Category: Blog Posts

Getting into the contemporary art market can be messy especially for who doesn’t know much about this area. So, how to buy contemporary art?

From collectors who are addicted to buy emerging artists without a plan, to new collectors who think that shipping art is easy ( until their artworks get lost or arrive damaged on customs ) I have seen it all. Please, do a favour to yourself and do not buy Contemporary Art before you read this guide. Here I’m going to explain you the most important topics. From planning to tax benefits all will be explained in order to make you able to buy contemporary art with a purpose.

How to buy contemporary Art

If you are here, you probably aren’t the one who shelled out almost 1 million for that Cecily Brown on Thursday night at Sotheby’s. And the stratosphere of next month’s art auctions at Sotheby’s, Christie’s and Phillips with works expected to break records, is most likely out of your league too. Still, there are more down earthed ways to get into the art-buying / collecting game. Moreover even if more affordable doesn’t mean that is somehow easier.

Be aware of what you are going into

If you want to start buying some contemporary artworks just because you like it and it’s your taste, GREAT. Therefore, If you are someone who wants to start buying art and have some interest in investing not so great. If you are someone who wants to be a proper art collector stop here for 5 seconds and breed deeply. Collecting art with the intent of a return can be like the stock market. I’ve seen lots of cases when collectors call me to fix their mistakes as if I’m somehow a mess fixer. That’s totally fine. Moreover if they would have follow some of my advises I would have save them A LOT of money, time and headaches.

Draw a plan

Rule number one, you need to know what you want to buy and do a plan about it. An “art collector” who has a random range of artworks is not a collector or even an art enthusiast. That person is actually an addict. Sometimes I get really frustrated when people think that buying art is easy. Therefore, somehow I often get calls from that same people to fix some sh** that they did. I don’t believe in karma but…

Did you ever realised that the best art collections have somehow an invisible aesthetic that makes all artworks look “cool” together ? Proper art collectors hire art advisors and curators in order to achieve that appealing “look”. There is some really hard work behind it.

If you want to start buying art define what you want. Are you more into abstract, conceptual, minimalism, pop art or photography ? If you are starting now choose one category before jumping to another one. Let’s pick photography for example. Now that you decided your 1st category you must learn everything about photography. Its History, more important photographers, more important and expensive photography works, what are the top art auctions selling in the field ? If you follow this line, you will be able to not only draw a pattern and understand who is who and who is worth what in this field. You will also start developing a more professional taste.

Taste is a skill

For who doesn’t know I was 22 years old when I moved from Lisbon to London. At the time and going to an arts university I thought that I knew ‘something’ about art. Therefore during that year I could only like and understand old masters works. Pointless to say that I used to go every Friday night to the National Portrait Gallery to have drawing classes and even did my art history final project about 17th century Dutch Painters. Until I started going to Tate Modern, Whitechapel Gallery and I realised that I didn’t understand contemporary art, and perhaps because of it I didn’t actually like it. For someone who spent the year having classes at the National Portrait Gallery anything beyond portraits was out of my league.

As someone who gets intrigued when doesn’t understand something I started trying to understand what is contemporary art. I read books, spent endless hours researching on google in the hope to have an EUREKA moment. Eventually being into the artistic field and in London, I ended up going to a lot of contemporary art openings. Blain Southern, White Cube, Annka Kultis, Sadie Coles, Alison Jacques, Gagosian you name it, I’ve been there. My Sundays started being at Tate Modern instead of the National Portrait in order to try to understand “why”. And finally, after one year I had my EUREKA moment.

So, short story long, if you don’t get contemporary art, that’s fine, you will have to spend time learning it. If you already understand contemporary art, GREAT, but don’t forget that you will need to be always learning. What is contemporary art now won’t be in 2030, the trends of 2020 aren’t same of 2000. Never take anything from granted.

The Categories

There are various types of painters out there, therefore they are usually divided in emerging, established and blue chip artists. You must know about it to do the best choices according with your budget.

Emerging Artists

An emerging artist is someone who’s in the early stage of their career, someone who’s caught the eye of an art critic and/or gallery, but hasn’t yet established a solid reputation as an artist amongst art critics, art buyers, and art galleries.

An artist who has specialized training in his or her field (not necessarily gained in an academic institution), who is at the beginning of his or her career, and who has created a modest independent body of work. Examples: Maria Luísa Capela, Maria Rebela, Gabriel Vorbon.

Established Artists

An artist who has created an independent body of work over a number of years and who has received regional or national recognition through publication or public presentation of his or her work. A Mid-Career Artist has had a significant number of solo exhibitions at significant galleries and museums, located nationally or internationally, rather than locally.

Examples: Nikki Hill Smith, Robert Solomon

Blue Chip Artists

An artist who is at a mature stage in his or her career and who has created an extensive body of independent work. An established artist has reached an advanced level of achievement by sustaining a nationally or internationally recognized contribution to the discipline. Their work’s value has been decided through consistent years of sales, and confirmed at auction.

Examples: Andy Warhol, Baquiat, Damien Hirst

The Hidden Costs

Be aware of the hidden costs

Lots of newbies who start buying art do some big mistakes, especially in the beggining once they aren’t aware of the hidden costs. Tax, shipping, insurance, storage and framing are all extra costs that add up to the artwork final price. Of course that you can always try to decrease this by trying to get artists from your area or developing nice relationships with galleries near your area that can take care of this for you (with a cost of course). Moreover I’ve seen people who tries to save some money in the beginning ending up spending the double after. First and foremost you must calculate your budget, and after calculate the price of the painting you want PLUS TAX. After calculating it, add the framing cost, shipping cost and insurance and just THEN you have your final value.

Don’t ever ask a painting without invoice

There are a lot of buyers who ask and artists (mainly young) who acept this. To me this only shows a lack of respect for the arts. No person in this world can run a business if all clients ask for its products without invoice.Plus if someone buys an artwork without an invoice one day in case of resale that same artwork is worth 0! Of course this request happens more in some countries that others (usually less developed ones), but still happens more often than I wish. If you want to start buying art or even becoming a collector just know that you can actually have Tax benefits from buying art. Obviously this benefits vary from country to country but they exist and knowing how to take them can be useful and even more motivating for someone who wants to buy contemporary art in a proper manner.

My advice, get an art advisor for this or a lawyer specialised in art. Any other individual even if a lawyer or an accountant not specialised in the field won’t be able to. Even if they tell you that they can do it for you ( they probably will ) unless you like to waste money and time don’t go for it. This is only my humble opinion of someone who is in this for a while and saw quite a lot.

Negotiate with limits

Ok, lets get real, everybody likes to know where they spend their money. Fine. But have in mind that artists don’t eat, breathe or get money from the sky. I often get pissed off when I have clients asking me to negotiate with artists to an extreme level. Artists and galleries can actually do you a better discount if you:

a) Buy more than one artwork

b) Are a regular

This has no big science, but don’t expect to walk to a gallery or to an artist studio for the 1st time and try to bargain like a Middle Eastern. That is rude. Plus, if you get someone like me in the other side, the only discount you will get will probably be an invitation to leave. The end.

Get an art advisor

Okay, let’s get real, what is your level in the game? If you are starting and your budget is not that big honestly no need. You will learn with time and you can always in worst case contact me for an eventuality (self promotion I know). If you want to play this with the big boys please, get an art advisor. When we are speaking about the high end market small mistakes can cost a lot. Having an art advisor taking care of that for you will save you some headaches plus you will learn from him how to buy contemporary art. If you don’t feel like getting and art advisor, and looks pointless to you let’s do a bet and email me when you need a mess fixer, because sooner or later you will.

Art Auctions

If in fashion all fast fashion chains copy the high end ones, here there is no difference. Do you want to see a pattern about artists who are worth it? Follow Sotheby’s, Christie’s and Phillips auctions RELIGIOUSLY.

Do your homework. Study the auction catalog — including price estimates — and visit previews for a close-up look at the art on offer. Set a budget and stick to it.

Interested in going to an art auction ?

If you never been, again I advise you to get an advisor or a friend who is in the field. If not, sit and watch a few times before buying something. Auctions can be overwhelming. There is a show-business element to the proceedings, and big names in attendance. You can’t always tell what’s happening — or who’s bidding. That’s because some buyers prefer anonymity so they bid over the phone or from private boxes above the auction room. Also, the bidding can go fast, with auctioneers throwing out several figures in succession to jump-start the process. If you are newbie, just watch. If you are a bargainer look at the contemporary art day sales. There you will find works by many of the same artists in the evening sale, at a fraction of the price.

Conclusion:

• Be aware of what you are going into
• Plan, plan, plan
• Focus in a category first
• Be aware of the hidden costs in order to calculate your invoice
• Never ask for an artwork without invoice
• Hire an advisor if you are serious about it

You may also be interested in:

• Why is (some) Abstract Art So Expensive
• How to collect art (when you know nothing about it)
• The art collector’s mind: What are they looking for?

Art competitions are everywhere. It doesn’t matter where you are in the world, for sure there is at least a few around you. There are local, regional and even universal art competitions. Even if they differ in terms of artistic knowledge in order to apply, all of them have something in common.

Everybody applies with same goal (win), and all of them keep appearing newly over and over again. But, can art competitions be a complete waste of time? Honestly, it depends.

Are art competitions a waste of time ?

Consider the Benefits

If you are a student what is in it for you? A scholarship ? And if you are not a student? Perhaps international exposure? Like everything in life we must always consider both sides before taking any decision.

Art Competitions can bring a lot of benefits to emerging artists. An award from the National Portrait Gallery in London, for example, can bring exposure for an artist who lives in a remote place. An art competition that has as award a scholarship can provide someone the possibility to study that otherwise wouldn’t. Therefore, before jumping into art competitions for the sake of it, everybody must check what is in for them.

Are art competitions a pointless waste of time?

Actually can be. I know some artists who end up suspending their creativity because they only focus on produce artwork for shows and awards. The main problem here is the disappointment that comes if they don’t get the place. Have in mind that competitions have usually a thematic and rules in order to participate. Again, I advise every artist to do a list of pros and cons before deciding if they must participate in an art competition or not. Time is precious and no one wants to be burning it for the sake of it.

The pros

Learn and grow

Artists can obviously learn and grow from art competitions. New experiences even if bad ones always make us evolve and learn as human beings. In order to grow as professionals, we must know that only focus on work it won’t get us anywhere. When I speak here about learn and grow I mean it in the emotional sense. Artists need to learn how to deal with emotions, even if negative ones, and art competitions can be a great exercise that stimulates resilience.

Motivation

Some artists work better under the pressure of something. A commissioned artwork, an art fair, a gallery exhibition … you know, deadlines. To some artists, having a date to finish a project can actually boost their creativity in order to produce more and better artwork. Motivation is an important point in everyday life, and to some artists is the chase of something that boosts their dopamine ending up motivating them more.

Goals

Our goals aren’t static. As we grow we start having different goals. Perhaps because we achieved our inicial goal, and now we have a different one, or even because we realised that our previous goal wasn’t the right “direction” to be. Competing can be a good lesson about goals that obligates us to look deep inside our desires and life options.

Exposure

Artists know the importance of exhibiting their works. More than being an important opportunity for sale, the more that an artist exposes his works the more he/she will become known and respected in the art industry. Art competitions can provide artists with certain exposure not only locally but also internationally that otherwise wouldn’t.

Network

Competitions can give artists the opportunity to meet new artists, collectors, gallerists, patrons, advisors etc. In this business (as in any other actually) networking is one of the most important things. Who you know can have a huge impact in your career as an artist. Applying for an art competition can make artists do contacts that otherwise they wouldn’t even if they don’t win the competition. I saw artists who didn’t win certain competitions doing better in their careers than those who did. Only because the ones who didn’t win focused much more on networking and making new contacts. Who you know as an artist can be more important than anything else. Period.

Galleries & Patrons

As we spoke about network let’s now focus on Galleries and Patrons. Galleries are always trying to get fresh blood capable of impress (perhaps the next Picasso) and patrons are looking for pretty much the same. Getting out your work in art competitions can make your work arrive to the eyes of a big patron or gallery that otherwise would be impossible.

Self Confidence

Even if competitions can have a bad impact on ones self esteem, they can also have a really good one. Imagine an artist that got the opportunity to study art abroad under a scholarship thanks to a competition. Can you imagine the serotonin and dopamine boost? Competitions aren’t to everybody, therefore when an individual is able to win one is just the best feeling in the world.

Consistency

It is no new that sometimes artists have problems with consistency in their artworks. Moreover the more competitions that one applies the more he/she develops consistent work. Artists need to have a certain style that makes the viewer capable of identify him or her just by their artistic style. Consistency is only possible after a lot of practice and mistakes.

Creative Direction

Once art competitions have topics, that restriction can teach artists how to be creative inside that topic. The more different topics an artist tries the best he will do in the future. More practice will eventually result in a better creative direction.

Resilience

Well well well, resilience. If for some people the chase of an art competition can be a downside for others the chase and resilience capacity is what motivates them. The artistic field is not an easy one and everybody must be resilient here in order to survive.

The Cons

Wrong focus

Sometimes artists who are competing will only focus on shows and awards suspending their creative development. Such wrong focus can make artists doubt of themselves when in the end the only wrong thing here is the importance that they are giving to the competition. Some artists work better without any deadlines and making pressure with themes or dates will make them feel bad. You should/ must know yourself and know what it works better to you.

Unmotivation

Some artists will get discouraged if they don’t win the 1st place of a competition and that will make them unmotivated to produce more work. Therefore relying only on motivation is a bit unreliable. It’s quite common to see some artists thinking that if they get motivated suddenly they will become great artists.More established artists know that only motivation is not the way to go, and even if unmotivated they are able to spend days, weeks or even months producing work

“An amateur waits for inspiration to strike, a professional just gets to work”

Discouragement

For some artists, realising they have worked very hard and not gotten the prize can be discouraging. If you get discouraged easily maybe art competitions aren’t for you. Be aware that this can happen. A bit like motivation, discouragement is quite similar. If you want to be a great artist you need to develop a certain barrier that will make possible to you keeping producing work even after receiving 10000 no’s.

Self Worth

Well, probably everyone in a certain moment in life had doubts about their self worth. Life isn’t static and doesn’t always goes as planed. Therefore I see a lot of artists doubting of themselves for no reason. Be aware that applying for an art competition can have serious impact on your self-worth not just as an artist but also as an individual.

Depression

Is no new that some people are more prone to depression. Actually some people stop creating all together because they either didn’t get into a show or didn’t get an award. Of course that depression is a much more serious topic and losing a competition all alone won’t probably make anyone depressed. Therefore we must always count with the “last drop’, someone that is already depressed and applies for an art competition and doesn’t get it can more easily develop depression.

Top place or nothing

In competitions one person has to win the top award(s). It is “everything or nothing”. The way competitions can make artists feel pressured can be damaging. Everything or nothing can be hard to digest.

Jealousy

In a few painters “not winning” results in jealousy. Ok, that is totally understandable. Moreover the problem becomes when an individual can’t control this feeling all together and can actually become paranoid.

Stress & Waiting time

Art competitions have strict deadlines. 1st you have to apply according with their dates and then wait and wait and wait until the results are divulged. Sometimes this takes a few weeks, others can take months. During this waiting period some artists start developing stress and anxiety related to the competition. In this case, art competitions can be a big waste of your time with serious repercussions in your mental health.

Costs

Here we go again, money, money, money … Some art competitions can actually be free in order to participate, moreover others require a fixed fee, or a fee for every work sent. Even if this fees aren’t usually high I advise you to calculate them. Canvas, paint, pens, pencils, shipping, fees etc are all expenses that artists have in order to participate in art competitions. I advise artists to calculate it all upfront in order to don’t have bad surprises and don’t end up with a bigger expense on materials than the 1st prize can actually cover.

Judgements

If you are competing then of course you will be judge… not everybody deals well with negative comments. There are so many different art movements, mediums, and ways of working and even more diverse opinions about what is good art and what is bad art. One person will like an art work and the other person will dislike the same work. Art should not be about the number of votes you can win.

Conclusion:

• Art Competitions can bring a lot of benefits to emerging artists
• Art competitions can make artists meet important people that otherwise wouldn’t
• Artists who work better under pressure usually do better at competitions
• Competing can suspend artists’ creativity
• Art competitions can be a waste of time
• Art competitions can have a negative impact on artists’ self worth and motivation.

You may also be interested in:

• Why do artists make self portraits?
• Are Art Universities Actually Worth It?