The contemporary art market outdid itself in 2013. Close to $1.1 billion worth changed hands during the November auctions in New York at Christie’s and Sotheby’s alone – the highest total ever. In the wake of those sales, which included the eye-popping $142.4 million Francis Bacon triptych, many questioned whether the art market had peaked and many considered whether the bubble was about to burst. Brett Gorvy, Christie’s worldwide head of Post-war and contemporary art, remarked on the market that, “This isn’t a bubble. It’s the beginning of something new.”
Actually neither is true; the contemporary art market has been strong in recent years and will remain so for the foreseeable future. Asking when to buy art isn’t the right question. How you buy art is much more important. And the most essential aspect of buying art is education. At any level, savvy and successful collectors not only understand the art market but also their own tastes and interests, both of which are accomplished by looking at art and asking questions. Art due diligence takes place in galleries, at art fairs around the world, at museums and even at cocktail parties. Details about the current states of artists careers are not readily available in books – the information is too fresh and not widely disseminated. And all artists’ markets do not rise together; some reach the top just as other artists are gaining prominence. The ability to distinguish between the two will lead to more informed acquisitions – be it for a collection of 10 paintings or 100 pieces of art.
I continually research artists, exhibitions, museum shows and the market. As a result, my clients rely on me for the education to understand what they are buying and why – they are well-informed and confident. In addition, I always recommend that my clients buy what they love – you can never go wrong doing that.
1/22/14