Some experts say art collectors are born. The experts believe collecting is an innate ability and that ability is triggered as a person ages. Other people laugh at that notion. Collecting art to them is a basic way to make money, but they do say it may take a while before that money is in the bank.
Budget art collecting has caught on over the last 25 years. Stories like the Adam Sender story make people want to invest in art even though they have no idea how the process works. Sender was able to collect more than 400 pieces of contemporary art, and since 2006, he has sold parts of that collection for big bucks. A recent sale at Sotheby’s netted Sender a whopping $70 million, and he still has a large portion of his collection in a gallery in Miami.
Sender’s story is one of those incredible tales of fortune. Not everyone has the money to buy $100,000 works of art like Sender did 25 years ago, but everyone can buy art that sells for $100 now. That $100 piece might be worth $10,000 in 20 years if you did your homework and a little research. The best way to do research is to visit a gallery and ask questions. Identify the artists that have made it, and the artists that have potential. If you find a young artist you like, do the homework and reach out to them. Talk to them and explain why you have an interest in their work. The key ingredient in a conversation like that is a real interest in their work not just a financial interest, but a true understanding of their professional intentions.
Budget art collectors always ask how much they should spend on one work of art, and there is only one answer. Spend what you can afford. Think about developing a story when you collect art. Great collections take on a life of their own when they tell a story, just like Adam Sender’s collection.