A Step-By-Step Guide To Buying Your First Big Piece Of Art (2024)

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First, figure out what kind of art you like

"The first important thing to do is really get a sense of your taste and what you like," said Waldbaum. "The best way to do that is to go see a lot of art."

Visit museums and galleries, and talk to dealers and artists to familiarize yourself with various periods, mediums, and styles.

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Continue your research online

The internet can be a great resource for figuring out what kind of art suits you best. Art.sy, a New York-based start-up that's been called "Pandora for the art world," lets users find works they like and similar pieces.

The web can also be a great place to research prices. Websites like Artnet and Artinfo can provide helpful information about auction prices of similar works, Rhodes said.

"Look to see if any similar works have sold at auction, and what sort of prices they've fetched," Rhodes said. Then look at Artnet's gallery network to see who is selling works by that artist, and what is available."

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Try to see every piece you're considering in person

Once you've narrowed down the list, make an effort to see every piece you're thinking of buying. They might look different up close and personal than they do on a computer monitor.

Talk to dealers to find out about the reputation of the artist you like. Has he won any awards? Has her work appeared in any major shows? Are there any periods for which he's particularly well known?

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Set a budget—and be prepared to go over it

"Figure out exactly how much you're comfortable spending," Rhodes said. "Sometimes if you fall in love with a piece of art, it's ok to splurge—but the last thing you want is buyer's remorse."

Budgets are especially important if you're planning to buy at auction, said Waldbaum, because it's easy to get caught up in the excitement of the auction room and overspend.

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Know the factors that can affect the price of a work of art

They include:

• Primary vs. secondary market: Pieces bought on the primary market (ie. you're the first owner) tend to be less expensive than those bought on the secondary market (ie. previously owned works being sold privately, through gallery or at auction).
• Rarity: Is the piece one-of-a-kind, or one of 100?
• Medium: A work on canvas is more valuable than one on paper.
• Period: For certain artists, one period within his career can be far more valuable than another.
• Gallery: "High-end galleries will generally charge higher prices for artists than less-established galleries, so be aware of the reputation of the gallery you are buying from," Rhodes said.

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Beware of hidden costs

Another reason it's important to set a budget: the art's not the only thing for which you'll have to shell out.

A few additional costs to consider:

• Insurance: certain pieces will not fit under a standard policy, and may need to be insured separately. You may also need to pay for an appraisal.
• Shipping and framing: both can add up.
• Buyer's premium: If you're buying at auction, buyer's premiums can quickly add up. At Sotheby's the standard premium on any purchase below $50,000 is 25 percent.

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Talk to an appraiser or experienced collector about the price you're paying

Research can only get you so far—before cutting a check, talk to someone about whether you're getting a reasonable price.

It's hard to establish comparable value in art, so ask the opinion of a professional appraiser or experienced art collector to make sure you don't overpay, said Waldbaum.

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If you're buying at auction, do a dry run

For first-time buyers, auction houses can be a great way to acquire a work of art. While the big-name auction houses may be out of your price range, there are plenty of smaller, regional auction houses where high-quality works are available at lower price points, Waldbaum said.

"Attend some auctions beforehand, so when you do decide to make a bid, you feel comfortable doing so," she added.

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If you're buying at a gallery, ask for a discount

It might sound strange, but it's always worth it to ask for a discount--your request will likely pay off.

"The sticker price is not what it seems," said Rhodes, adding that galleries sometimes discount a piece when they hope to develop a relationship with a first-time buyer, or to reward a loyal customer who has purchased numerous works from them.

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Make some space on your wall

There's nothing worse than coming home with a new piece of art and realizing you don't have a spare wall to put it on.

"It's a conversation starter, so you want to make sure it's adequately lit and secured to the wall," Waldbaum said. "You want to make sure that it's well-protected and will be seen."

Certain types of art also require certain conditions, like prints that are sensitive to light. Find out about any special caretaking instructions before you get home, Waldbaum and Rhodes said.

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Once you've bought the piece, don't throw anything away

A lot of first-time collectors toss out receipts and documentation, and that can be a huge mistake if you plan to resell it at some point, Rhodes said.

"There should be a clear, traceable path from artist to owner, and it should be documented," he said. He suggested safely filing away all documents connected to a work of art.

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Thinking of buying an investment piece?

There's a big difference between buying art for enjoyment and buying it as an investment.

If you're thinking of purchasing an investment piece, Rhodes recommended talking with a professional adviser.

Now read about eight ways to invest in art that you probably haven't considered >