Your passion for art may soon turn into a decision to collect contemporary paintings. But how should you approach this task, and what initial skills and knowledge are needed? Here is a beginner-friendly introduction to the collector’s journey.

Step #1: Understanding Contemporary Art

Each historical period has its own peculiarities and dominant art styles, and the present-day epoch is no exception. You should understand what contemporary art is and what trends, techniques, and names enjoy the greatest popularity. Art connoisseurs praise various artworks, from abstract expressionist art to hyper-realistic portraits, so it’s important to find your niche to jumpstart your collecting process. Also, don’t forget to assess the artworks’ cultural relevance, accessibility, and investment potential – these considerations will inform wise investment decisions.

Step #2: Identifying Great Contemporary Paintings

Next comes the process of actual purchase selection. The easiest way to spot high-quality investments includes researching the artist, assessing the artwork’s technique and originality, and evaluating its authenticity and provenance. Without these steps, you will hardly be able to determine whether the set price is a realistic value for the chosen art piece or not.

Step #3: Assessing the Investment Potential of Chosen Artwork

Assessment of contemporary art’s value and investment potential is a hard task, even for experts, let alone novice collectors. However, the following factors can guide you in the right, accurate evaluation.

• The artist’s reputation and popularity. Artists who are only starting out may set affordable prices for their artwork, from $500 to around $5,000, but as soon as their popularity grows, the check may reach six figures or more. Your task is to spot emerging voices with high potential and invest in them early.
• Current market trends. Staying informed about current art market trends is your clue to understanding the price dynamics in contemporary art sales. Read Artnet News, The Art Newspaper, or news releases of Christie’s and Sotheby’s auctions to see what’s in demand today. This information will let you predict the market’s direction and buy worthy art.
• The art object’s condition and rarity. Artwork, even an old one, should be in good condition to preserve its market value. Damaged or quickly degrading art objects are losing value and can turn into a wasted investment soon.

With these steps in mind, you can develop an expert-level understanding of the implications related to collecting contemporary paintings. Make wise choices, and your investments are sure to pay off in the form of a consistent, aesthetically pleasing collection with solid ROI.