Buying art and collecting art are two different endeavors. You bought a piece of fine art in a gallery because it was appealing and it would fit perfectly in the living room. On the other hand, there are individuals who frequent auctions with the hope of adding an original and rare painting to their art collection. In both cases, buying art has to satisfy individual tastes.
There are art collectors who will not think twice to pay more than a hundred million dollars for a Picasso painting. Come to think of it, is art really worth all that money? It is not made of gold, diamonds or platinum and neither can you wear it, drink it or eat it. If it is really as worthless as it seems, why do art collectors compete at auctions to place the highest bid for the same painting?
The monetary value of art is measured by how much an individual or organization is prepared to pay for its acquisition. However, it is the perceived cultural value that increases the price to such an extent that it reaches hundreds of millions at Christie’s or Sotheby’s. A Picasso painting has historical significance and aesthetically rewarding, the winning formula for a coveted masterpiece.
Great art collectors are best described as widely popular and respected in the art world. For example, the Barnes collection and Chrysler collection became successful with their art collections that have been selected and grouped accordingly. However, you do not have to be a great collector to form a meaningful art collection. You can be a small scale collector of specific works from budding artists. The art collection does not have to cost millions of dollars particularly if your real objective is recreational instead of potential profits. In the first place, buying art must be for personal enjoyment and not for high returns on investment.
If you are not confident on what types of fine art you will buy, seek advice from a reliable Fine art dealer who has the knowledge and experience of the art world. Don’t miss the opportunity of discussing the fine points of a certain work of art to determine whether it is really as good as everyone believes.