Chapter 5: Putting Value On Your Author's Abilities - The Process Of Gathering Information
As we have mentioned, the first step that you have is selecting an artist that you enjoy so that you get full enjoyment from the art that you bring into your home. Yet, there is more to it than just this. You also need to take into consideration the artist's history, his education as well as the various other circumstances in his or her life that have dictated their art.
Yet, there is more to know about your artist if you wish to put value on them so that you can compare and contrast with others or even just to know that your investment dollars are going to the right place.
Here are some questions that you want answers for when it comes to determining your artist's value.
1. Does the artist work with an agency? If you work with an agency, as an artist, you do have to pay the agency, which is why many do not do this. Yet, those that do often are a better investment from your stand point. When they work with an agency, they are likely to get much more exposure and they are therefore much more likely to drive sales higher, increasing the value of the art over time significantly.
Strategy Tip:
Always invest in an artist that is represented by an agent that is actively promoting the artist's work as the exposure helps you, too.
2. Get a timeline for the artist's works. Where have they been seen? When did they start to come out and how often are they requested for events? Here, you want to find an artist that has an increase in the amount of locations and times that his or her work has been exposed and therefore has been out there. An increase here shows that the artist is more in demand than ever, again increasing his or her potential to your investment dollar.
Strategy Tip:
Invest in an artist that shows a positive and growing percentage of viewings as this will show that there is interest in the artist beyond what you are interested in alone.
3. Read the reviews. While the opinions of others are not always that important in terms of providing you with an opinion on what your tastes are, they should give you some indication of what others think. Reviews by professionals in the business convey a message to others out there.
Positive reviews will not hurt any artist and will increase his or her demand even. Yet, negative reviews in increasing numbers can signal trouble or even that the artist is no longer in demand, making him less of an investment benefit to you. But, don't just look at the reviews in terms of positive and negative. Look at what is being said and how this effects the overall impression of the artist that you have.
Strategy Tips:
Read reviews of the artist over time to see the differences in them and to see patterns that may be forming. This is an indication of the value of the art in other's eyes, too.
4. What are the sales numbers for the artist's work? Like any other investment, you need to know what value is out there in terms of dollars and cents. In art, you want to know how much as sold, how much it has sold for, its resale value as well as the demand that is out there. By factoring any of these things into your investment opportunity you can get a clearer picture of the value that the artist can provide to you overall.
Strategy Tip:
Look at and request sales from the artist's work. See what trends are obvious from these figures, which should be readily available to you.
5. Look for the gallery represented artist. Often, new artists are represented by a gallery. This is virtually instant recognition because those that invest in art come to galleries to see it and therefore are exposed to the new artist all the time. While it is not always something that is necessary to be found, as it can be rare, it is something to take into consideration when you do find an artist that has this benefit to his work.
Strategy Tip:
An artist that is represented by a gallery is one that should be considered.
The value of an artist is very hard to put a number on. Many artists come and go. Some are proven quickly while others take time. It is very much so a guessing game until you can learn which artist feels like the right one to invest in.
One indication of an artist that will do well is his or her age. 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.
Strategy Tip:
An artist under the age of 35 with exposure already is an investment in the future.
Artist And Crafter Articles
If you buy art with the hope of selling it, you may be disappointed quickly.
Art And Craft Articles
You may know the history of the relationship between Thomas Hart Benton and Jackson Pollock. The laws of supply and demand work here heavily and they often provide you with a range of benefits to consider when the time comes. Condition The condition of the piece makes a great deal of difference in the value of the piece. For example, suppose an artist trained under a well known painter. You may know the history of the relationship between Thomas Hart Benton and Jackson Pollock.
Stay up to date on what is happening in the art world by providing yourself with resources such as online and real world information.
In some cases, the art world puts a higher value on art that is from an artist that has a higher level of degree or education including where they went to school. The older, more mature pieces are valued at a higher rate than the newer ones will be. Of course, if you do find someone that you like, becoming a friend and colleague with them can be helpful to you throughout the process. Just like any type of investment, it is key to have an investment strategy in place to help you. Like a home, the value of art can grow quickly or slowly, but over time it adds value to your life no matter what when it is carefully selected to fit all of your needs. All of these are possibilities that increase the value of the art work that you find and invest in.
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