when buying art online or in person. This paperwork will verify your purchase and give the future owner what they need to feel comfortable buying from you.
2. Ignoring Your Preferences
There are a few people that only buy art as an investment. They don’t care about how it looks. It only matters what something will be worth in the future.
You can’t afford to think this way if you plan to display art and want to stick with art you enjoy. Look at the different types of artwork like Night Rider digital and what you want in your art pieces. You can still buy art to collect and end up with a lot of artwork you enjoy.
3. Overlooking Your Budget
It’s easy to make impulse purchases when buying art. You see something you really love and overlook the cost because of how you feel.
Unfortunately, this often leads to buyer’s remorse in the art world. Always keep your art collecting budget in mind to avoid making costly mistakes.
4. Doing Poor Maintenance
Art collection maintenance is a big deal, especially if you purchase older work. The material a piece is on can degrade over time if you don’t take the proper precautions. That can lead to a significant decrease in your collection’s value.
Be sure to learn about the type of maintenance you need for your collection. This means keeping your rooms at the right temperature and out of direct sunlight.
5. Skipping Insurance
Like any investment, you need to protect what you have if you want to avoid problems in the future. Unfortunately, you can’t always predict when accidents will happen. Whether it’s because of theft or natural disasters, you may end up losing your art collection.
You’ll be at a total loss if you don’t have art insurance. Look at your policy options and find one that will cover your losses.
Don’t Make Common Art Collecting Mistakes
Getting involved in art collecting can be an exciting time. You’re learning about a whole new world and making choices that can significantly impact the visual appeal of your home.
While your primary goal may be to create a great experience you believe looks great, you don’t want to make common art collecting mistakes that cause you to make poor decisions. Remember the errors above to be sure you find the best art for your collecting needs.
Head back to the blog to find more tips that will help you make other purchasing decisions.