Struggling on what to buy for a wedding gift? How about a piece of art? Below are some quick tips on how you can stand out and give the bride and groom a gift to remember.
1. Do your research
Visit museums and art galleries and join an online art community; meet with museum curators, art collectors and like-minded buyers to discuss the different styles and periods available and work out which pieces you’re most attracted to. If you’ve never been to an art auction before, familiarize yourself with the fast-paced environment and the high-speed bidding process.
2. Set your budget
It’s important that you set your budget before you attend auction and that you stick to it; it’s easy to get swept-up in the movements of the auction room and spend above your budget, especially if you find yourself falling in love with a particular piece. Sometimes, going slightly over your budget is necessary to procure a coveted investment piece. If you’re looking to buy an investment piece, be prepared to spend between £1,000 and £10,000 for an emerging artist’s work; if you’re coveting the work of an established artist, be prepared to spend much, much more.
3. Be aware of the additional costs associated with buying art
There are numerous extras associated with purchasing art, including insurance, packing costs, and framing costs. If you buy at auction, you’ll also be expected to pay a premium to the auctioneer if your bid on a piece is successful.
If you’re purchasing a piece direct from an art gallery, don’t be scared to ask for a discount on the sale price. It isn’t impolite to ask the seller if the price they’re offering you is their best price. Galleries are always interested in cultivating relationships with new buyers and might be swayed to reduce the sale price if they feel you’re serious about purchasing from them.
5. Buy what you love
When buying a piece of important, it’s important to go for a piece that speaks to you – a piece that you love and you’d be happy to have hanging in your house; this is true even if the aim of your purchase is to procure a potential investment piece for future profit. If you’re buying from an online auction, don’t be afraid to send a message to the auctioneer hosting the sale and request more photographs of the piece you’re interested in before you place a bet.
6. Emerging art
As mentioned above, the artwork of emerging artists is much cheaper to buy than that of established artists and has a high potential of increasing in value over time. Pieces created by established artists are more expensive to buy and are less likely to increase in value. The aim when buying art is to make a profit, so go for pieces that have a high likelihood of fetching a return in the future. Maybe even look to particular countries that are popular currently, for example Irish Art or Italian.
7. Save your receipt
Make sure any documentation associated with the procurement of your piece is stored away and kept in a safe place for future reference; you will need the receipt of the purchase to prove the authenticity and value in the event that you sell the piece to another buyer in the future.