BUILDING AN ART COLLECTION

5 TIPS TO BUILDING AN ART COLLECTION

Art advisor Kipton Cronkite has been helping clients build their art collections for more than a decade. But building a successful one can be daunting, while being fun at the same time. Here, Cronkite offers a few things to look out for. BY KIPTON CRONKITE

Kipton Cronkite

For more than 15 years, I’ve been helping clients build their art collections. Questions always emerge, such as: What should I buy? Will the current and future value increase? Will my friends like the art or make fun of it? Clients are also faced with questions around competing buyers, valuations, and how to win a piece and not severely overpay. As an art advisor, I help navigate the art world to build a collection that reflects the energy and spirit of each homeowner. Over the years, I’ve noticed five areas that stand out the most for collectors seeking quality art.

1. TIME Searching for art takes time. It’s also personal. Considering the number of pieces of art in the world, curating a collection that will both complete the beauty of one’s home and hold value in the future doesn’t happen overnight. It’s important to help collectors understand the emotional tie and purpose they wish to convey and have a deep understanding for how others will connect to individual pieces. 2. RELATIONSHIPS Most people don’t realize how tightly knit the art world is, which can make it difficult to navigate the massive flow of art found online. During the process, I provide introductions to galleries and nurture relationships that have been cultivated for many years. It’s also important to work with someone who’s connected to the emerging art scene to keep tabs on fresh young art stars. 3. FEAR Collectors often fear being misunderstood by their family or friends when buying the art that speaks to them most. Questions arise, such as: What do the artworks say about me as an individual? When you consult with an advisor, carefully consider aspects of your life that reflect your values and personal desires. Facing the fear of going with your gut, instead of the negative of missing the vibe, will bring confidence into the energy of what brings you joy. Fear can cause one to acquire art that doesn’t satisfy for the long-term, so the faster one allows the personal connection to shine through, the better. 4. NOT KNOWING WHERE TO START It’s normal to not know where to begin in the collecting process. As you’re looking at art (online, in galleries, or at Art Basel), listen to your inner voice of what grabs your attention. For clients looking to collect for value as an investment, having an advisor who can do the research and due diligence is critical. For those who want to create themes, go for art that excites you. Once you get a sense of the style of art you love most, listen to your gut and let it lead you to new discoveries. Don’t think too hard! Of course, the price of art varies, so if your goal is to find artists at specific price points, either hire an advisor or ask the pricing ranges upfront before you get your heart set on something out of your budget. 5. VALUE New and experienced art collectors are faced with the same questions: Will my art hold value? And if so, how long does it take to appreciate? Of course, this answer depends on a variety of factors, but the question I always ask my clients is what value the art brings to them in their current state—not in a year, or five years, but right now. What value is it bringing you now by being in your home? While some collectors buy art for an investment, most acquire based on an emotional connection. Personally, I admire emotional connection over a pure investment. Having a physical reaction of happiness and joy is priceless and pleasing, but if value is your primary focus, get an advisor to help you! T