Chapter 7: Buying Art Online
With the web such a powerful tool, there is little doubt that as an investor one of your key investment tools will be the web. Buying art to invest in on the web is a process that does take some time and will definitely need your full attention.
Here are the most important strategies that you need to know when it comes to buying art on the web. Follow these tips and get your investment started.
#1: Become Educated
Know what is out there and know what the value is. Stay up to date on what is happening in the art world by providing yourself with resources such as online and real world information.
When it comes to making any decision about investing in art online or otherwise, you need to know your material and you need to know where you can find answers to your questions.
#2: Look For The Unbiased Decision
It will pay off when you invest in information and advice from an appraiser or any other source when that source is unbiased. If they have any following in the value of your piece, they can not provide you with 100 percent unbiased decisions regarding that piece.
#3: Look For Certified Appraisals
The laws for appraisals are very clear. Anything but a certified written appraise is unacceptable. In addition to this, it is required that when you get this actual sales records from other showings must be included there. This should include evidence, not just numbers. If this information is not provided to you, you should get another appraisal for the item.
#4 Don't Assume You Will Get Something For Nothing
While prices are often negotiable to a point, don't assume that you can get next to nothing for a piece that is worth something more. For example, if an artist or an art owner is selling a piece that they because is worth 00, they may actually be willing to sell for at low as 0, but they won't go much lower. This is called the reserve and unfortunately you don't always know what this number is.
Just like any other type of auction, online auctions will have this type of reserve in place to keep the seller from losing his piece to a bid that is too low. Bid based on worth, not on being frugal or you could very well lose it.
#5: Do Not Give Up
Most investors don't make the first purchase smartly. It is more of a learning experience the first time around. If you give up after failing to get the piece that you want or you simply don't have the knowledge that you need to purchase the right piece, don't give up.
It often takes some time to get used to bidding on the web for art, too. What's more, it may require some time for you to adjust to the environment before you feel comfortable enough. The good thing is that when you are bidding on art on the web, you can watch and see and learn as you go. That's one of the best resources available to you.
Strategy Tip:
Use the tools available to you online to make purchases both on and off line. Be aware that research is the backbone to any good investment.
Antiques Investing
Let's say that you find a piece of art that was the most important piece to an ex President.
High Profile South African Artists
It may not be real! Learn about the art market. For example, many industry professionals will tell you that if you invest in an artist, the right artist of course, that is younger than 35 and is already getting exposure, then you have a good opportunity to make money off of his investment. They will obtain the object and use their expert training to help determine the value of it.
Other important pieces of information to know include1.
While prices are often negotiable to a point, don't assume that you can get next to nothing for a piece that is worth something more. It is up to you, though, to find the value in something by doing your own homework first, before buying the piece at all. It will pay off when you invest in information and advice from an appraiser or any other source when that source is unbiased. Has the piece of art been known to be in existence but just not known where it is? The good thing is that when you are bidding on art on the web, you can watch and see and learn as you go. Perhaps it is an unknown piece of work altogether.
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