The Different Types of Art Buyers
There are many different types of art buyers. They range from the person who collects for their home to the investor or the gallery owner. Each of these has their own unique characteristics.
TROPHY HUNTERS
Art buyers fall into different categories. There are art aficionados, trophy hunters, investors and collectors. The main purpose of art collecting is to acquire artworks. Aside from this, it also serves as a means of expression for the art-buyer.
During the early twentieth century, a number of moguls wanted paintings by Cezanne, Renoir, Monet and others. Today, super-wealthy trophy hunters are obsessed with works by Andy Warhol, Basquiat, and many others.
Most of these art-buyers buy for aesthetics. They may not be interested in color palettes or dimensions. However, their purchasing decisions are still very passionate.
Investor Buyers are people who love to experiment and take risks. They think that the value of the piece they buy will rise. This is why they often purchase quirky and experimental works.
Trophy Hunters are people who are more interested in the thrill of the chase than in the art. These people are generally found at auctions.
Art aficionados are people who cling to art for large tasks. They are less trivial than the other categories. They are often vouched for by members of prestigious art institutions. Moreover, they usually purchase artworks without a specific artist in mind.
Lastly, there are collectors. Collectors are individuals who are part of an exclusive buying club. If they own a piece of art, it means that they have paid tens of thousands of dollars to the museum. Moreover, the work they have bought has been vouched for by other members of the club.
As far as the types of art buyers are concerned, the art world has built a social structure around white supremacy, patriarchy, colonialism, and capitalism. This perpetuates the status quo and the status quo’s social structures.
COLLECTING FOR THE HOME
Home collectors are not for the faint of heart. Having a large collection does come with a cost but the rewards are well worth it. Most collectors display their favorite artists’ work in a manner that evokes envy from those who do not have access to such a collection. Aside from the plethora of benefits a home can offer, one can also boast of being in a safe and secure environment.
While there is no silver bullet when it comes to collecting art, the smart approach is to build a portfolio that focuses on your favorite artists and their works. As such, you have a better chance of achieving your goal of acquiring an impressive collection of original art that is representative of your personal style. For a small fee, a professional art advisor can assist you in putting together an art collection that is unique, cohesive and reflects your individual personality. The aforementioned art advisor can also help you find the right vendors for your needs and specifications.
As the name implies, the most impressive of all the aforementioned aforementioned aforementioned aforementioned notables is the trifecta of aforementioned aforementioned aforementioned. The aforementioned aforementioned aforementioned deserves a gold star for its merits and a hefty trophy to boot.
INVESTORS
When it comes to investing in art, there are several types of investors. Some have been lifelong art lovers, while others are simply looking for a diversified portfolio. All are capable of making an investment that is both a smart move and a wise decision.
Art is a great diversification benefit, and can provide a hedge against inflation. But investing in art requires some savvy, and a clear picture of the annualized rate of return of your portfolio. And as a result, you can’t simply buy a piece of art and enjoy it. You must be able to liquidize it as well.
In the past decade, the art market has seen tremendous volume. This makes it one of the most exciting asset classes in the financial world. With a $63 billion transaction value in 2016, the industry is a viable alternative asset allocation option for high net worth individuals. The art investment market has also become an attractive place for middle-market investors.
However, the art market is also home to many idiosyncrasies. One of these idiosyncrasies is the so-called “trophy hunting” mentality. While it has long been a fad among the super-wealthy, it has also spread further down the market.
A trophy is a prize that is sought after and has a hefty price tag. Examples include Warhol, Basquiat and Cezanne. These are the modern day trophy hunters of the art world.
But is it really worth the hefty price tag? Considering the ubiquity of art and the fact that it is an excellent way to diversify your portfolio, it is hard to argue that it isn’t. Fortunately, it’s easier than you think. There are a number of ways to invest in art, from buying a work of art to joining an art fund.
GALLERY COLLECTORS
Different types of art buyers are defined by varying aspects of their personality. Some are characterized by a strong lean towards Art History, while others are more interested in the aesthetics of the piece.
Some people are passionate about art and purchase it regardless of the size, colour and artist. Others are more interested in the financial and social aspects of art ownership.
Interestingly, the differences in the motivation of different types of art buyers may be more evident than you might think. For example, the first art purchase often results in a decorative purpose. However, the more frequent art purchases are driven by social and financial considerations.
Moreover, the smallest percentage of sales are made by an art buyer with high affinity. These art enthusiasts spend time and energy on analyzing the smallest details of an artwork. They also might enjoy reading art blogs and receiving newsletters. Despite this, they make up the smallest group of art purchasers.
Other types of art buyers have a small collection of artworks. This group is referred to as the occasional buyer. The majority of respondents had no more than ten pieces in their collections.
Another type of art buyer is the investor buyer. They are willing to make a risky investment, believing that the value of the artwork will increase in the future. As a result, they will usually buy quirky works.
In addition, there are art buyers who are not collectors at all. Although this group is considered to be an art enthusiast, it does not qualify as a true collector. Its primary concern is aesthetics.
Research on the different types of art buyers has been conducted by marketing experts. Some studies have focused on the financial and social aspects of art buying, while other studies have examined the artistic merits of buying an artwork.
INTERIOR DESIGNERS
The interior design industry is an excellent place for young artists to start their careers. It offers an opportunity to be part of a thriving and expanding market. But, you need to know where to go in order to succeed.
For starters, you may want to start by following artists and designers who share your aesthetic. You can visit their studios or look at their work on websites like Houzz.
After finding an artist you admire, you can reach out to them. Often, they will be willing to take a commissioned piece for your home or office. If you aren’t sure who to contact, you can always find an interior designer to introduce you.
Most interior designers prefer to work with abstract art. This is because color is a huge concern when it comes to interior design projects. Colors should complement the space and not clash with it.
Aside from abstract art, some interior designers also prefer black and white photographs. Many designers also avoid pictures of people. However, there are some exceptions.
Another option is to ask your designer if you can use a print instead of a framed piece. These are affordable and can match your design style just as well.
To find a designer, you can go online and join various social networking groups. You can also check out the idea tabs at Home Depot, Lowe’s, or other high-end furniture stores.
In addition, many artists sell their work to interior designers directly. This allows them to maintain the value of their work, as well as to create new opportunities for sales.
When selling to interior designers, it’s important to have a good understanding of the current interior design trends. For example, you can observe lifestyle magazines to see what colors are in fabrics used for furniture.