Collecting with Confidence
Art collectors are a curious and rare breed. So rare, in fact, that according to research by Larry’s List published in 2015, there are just 8,000 to 10,000 art collectors in the world. The world.
Because collecting is such a dedicated pursuit, this month we’re looking at ways to help enthusiasts, from novice to experienced, buy with confidence. To tackle the ins and outs of building a collection, we called on long time Denver art collector, Robert Lewis, who believes collectors have “an unquenchable thirst for knowledge.”
Finding Your Niche
It may be true that collectors are born not made. But whether collecting is genetic or not, people often start with the desire to surround themselves with the things they love. According to Robert Lewis, when you buy what you love, the objects you collect are imbued with personal meaning; they tell a story. Over time, theseobjects come to connect your life emotionally, aesthetically, intellectually, and financially. “Collectors don’t buy things to decorate their home or office,” he said. “We collect to fill our lives.”
Lewis discovered his passion for the American West not long after moving to Denver. “I wanted to learn about the art that was being created in this region during the 20th Century,” he said. “It was perennially overlooked and under-appreciated. The more I learned, the more I realized that there was an incredible body of work that was readily available. I started in the early 20th century with post-impressionism and followed the progression of Modernism to Abstract Expressionism.”
Over time, he has learned to discern the quintessential examples by artists from each era. Along the way, he says he’s made many mistakes but that every mistake was an important learning experience. Ultimately, he considers collecting to be a wonderful adventure. “One of the most valuable benefits of collecting has been the acquaintances I’ve made. Artists, family members, scholars, curators, dealers, and most especially, other collectors. I’m truly grateful for all those who have shared their knowledge and friendship with me.”
Good, Better, Best: Becoming a Connoisseur
Developing a great eye and aesthetic sensibilities comes with time and exposure to art through reading, visiting museums, attending lectures, and talking to experts—curators, dealers, and other experienced collectors. “I think the art of collecting is connoisseurship,” Lewis said. “You learn to distinguish between good, better, and best by looking at objects and learning why one is better than another.”
Think of connoisseurs as the ninjas of collecting; they have the ability to see which objects among an array of similar things are superior. Part of developing this knowledge comes with understanding the evolution of an artist’s career. Early on, an artist emulates his or her teachers. A connoisseur knows this and avoids buying derivative works, which will not hold as much value as the later pieces that carry the artist’s individual voice.
“A successful artist,” Lewis explained, “will create something truly original: a unique artistic expression. A connoisseur strives to acquire an example of an artist’s work that demonstrates the artist’s unique creative contribution. It should be a work that is immediately identifiable with that artist. It should be a quintessential example at the height of their creative output. It should be a work that is closest to the moment of the artist’s unique artistic inspiration. Later works that repeat and refine the original inspiration are less satisfying.”
Quality is paramount, he stated, and add, “It’s not about price or getting a bargain. A great work of art is far more valuable than a great deal. Size is not the determining factor; a small gem may be far more valuable than a large, unsuccessful piece.”
Buying the Best of the Best
Collectors want quintessential works of art, so much so that they can be fooled by an imitation—that piece of art that was too good to be true. “You haven’t lived until you’ve bought a fake,” Lewis said, with a laugh. This is where provenance comes into play.
Provenance is the record of ownership, which establishes the legitimacy of a work of art. If you’re buying from a living artist, provenance is easy; all you need to do is keep good records should you decide to sell. With deceased artists, it can get murky and often requires some sleuthing, but this will be time well spent, especially if you can avoid buying a fake.
When researching provenance, Lewis suggests asking the following questions: Where and when was the piece created? What were the circumstances of its creation? Was it exhibited? Where and when? Are there written reviews of its exhibition? Was it acquired by a museum or someone important? Was it stolen? Is the piece signed by the artist? Is there an inscription on the piece? Was the piece conserved or altered in any way?
How to Start a Collection on a Budget
We are all bound by our financial circumstances. Luckily, there are many places to start that do not require large sums of money. Consider first and foremost what most intrigues you. From there, Lewis stresses that you should never pursue collecting for financial gain. “If you acquire the best of the best,” he said, “and you have a bit of luck, your collection may appreciate substantially.”
Little known secret of the art market: lots of dealers and collectors will not sell to someone who is buying for the wrong reasons. The art market can be exclusionary, secretive, and opaque. It is also very small and gossipy, so much so that bargain hunters might discover that they have been blackballed on a national level from buying desirable works. They may also learn they have not even been given the opportunity to buy seminal pieces.
There are several reasons why. Bargain hunter’s collections are often replete with inferior works purchased for the autograph, not the quality. Dealers and artists don’t want their work seen amid a sea of bad art. Second reason: no collectors want to discover their hard work—finding those quintessential pieces—has been locked away in storage. Many collectors won’t sell their best things to a rooky buyer but will instead hold out for the opportunity to place those important objects in a museum where they can be shared with a larger audience. The third reason is that bargain hunters, simply by making low-ball offers, have shown their lack of commitment to collecting and their inferior aesthetic sensibility.
Paying a Fair Price
Part of connoisseurship is understanding the market. To build your knowledge, keep track of national sales and auction results. Over time you will see how works of similar sizes, by the same artist, go for very different prices, sometimes dramatically different. You will learn, through this exercise, what makes one work more desirable than all the others.
The mistake new collectors make with this information, however, is vital to understand. Pricing by the square inch is for works by living artists. Pricing of work by deceased artists is based on provenance—who owned it—and by those quintessential qualities that make that particular piece more desirable amid an artist’s entire oeuvre.
Experienced connoisseurs know the exact works they want to add to their collection and where those pieces are hiding or where they were last seen. They also know that the most prized works rarely sell in a gallery or at auction; they are bought and sold quietly and discretely and only into collections where the work will be cherished, protected and available should a museum want access.
So, what do you do if you find a work of art you desperately want only to learn the price is out of your range? You have two options: pony up or walk away.
How to Find Unique Objects
Collectors are hunters; they are constantly on the prowl. “The internet is a godsend for collectors,” Lewis explained. “I research the period that I collect, and delve into archives to find newspaper articles, exhibition catalogues, inventories, and correspondence. I will even do genealogical searches to track down family members and colleagues. I’m in contact with dealers, galleries, auctions, curators, and scholars. And, most importantly, I communicate with other collectors.”
Know What You Don’t Know
“As a collector, I have learned so much from so many,” Lewis said. “I’ve had many mentors, advisors, and colleagues. It’s what makes collecting so gratifying. I have been surprised at the willingness of others to share their knowledge and insight. Everyone as an opinion, and it may not be the same as your own, but it may be valuable. You may start as a collector, but if you listen carefully, you will become a connoisseur.”