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We’ve seen a dramatic change in how we appreciate and purchase art. Our experts discuss how we’re more connected and innovative than ever before, and how this shift has brought about new opportunities but also new challenges.

Interested in becoming an art advisor? Art Advisory 101 and Art Advisory 201 cover the key aspects of running a successful art advisory firm from how to navigate the art world to following best practice and managing client relationships. Enroll Today

Collecting art can be daunting and most don’t know where to begin. Having the knowledge and expertise to guide you along the way will help you make confident and informed purchases. And always go with your gut and buy what you love as you’ll hear from our experts.

Interested in becoming an art advisor? Art Advisory 101 and Art Advisory 201 cover the key aspects of running a successful art advisory firm from how to navigate the art world to following best practice and managing client relationships. Enroll Today

Buying contemporary art can often make people tense up. Because it is new, it can be difficult to understand what price is truly fair, what artist is going to go on to be a big name, or if it is going to age well.

But there is another way to look at it. Contemporary art is the cutting edge. It’s what is happening now. For that reason, you can often buy artworks at a more reasonable price, and you can find new voices and styles that you’ve never seen before.

Buying contemporary art is an adventure. And if you go out on this adventure with the right motives and the right perspective, you’ll return with treasure.

So What Is Contemporary Art?

Before you open up your wallet and start doling out money, let’s begin with the basics.

Contemporary art is art being made in our lifetime.

Thought it was going to be more complicated than that, right? Well, don’t worry. Things get more complicated from here.

The art world uses the term contemporary art to set aside all work that is, well, contemporary with us. Modern art was an art movement that began in the late 19th century and ran to the 1970’s. Unfortunately, when most people say “modern” they mean the same thing as “contemporary,” and often non-specialists will say “modern art” when they really mean “contemporary art.”

Modernism broke with so much tradition, choosing abstraction and experimentation over narrative and standard materials. By the end of the modern era, the postmodernists pushed for views and approaches that preferred juxtaposition over one dominant cultural narrative.

All of the contemporary art scene lives in the aftermath of those two revolutions in the way artists create art and specialists think about it.

Add into the mix the fact that we live in a highly connected world, with a kaleidoscope of niches, subcultures, and emerging forms. Contemporary art starts to look like quite the exciting — if confusing — realm.

Rule #1: Buy What You Love

Luckily, when you are looking through the contemporary art scene and trying to find something to buy, you can keep the same guiding principle that serves you well no matter what kind of art you are buying.

Buy what you love.

Whenever you are buying art, this rule should always be first in your head. Always buy work that moves you, that grabs you and simply has to go home with you.

The truth is that art buying is at its most rewarding when you have a deep, personal love for the work. No amount of research or potential profit years down the road should talk you into buying art that you don’t really feel for.

Even if you are unsure of the artist’s future prospects in the market or if other people will agree with your tastes, you must still follow your heart. Why? No one has a crystal ball, and you will drive yourself to distraction if you try to predict the future of the art market. And as for the tastes of others, they don’t have to pay for the artwork and live with it in their home or office.

It is always better to buy a work of art that you love — even if it never makes you a dime or if it makes the in-laws scratch their heads (after all, that’s part of the fun of art, isn’t it?).

Finding What You Love

Of course, it is hard to fall in love with a work of art you never see. So the first phase of buying contemporary art is always research.

It’s never been easier to research art than it is today. Your smartphone alone is probably the most powerful research tool at your disposal. Using image-based social media platforms like Pinterest can give you endless content related to images you already like. Instagram goes further, allowing you to potentially get in touch with artists whose work you adore.

You can also use platforms like Artsy and artnet to discover the details of an artist’s career and the prices their work has sold for in the past. And of course, when it’s safe to do so, get out and see as much art as you can by attending art exhibitions and art fairs.

The more you explore contemporary art, the more of a feeling you’ll get for major trends and emerging voices. You’ll also begin to appreciate just how vast a field contemporary art can be. As art lovers, we live in the best time to buy art so far — with almost every imaginable combination of techniques, materials, and subjects available.

Fine Art Prints: When You Love Something You Can’t Afford

Let’s say you find a painting that rocks your world, but the price more than rocks your bank account. Consider purchasing fine art prints.

Fine art prints have improved greatly over the previous decades, with the cost of reproduction steadily dropping and the availability of archival paper and inks increasing.

While a print isn’t the exact same experience as a painting, they can still be stunning works to put on your wall. And if you are smart about buying them, they can retain and appreciate in value over time. The secret is:

• Purchase from a limited edition
• Make sure to have a detailed receipt that proves provenance

Limited edition prints are prints made all at once and numbered. It is limited because the artist will have a set amount, say 100. It is very hard for an open edition print to appreciate value, because more can always be printed. So, when you can, buy limited editions.

As for provenance, being able to prove that the print comes from the artist and from the exact edition you say it does is of utmost importance for the value of a print. Make sure to get proper documentation for this.

Taking Home the One You Love

Finally, you have to take care of the work that you love enough to buy. While this seems obvious, many new art buyers don’t consider this. They quickly learn this important lesson the hard way.

Many works of art are fragile, and no artwork is impervious to damage. Take care whenever you are handling, shipping, or storing your work.

Every form will have its own special needs, and the artists and gallerists you purchase from will be happy to give you pointers, and many galleries even have professional delivery services.

Once it is home in one piece, you still need to make sure you don’t expose most works to excessive UV light. Some work needs to be protected from high humidity areas like bathrooms.

The good news is this: if taken care of, most art will be a beautiful addition to your home for decades, if not generations, to come.

Yesterday my dad asked me about NFTs and what they mean to the art market. Although my dad’s an art lover, a collector, and even an artist, he’s in his seventies and is lost amongst all of this crypto art hoopla. And I have to admit, I’m not that far behind, as he posed some questions that I could not confidently answer. But thankfully, I know who could provide him, as well as all of us, with a crash course!

So, with this interview, we’re doing things a bit differently. My dad, Robert Wehkamp, is going to interview our expert, Claudia Worthington Hess, Principal Accredited Appraiser at Hess Art Advisory. Take it away, dad….

Robert: Great to meet you, Claudia! My daughter says you can help answer a few questions I have.

Claudia: Delighted to shed some light on this the seemingly overnight sensation of NFTs as they apply to the artworld. Initially, I was confused about NFTs and what it means for art, so I researched the heck out of them.

Perfect! So, what exactly is an NFT? What does it stand for?

As a very general description, NFT (non-fungible token) is another way of documenting art in a digital way. It is a kind of token that is unique to the work of art and can do things like document the artist, time of creation, place of creation and other information. It also could give the artist a royalty when it gets sold in the future. Think of something like Spotify for visual creations. Confusion about them mostly comes from people thinking an NFT is an actual artwork. While mostly used for digital art, a physical artwork could also have a token attached to it. Also, current artists could use them to get a royalty from future sales.

As mentioned, NFT stands for non-fungible token.

More precisely, non-fungibile: non-tradeable one for one; unique.

And token: a digital asset of publicly verifiable intellectual property that is authenticated on a blockchain. These assets can be tangible such as athletic shoes, and they can be intangible, such as a concept, a digitally designed piece of visual content.

And finally, blockchain: a digital ledger system that NFTs get registered on.

Ok, makes sense. Then can I buy NFTs with cryptocurrencies?

NFTs use the same technology behind cryptocurrencies such as bitcoin to create a certificate of ownership over a specific digital file that can’t be copied or forged, although there have been issues with theft. So, you could use a cryptocurrency, such as ETH (Ethereum: a competing digital currency to Bitcoin) to buy an NFT.

Then, what’s the difference between digital art and crypto art?

Well, here’s my short answer: Crypto art is a kind of digital art that can be treated like physical art due to the ability to have verified ownership of the piece. Just like an original painting signed by Picasso can have its authenticity and ownership authenticated, crypto art can be verified in the same way using an NFT. Just how safe and uncorruptible this system is, is still playing out.

Ok, I get that NFTs are digitally tokenized artworks, so can’t I just save a gif, a digital image or video to my computer to enjoy or even own? To me, it seems with digital art, a copy is literally as good as the original. Am I wrong?

You are right. If millions of people can see, download and even replicate digital art, how can it be monetized or made precious? Borrowing from an already established set-up of other collectibles, artists started pushing the concept of NFTs. This is not that new of a concept. The most notable thing that happened, however, is the over $68 million sale of a Beeple design via Christie’s. This work can be still seen, downloaded, saved and viewed even though an NFT attached to it has been sold.

So why was this Christie’s auction different than other ways to already buy digital art?

The run-up and conclusion of that sale brought in cryptocurrency traders into the mix. So, in my opinion, the Beeple sale involved much more than art collectors: It combined currency traders, the auction house, curious people and new-to-the-auction-world buyers. It also racked up proceeds on both ends of the deal for the auction house, the currency traders and the artist.

Allow me to provide a little background: Traders promoted Beeple’s digital design Everydays: the First 5,000 Days, through fractionalized interests on a few of his other designs, before the now famous 5,000 Days work was auctioned.
The run-up in the marketing strategy allowed those traders to hype bidding in cryptocurrencies as it made their own currencies more valuable. Did it have a benefit to Beeple? YES, he received 2% (low by other standards) and a portion on future trading of that work. Further, Beeple also made a cut of the fractionalized artwork the currency traders created before the auction.

But if anyone can copy it so easily (well, easier than to forge an old master in oil on canvas), why is it valuable to “own”?

For lesser known digital artists attaching an NFT is a way to get paid and give a buyer something “unique” as well as potentially get paid for future sales (a lot of people flip their purchases to try and make some quick money). This is also a way to capitalize on an artist’s or an individual’s popularity on the web.

However, since millions can see and download work, digital artistic content creators had to go back to traditional value attributes for art: provenance (historical ownership) and rarity.

They used people’s understanding of scarcity and transformed that concept into a form that might entice a buyer to pay for a widely available image: the concept of a unique NFT. The artwork may or may not be unique, but the NFT is.

This way of “seeing art” is a clash of younger and older ways of seeing art. For many people art means you have something one of a kind in hand. Something to hold and admire and perhaps show off in your home.

For digital art, for the younger buyer, the more “likes” and “views” the better. They have grown up in a click- and-like world and may never have even entered a museum. Now, they can be art collectors and share their collection.

In your opinion: NFTs… good or bad?

Both. The companies, springing up around this technology are still so new. I recommend a lot of research into the companies offering digital currency, how you set up a “wallet” for digital currencies and the companies or individuals that you deal with.

There are good and bad players. The good is for visual artists to potentially get royalties off future art sales like musicians do.

However, a drawback is the energy consumption required to mine crypto currencies, run block chains, etc. is extremely high. For the moment, until big changes are made to the current system (very complicated and involves huge amount of computing power), transacting in this way is not an ecological activity.

So, do you need to jump on the NFT bandwagon yesterday? Will you make millions? Probably only if you are already very knowledgeable about cryptocurrencies, and all of the steps it takes to mine, hold and convert such currency. Also, it’s helpful to know what is currently relevant, as you’ll want to buy such popular tokens. NFTs are changing by the nanosecond. In the future, crypto-transactions will become more explored and safer and hopefully less energy-demanding. This goes for both buyers and makers of digital art.

Got it! I now have a much better understanding of how and why NFTs are shaking up the art market. You’ve truly made future discussions on this topic a little less intimidating! Thank you, Claudia!

Note: Provided by Hess Art Advisory. Please contact to share or duplicate any part of this information: hessartadvisory@gmail.com / www.hessartadvisory.com

Claudia W. Hess, MBA, AAA brings over 40 years of experience as an art historian, curator, entrepreneur, educator, gallery owner, and art collector to her role as CEO of Hess Art Advisory. She is also a Certified Member of the Appraisers Association of America and a veteran of countless blue-chip art fairs.

2020, it bears repeating, was a difficult year. The art market did not escape this difficulty. In fact, it was already poised for bad news at the end of 2019, but no one could have expected how bad it turned out.

But 2021 is a new year. And as we look out at the landscape, we might find some hopeful signs that we will be returning to galleries. We might see the return of art fairs and other arts and culture events that once were the highlights of our calendars.

While many of the changes to the art market in 2020 were temporary measures meant to weather the unique circumstances, it appears that many of these changes are not going away.

It should also be noted that not all of the changes in 2020 can be attributed to a single cause. 2019 saw a 5% drop in sales compared to 2018, double that for China — the third largest art and antiquities market.

Experts had low expectations for 2020, long before they ever heard of the novel coronavirus. Those expectations proved too buoyant, but in some ways, the extreme difficulty of the last year might have been the catalyst needed to change the art market in a positive direction.

As we browse through some of the possibilities for the art market in 2021, keep in mind that the future is not written in stone and that artists, art lovers, collectors, and gallerists will make the new art market together.

Look For More Virtual Auctions

Virtual auctions were not invented in 2020, but the radical increase in them over the year has had an effect that is here to stay.

Auction houses — especially the big names like Christie’s, Sotheby’s, and Phillips — had a horrendous first half of 2020. Overall, their sales plummeted 49% in the first half of 2020, compared to the same period in 2019.

That is almost an entire half of their business gone. That’s with virtual auction sales increasing by 497%.

So what did they do? They pivoted.

The second half of the year was not so dire, almost entirely due to virtual auctions. When all was said and done, 2020 was a bad year for auction houses, but not as bad as it could have been.

As with many sectors of our life, virtual engagement helped alleviate the worst of things. But there are a few things about virtual art auctions that make them likely to stay around long after the pandemic.

The major benefit is access. Virtual art auctions allow people to attend events around the world, a major benefit as art auctions expand in new markets. 2020 also saw the art market continue to expand in Asian cities like Hong Kong. Virtual auctions allow these art collectors to join auctions in Europe and the Americas, and vice versa.

Also, the big auction houses showed that virtual auctions can be impressive events in their own right. In the summer, Sotheby’s hired a production company to create a stunning presentation. For their efforts, their summer virtual auction raked in $363 million — far surpassing expectations. That included a $84.6 million dollar winning bid for a Francis Bacon triptych, thanks to a bidding war between a bidder online and one on the phone. That’s the future.

More Collectibles and Hybrid Forms

Chalk it up to the Beanie Baby craze that ran through the childhoods of countless Millennials, but as a new generation of art collectors begins to buy, the prevalence of art that merges luxury goods and collectible formats will continue to explode.

Major names like KAWS and Murakami have shown that working with luxury fashion brands and other non-traditional art partnerships can be incredibly lucrative. Collaborations between hypebeast fashion brands have found a lot of success as of late, with younger artists having fewer perceived divisions between the so called “high” and “low” forms of fine art and streetwear, respectively.

That trend will continue and likely grow through 2021.

One way to tell is the uptake of the hypebeast form in traditional areas of the art market — a sign that this is not a passing fad but something many experts trust to have legs.

Expanding Online Art Experiences

We are seeing a convergence of widely available, powerful internet infrastructure with a group of artists ready to take advantage. Netart first found almost euphoric pronouncements of eminence in the 90’s, but those prophecies never quite came true.

But with the ongoing increase in internet speeds, virtual reality devices, 5G networks, and a new generation of netartists building reputations, all signs point to Go for netart.

Case in point, the term NFT (nonfungible tokens) become an overnight sensation! The digital art market is on fire and investors look to cash in! Shares in digital art market businesses have sky-rocketed and NFTs are bringing in the big bucks. Grimes sold her NFTs in a February auction for $5.8 million and Beeple’s digital artwork sold for a record $69 million at Christies.

But even traditional art is going more online. Many galleries and museums have experimented with augmented reality to enhance the experience of their collections, and 2020 saw many museums making virtual tours available — keeping a public hungry for experience sated on great art.

Environmental Themes

We will not go into the dire predictions for the environment over the next several decades. Needless to say, it’s a central concern for everybody. That includes artists and the art market in general.

While artists have already been working in environmental themes more and more over the 2010’s, it is now becoming a constant presence in the work of artists from every part of the globe.

That eco-focused streak is not stopping at the edge of the canvas, though. The art market itself is greening, based on buyer demands. Companies like ROKBOX are looking to address the enormous amount of waste in the art shipping process. And veganism is now en vogue at New York art openings.

Inclusivity Past, Present, and Future

As calls for increased inclusivity and more diverse artists continue, the art market is responding. 2021 will see the increased understanding of the role of oppressed identities in the history of art, leading to greater appreciation on the auction block and at the gallery.

But that’s the past. Expect greater prominence of diverse voices going forward, too. This long-needed recognition will have an even more pronounced effect in the long-term art market, as more children today see the art world as a place that might accept their perspective and reward their talents.

This is a transformation occurring in all parts of society, at different speeds and in different ways. When you see a trend across the board, with deep roots, you can expect it will continue and grow in 2021 and long after. And that is a hopeful note to end on.

Not only can art advisors provide you much needed transparency when it comes to collecting art, they will educate you about the process, help you establish tastes and open doors to the best quality works. Hear what our experts had to say about how art advisors can help you navigate the art market.

Interested in becoming an art advisor? Art Advisory 101 and Art Advisory 201 cover the key aspects of running a successful art advisory firm from how to navigate the art world to following best practice and managing client relationships. Enroll Today

To start off our Art Advisory series, we asked the experts: how can a collector find an art advisor to work with and what should they be looking for? There are many reasons, as you’ll find out below. The art market is opaque and partnering with a knowledgeable professional will help you enjoy the art collecting experience and build a meaningful collection.

Interested in becoming an art advisor? Art Advisory 101 and Art Advisory 201 cover the key aspects of running a successful art advisory firm from how to navigate the art world to following best practice and managing client relationships. Enroll Today

We had the pleasure of sitting down with Shelley Berube, Executive Vice President at Luxury Asset Capital. She is responsible for leading all day-to-day operations at the New York City office including sales, building client relations, maximizing the company’s operating performance and helping to achieve the company’s financial goals. Wow! Sounds busy! Thankfully she took time to answer some questions we had about art lending.

So, just how big of a business is art lending?

Fine art is well established as an alternative asset class that often holds or appreciates in value. This is why collectors frequently use it as loan collateral. While there are several options out there for obtaining loans using art as collateral, they generally have five and six-figure minimum loan sizes. We determined that high minimum loan sizes were a significant impediment for many to obtain a collateral loan, so we lowered the minimums for both our standard short-term loan and line of credit offerings to $25,000. This is one of the lowest minimums on the market today. In doing this, we are making it possible for many more owners of fine art to tap the equity of their holdings to help finance the acquisition of additional works of art, other luxury assets, a business, or large, unexpected personal expenses.

Why would a collector consider an art loan over a traditional bank loan and what are the risks involved?

Traditional financing sources, such as banks, usually do not consider alternative assets such as art when putting them into their “underwriting box.” They focus on debt to income ratio; they focus on liquidity statements; they want to see your W2s, if you own a business, what your credit score is, etc. They try to fit you into their tight underwriting box and make you a fit for their borrowing criteria- if you don’t fit, you get denied the loan.

All the while, collectors and individuals have extremely valuable assets in their possession which, in most cases, continue to grow in value.  We have built our business on considering these valuable, alternative assets. Working with us is significantly simpler because we focus on just the value of the assets we’re talking about, and not all disclosure of paperwork, the red tape, the regulations that traditional financing options require.

We do not require and credit checking or personal guarantees which allows our process to be simple, fast and discreet.  As we do not require any of the above, the only risk for the client would be if they were to default on the loan.

What are the main reasons collectors take out loans against their art?

This varies by clients but the three biggest reasons are:

1. They don’t want to sell – the work might be something passed down from a family member, part of a collection, or a piece that they know will continue to grow in value over time.
2. Speed – Time sensitive transactions are something that we are very familiar with and we focus on executing our loans in a very little time frame to ensure our clients meet their deadlines.
3. Discretion – Our process is very professional and private. Allowing clients to meet their financial needs securely.

Describe your typical art-collector client, what requests they come to you with and how you help them

.
This also really varies client by client. Clients come to us to address situations and meet opportunities, including starting up or running businesses, purchasing new works, expanding their existing collections or dealing with unexpected expenses. Borro also allows them to capitalize on the value of their fine art without the wait, and, more importantly, without the need to sell.

Most recently, we have had a lot of clients looking to leverage their existing collection to be able to have the liquidity to purchase new works.

What does the lending process look like?

Our loan process is easy and fast. The general process is the following:

1. We will collect preliminary information on the work or collection in order to conduct an initial evaluation.
2. Once the initial evaluation process is finalized, rates and terms will be agreed and collection will be arranged.
3. When the work has been inspected, in our possession and any final evaluation processes are completed, we will issue the contract and payment once accepted.
4. The client will be responsible for making their minimum monthly payments.  Our contract has no prepayment penalties which allows our clients to be in control of the length they borrow for.
5. Upon repayment of the loan in full, the work will be returned back to the client!

Bonus Question! What international art destination do you want to visit most?

What a great question! I’d say Florence, Italy. Being able to explore works, architecture and history from the Renaissance would be a dream come true!

Learn more from Shelley by watching the free webinar, UNLOCKING THE EQUITY IN FINE ART WITHOUT SELLING. She explores how you can use your existing inventory to raise funds without having to liquidate your assets.

We all know that we love art. Maybe it’s because of the beautiful colors, the captivating imagery, the mastery of the brushwork, or some intangible connection it has to a memory. There’s no question: art has real, meaningful value in people’s lives.

But did you know art is scientifically proven to improve your mental health and well being?

That might seem bold to say, but researchers continue to find more data to support it. As we improve our understanding of how the human brain works, we are finding better ways to study more and more fascinating parts of our lived experience, like art.

And it turns out that art can improve our mental health in multiple ways — something we could all use a little more of these days.

While art has an incredible ability to broaden empathy and improve critical thinking skills, today we are looking at the direct benefits art can have on our mental health and well being.

Higher Life Satisfaction

This one can be clearly seen in our own day-to-day lives. The more we go out to galleries and museums, attend concerts, and spend an afternoon painting with our friends, the more satisfied we are with our lives.

But that hunch we all have is showing up in the data. A massive study — called the HUNT Study — of over 50,000 Norwegians above the age of 13 found that there was a correlation between cultural activities, life satisfaction and mental health.

Researchers found that cultural activities, including trips to the art museum and galleries, were also tied to better health outcomes, along with lower rates of depression and anxiety.

Now, it should be noted that correlation does not mean causation. For instance, many people who don’t go to art events are likely prohibited by where they live, work hours, lack of funds, and other struggles.

But here’s the thing: researchers found that the benefits became dramatic the more cultural events people attended. That strongly suggests that cultural events and the arts are having an effect on mental health, even if the correlation picks up a few other points of data as well.

And the data keeps coming. An Italian study of 1,500 people found that attending arts and culture events was the second best predictor of life satisfaction.

So if art imparts greater mental health and overall well being, how does it do this? Increased dopamine and reduced cortisol. Let’s examine both below.

The Love of Art is True Love

Semir Zeki studies neuroaesthetics — a discipline looking at the brain science behind perceptions of art. Zeki published a breakthrough paper in 2011 describing a place in the brain that registers beauty in art and releases dopamine, a motivating chemical that is connected to the good feelings created by love, chocolate, and even cocaine.

The University College London professor continues to chase down exactly how the brain reacts to art, but his work makes it clear that the brain finds profound reward when viewing beautiful works of art.

Dopamine is a chemical that helps us form memory, feel energy, focus on tasks, and coordinate our movement. When you have an increase, you experience improved mood, giddiness, and social openness.

By increasing dopamine, art that we find beautiful creates a reward that improves our mental well being. While this should come as no surprise to art lovers, it reminds us that having great art around us is a scientifically proven way to increase feelings of happiness and improve our mental health.

Art Reduces Stress

While art gives us pleasure, it can also help us cope with stress.

Our world is filled with stress. From the ongoing pandemic, news updates, work emails, not to mention the 101 things you still have to do today — we face a lot of stress.

Over time, stress has major negative health effects. That means we need to pursue things that keep our stress levels down. And art, it turns out, is great at combating stress.

Cortisol is a steroid hormone that the body produces. The body releases it to wake us up in the morning and keep us alert, but you can get too much of a good thing. When we experience stress, our body ups the cortisol — creating the long term negative effects we mentioned earlier, including depression and ageing.

A 2006 study brought London city workers into an art museum for a brief, 35 minute tour. After a little more than half an hour, participants had marked decreases in cortisol.

This and other studies like it remind us of the soothing feeling we get while at an art museum or gallery, flipping through an art book at home, or looking at the painting in our living room. And that soothing feeling has serious health benefits.

Art Can Help You Heal

The concept of using the arts in healing has gained more attention, and more articles and reviews can be found in journals and academic periodicals. Many of which explore the effects of arts when patients and their families, as well as health professionals, are exposed to different art media.

Health practices and in particular dental, offices are often seen and portrayed as a cold and sterile place. Arts create a safer, more supportive and relaxed ambiance to practices that can affect the general setting for patients and staff, the same.

Health Practitioners Bring Art into the Practice

More and more health professionals are making art a serious part of patient care. This may be because art has demonstrated positive effects, not only on patient well-being, but also on health outcome such as pain tolerance. In fact, the direct connection between art and healthcare has long been established and explored through studies and actual implementation of its findings.

The primary beneficiaries of art in the practice are the patients themselves. Art benefits them by aiding in their physical, mental, and emotional recovery, as well as decreasing their perception of pain while positively impacting medication outcomes, treatment compliance and quality of life.

However, art is beneficial to every person’s mental health, patient or not. Health staff themselves demonstrate a strong link between the content of images that art offers and the brain’s reaction to stress and anxiety. Everyday they face realities of human suffering and illnesses, to one extent or another. Arts allow them to have a sanctuary of calmness and relief, as well as a platform for them to release their emotions and stress. In fact, studies have shown that art boosts the productivity of healthcare providers, increasing effectiveness and decreasing errors.

Bringing It All Together

Art’s ability to increase pleasure and decrease stress combine to make a powerful boost to your sense of well being. And that increased mental health and well being goes on to have a profound positive impact in the rest of our lives.

While we all suspected it, science has given us ways to measure and think about this effect. A life lived with art is happier and healthier.

No matter how, where, or for what reason you buy art, you should research the artist. This single activity sets apart the art collector from the crowd, allowing them to buy confidently, knowing that they are paying fair prices and getting high quality work.

Research also brings new levels of understanding and appreciation to your collection. Knowing the story and context behind your pieces is one of the greatest joys in art collecting, and all it takes is researching before buying.

But “researching artists” is easier said than done. Where do you look? What are you looking for? Whom do you trust? We’ll cover this and more below.

Why You Have to Do Your Research

Knowing why you are researching is the biggest step toward doing good research. And the reason you are doing it is simple: to avoid buying the wrong artwork or paying the wrong price.

Just because an artist has a name and their work has commanded big price tags doesn’t mean all of their art is valuable. And while you might enjoy a piece, that doesn’t mean you should always pay the asking price, even if it is in your budget.

That’s because artists have periods in their career. In virtually every case, different periods in an artist’s career are valued differently. Further, artists that sell well in one medium don’t necessarily sell well in another. A renowned painter might not be able to sell their graphite on paper. In fact, an artist renown for their oil paintings might not be able to sell their watercolors.

Knowing these details can shift your perspective on a price, and it works in both directions. Doing your research is just as much about finding good deals as avoiding bad ones.

What Information You Are Looking For

Information is crucial if you are buying art as an investment. But even if you aren’t looking to resell, someday you might want to, and you won’t want to take a major loss if that day comes.

On top of that, paying more than you need to on a work of art means less money for buying art in the future.

Your research should focus on several factors to find the market value of a work of art:

• Who made it?
• At what point in their career did they make it?
• What is the value of their work from the same period?
• What medium is the work in?
• What has the work sold for before?

These questions will all help you know if a work of art is worth the asking price.

Where to Research

To answer the questions outlined above, you will be searching for information regarding:

• Artist’s biography
• Results of auctions and previous sales
• Reviews and media interest in the artist

When possible, see the artist and their works in person in galleries, private collections, artist studios and art fairs but to really dig deep, you’ll probably be relying heavily on internet sources. The website of the gallery that sells the artwork, the artist’s website, the artist’s social media and any other writing on the artist or the work you can find might be helpful.

There are some things you can glean from basic Googling or searching on social media for the artist, but below we’ve listed reliable sources to include when you research an artist.

Catalogues Raisonnés
These are publications that catalogue all the works of an artist. Not every artist has one, but there are many more than you’d imagine. There are large, free databases of these catalogues online, like the International Foundation for Art Research.

Library Databases
If you live in a large city or are enrolled at a university, you likely have access to many helpful databases like ARTstor. These are great places to search the name of the artist or artwork you are looking into.

Artnet
Artnet has information on a large number of artists, historical and contemporary, and you can use their website for free. They include an artist’s work, auction results, and what work is currently available. Those last three resources will clear up a lot of questions, letting you see where a work lands in the artist’s biography and what that period usually goes for.

Zen and the Art of Artist Research

This might all seem like a lot, but once you get in the groove of things, it is quite manageable. The good news is, it gets easier every time. You’ll get to the point where you know what you need and where to find it by instinct. For now, just take your time and relax.

It is important to note that if an asking price turns out to be too high, you don’t have to give up on the work of art. You can determine what a fair price would be and make an offer. If the dealer or artist accepts, then you’ll know you got an honest deal. If they don’t, at least you know you tried.

Good luck and happy researching!

“The art market is known for its complexity and lack of transparency, and for those just getting into the market, it can be quite intimidating.” Julia Wehkamp, co-founder of One Art Nation (1AN).

The art market is complicated, but access to educational resources does not have to be. One Art Nation (1AN) was founded to demystify the process of buying and selling artworks.

Recently 1AN partnered with Artwork Archive. The collaboration makes sense, as both are driven to provide more transparent access into the often opaque art market. And we believe it is important to arm collectors of all stages with information to help buy, manage, preserve and enjoy their artworks.

Here, Artwork Archive interviews 1AN co-founder Julia Wehkamp, who shares their mission and the ways that they are supporting collectors. Read more!

Stories of art auctions have become routine accounts of wealth. Every few months, an auction breaks some record with a painting going for tens of millions of dollars. These headlines give the impression that art auctions are only for the super rich. But that impression is wrong.

Art auctions can actually be a great way to buy art. Well ran auctions provide a plethora of resources for bidders to peruse before and during the proceedings, and you can sometimes get great art for low prices, depending on the room.

Another misconception is the idea that auctions have to take place in crowded rooms. Due to social distancing concerns, many people think art auctions are off the table, but auction houses have realized what eBay learned long ago: auctions work well in online environments.

Below are guidelines for how art auctions work and how to navigate them successfully.

The Basics

At an auction, people looking to buy artwork (bidders) sit in a room or hang out in a virtual portal, kind of like a Zoom meeting — sometimes literally a Zoom meeting.

A work of art will be presented as well as the opening bid. Bidders will then raise their hand (in a virtual setting there will be some other way to “raise your hand”) to indicate a bid. Sometimes bidders raise fancy paddles to make a bid. Frequently, there will also be bids made over the phone to the auction house.

Once someone makes a bid that no one else is willing to top, the auctioneer will bang their gavel and award the purchase to the highest bidder as long as the reserve price is met.

Know the Terminology

Before you grab a paddle and start a bidding war, it’s important to get some of the lingo down first:

• Auction House: This is an establishment that sets up auctions with experience and expertise at their disposal. They publish information about all the work for sale ahead of time.
• Consignor: This is the person who currently owns a piece of art being sold at an auction by an auction house.
• Private Seller: These are people who both own a work of art and run the auction. Users selling things on eBay or other similar platforms are the most common form of a private seller.

With that out of the way, there are some other key terms and ideas to wrap your head around before diving into strategy.

Presale Estimate

This is the amount that the auction house guesses the work will sell for. Some people use this as a guide to see if the room is bidding too much, others don’t pay much attention.

If the auction is being run by a house with resources, they are likely lowering the estimate to encourage people to come. Nothing gets collectors in the door like promises of a bargain.

If the auction is being run by a private seller, typical of many online art auctions, the estimated price is usually on the high side. For the most part, private sellers think their work is worth more than it is.

Reserve Price

This is the lowest amount the current owner is willing to sell for. If the room doesn’t go above this threshold, the work will not be sold.

To make sure a work passes the reserve price, auction houses will sometimes bid against someone to get them above that amount, called a chandelier bid.

Opening Bid

This is the price that begins the auction, usually below the range in the presale estimate. The first bid has to top this amount.

Opening bids are almost always below the reserve price. This is meant to entice as many bidders in the room or virtual space to get in on the action. Once the heat of a bidding war gets started, the price will usually end up well above the reserve price.

Hammer Price

This is the amount that the art ends up selling for — in other words, the last bid before the hammer falls.

Art Auction Strategy

As with other forms of art buying, always go into an auction with as much information as you can handle. As mentioned before, auction houses will publish material on what they are putting on the block, and even private sellers will let you know what you’re buying.

Auctions will also host previews where bidders can view the works going up for sale. This close look will give you a sense of the items as they are in person.

Go into an auction armed with information, like how much a piece is likely worth, what its history is, and if it’s something you are seriously interested in or can pass on.

With that information, it’s time to create a budget. To do this, keep in mind:

• What you want to bid on
• What is your priority
• What your maximum bid is for each artwork

When a piece you really want goes above our maximum bid, you sometimes discover you’re willing to pay more than planned and you bid above budget. If that happens and you win, you should adjust your bidding on any following artworks accordingly to keep inside your budget.

Similarly, when priority pieces sell to someone else, do not raise your maximum bid for later works. You could end up paying prices substantially higher than the value of the piece.

Hidden Costs

Almost every auction has costs above and beyond what you bid. These come in two main kinds:

• Buyer’s premium: This is a percentage you pay to the auction house on top of your winning bid. These can be a few percentage points or as much as 25%.
• Taxes (including VAT): Taxes are all over the board depending on where you live. While some auctions are less “official,” you will technically owe tax, especially on larger purchases.

On top of these, sometimes you will be charged a percentage in royalties to the artist or artist’s estate.

Added up, these costs can be significant. Educate yourself on what the hidden costs will be and factor them into any bid you make.

Should You Buy Art at Auctions?

For some art collectors, the thrill of the auction alone is worth it. For others, it’s too nerve wracking.

Generally, auctions can be a good place to buy art. They are not a magic place where you pay pennies on the dollar, but you can find yourself in a room that can’t see the value that you do — and you can get a great deal.

With social distancing concerns, auctions have become a way to buy art without any risk of exposure, as you can bid from your living room wearing your favorite pajamas.

The best way to find out if they are a good option for you is to take the plunge and participate in one!

Like any important purchase, art buying takes special consideration. You wouldn’t buy a car without a test drive, and you wouldn’t buy a house without taking a tour. Even most ice cream shops expect you to try a sample first!

Below are tips for buying art. These dos and don’ts will help you know how to make the right purchases and avoid common mistakes that art collectors come to regret.

Do #1. Buy What You Love

The golden rule of buying art is this: buy what you love. No matter what you plan on doing with the work — whether you are looking to resell in the future or hand it down to your grandchildren — you should enjoy the art that you buy.

Many people looking for art as an investment try to think like the market, only for the market to change. Others are buying art to impress visitors at their home or office, only for their living room to feel cold and lifeless.

You will likely be spending a lot of time around any piece you purchase, and there is so much great artwork out there in every style and niche. Look for artwork that calls out to you, that demands your attention, that stimulates your mind and heart.

Check out art books and magazines, follow art accounts on social media, attend art auctions and art fairs and go to local museums and galleries. What better way to spend your time?

Do #2. Know What You’re Buying For

You step into a gallery and are struck by the first painting you see. It’s a stormy landscape, rendered in magnificent detail. The sense of light and atmosphere stirs your soul, grips you at your core. As you move through the rest of the gallery, you’re physically shaken, unable to take your mind off of the masterpiece.

Should you buy that painting? Maybe, maybe not. We always want to buy art that we love, but that doesn’t mean we should buy every work of art that we love.

That landscape might be moving, but will it work in the dining room? Is it the right size for the bare wall you’re looking to fill? These are important questions that should narrow down your search. Buy art that fits in with your needs.

Do #3. Know the Artist’s History

This tip is important for those buying art as an investment, but collectors of all stripes benefit from knowing the background of the artist they’re buying from.

For the investor, a work of art by a serious, committed artist with a devotion to their craft is more likely to continue making a bigger name for themselves. This will pay off years later when you are trying to sell their work.

An education from a top art school and solo exhibitions in important markets (like New York or Paris) are often good signs. But there are big exceptions to these rules. Have they developed a style? Have they found their voice? Does their work have an appeal that goes deeper than the latest trend? Will their work resonate with audiences in ten years? Five years? Next week?

For the art lover who is not interested in reselling, this is still good practice. Buying several works from the same artist gives your collection a strong backbone and can make a room really come together. And you never know when you might wish to resell — in which case, wouldn’t you want your artwork to have appreciated in value?

Do #4. Bring a Friend Along

Ultimately, the decision to buy a work of art will always come down to you. Are you comfortable with the price? Are you moved by the piece? Do you want it in your house for years? Those are questions only you can answer, but bringing a friend along helps.

For one thing, it adds to the fun. Galleries, art fairs, and other venues for buying art are great places to stimulate big conversations. There is no shortage of things to talk about and enjoy together.

If your friend has good taste, they can also bring necessary perspective. When purchasing art, you sometimes have to rely on your intuition in the moment to make a decision that will last for years. Having someone else there allows you to talk it out. You can also get help from the pros and acquire the services of an art advisor.

Do #5. Keep Your Receipt

Whenever you buy art, always make sure to save any emails, receipts, or other documents that come along with your purchase.

In the world of selling art, provenance is king. Provenance refers to the documentation that proves a work of art came from a specific artist.

It might not seem like a major issue, most work is signed by the artist after all, but deals have been made and broken over this one detail. Even if you are uninterested in reselling your art, it can help when dealing with insurance and related issues.

Don’t #1. Drag Your Feet

This rule connects to all the others. Researching artists, finding what you love, and knowing what your particular needs are all take time. But once you find a piece that matches your criteria, buy it!

The art world is not filled with mass produced items. When you see a sculpture in a gallery, it’s likely one of a kind. And if it fits your budget, tastes, and needs, then it’s probably a good fit for other collectors.

If you drag your feet and wait to buy, the work could sell — and you’ll almost never get another chance to buy it.

This isn’t a green light to make impulsive purchases. You should never buy before you’re ready. Rather, once you have done your homework and know you want a piece, don’t hesitate.

Collecting art is a thrilling adventure — one filled with beauty, the excitement of a great find, and the triumph of a profitable sale. But breaking in can be difficult. While the art world can seem cold and uninviting, all you need is a little guidance.

Below, we’ll outline some key tips to getting started. There is no reason why you can’t become an art collector, as long as you know how to begin.

Where to Start: Learn What You Like

Collecting art begins with knowing what you like. The art world is massive, involving countless artists working in hundreds of mediums in thousands of schools, movements, and styles. When you aren’t putting down any money, it seems so easy to say whether or not something looks good — but once you are looking to buy, it gets a lot more difficult.

And remember: always buy art you actually enjoy. Life is too short to waste time and money on work that you think others like or will make a profit later on. The truth is, even the shrewdest, best educated art collectors can’t predict what will make big returns 100% of the time. And since you will be investing money in these pieces, you should enjoy them while they hang on your wall.

Luckily, educating yourself on the art world is one of the best parts of being a collector — it means you get to look at a lot of art.

Art Sharing Websites
Platforms like Pinterest, Instagram, and Tumblr are made for sharing images. Searching for pieces you already know you like will lead you to new pieces you’ve never seen. Pretty soon you’ll be falling down a rabbit hole of intriguing work.

Other art focused websites, like artnet and Artsy, have information and articles on the art world. These websites can bring you in touch with art you might not have found on your own, expanding you horizons.

Museums, Local Galleries and Art Fairs
Nothing beats seeing art in person. Well curated museums will often include educational information about certain schools or movements that you respond to. Local galleries are usually run by people happy to share their experience and knowledge, and guide both new and experienced collectors to help them make informed purchasing decisions.

Art fairs are fantastic places to discover artists and meet like minded art lovers. Walking around and seeing everything that’s available gives you lots of new experiences to consider.

Whether online or offline, you will also end up making friendships with other art lovers. These are great resources for discussion and inspiration.

What to Buy: Find Great Art for Great Prices

Beginning your art collection means finding the right piece, getting it for a fair price, and taking care of your purchase.

Understand Your Needs
When buying art, remember that it will most likely stay in your home or office. Keep in mind the places you’ll put the work: above the staircase landing, by the desk, or in the kitchen. Note the dimensions of the space and colors.

You’ll also need to finance the endeavor. This is worth taking very seriously. Art is seen as a great investment because it can appreciate in value over time, but you cannot quickly sell your collection if you get in a fiscal pinch. For budgeting purposes, each purchase should be seen as final.

On top of the price of a piece of art, remember that you might also face other costs such as shipping, insurance, taxes, and other fees.

Go Where the Artists Are
Once you know what you need, it’s time to find the art you are actually going to buy. An exciting step! Let’s keep in mind that you are starting your collection and not ready to bid a million dollars at a Christie’s auction. Today, the best places to find art for great prices are (in no particular order):

• Instagram
• Art shows and fairs
• Graduates from art school
• Art auctions

Instagram makes following artists easy. Through their accounts, you can effortlessly connect to related artists. With a little bit of scrolling and tapping, you’ll have your finger on the pulse of your favorite corner of the art world. Many artists are now selling directly through Instagram and advertising where you can find and purchase their work. Buying from the artist will almost always get you the lowest price possible.

Art shows and fairs are another great place to look. If you live in or near a city of almost any size, there are events going on all the time. You just need to be on the lookout. Here you can hold face-to-face conversations with artists and other collectors — two groups you’ll be buying from in the future. As an added bonus, there is nothing quite like the energy of an art show — the free wine and cheese are great, too.

If you research the graduates coming out of art school programs, you’re likely to find some of tomorrow’s big names. They cannot all become major successes, even when they make great work, but because they are starting out in their careers, you can generally purchase their work for a low price. A few smart choices and a little bit of luck will make for big gains later on.

Art auctions are still another way to find art at good prices. There are a number of ways to attend one, both online and off, and there are plenty of resources to understand what is available to buy.

How to Spend Less Money
The main way collectors can avoid overspending is by focusing on:

• Works on paper
• Prints

Works on paper are typically not very expensive, seen as below the mighty canvas or even board. These can still be striking in their beauty and, with the right signature, gain in value over time.

Many artists will sell prints of their work for low prices, and new collectors are always interested in that. These can be smart buys, but it is important to know exactly what you’re getting.

Fine art prints are replications of works that cost less than the original. If you are buying with no intent to sell later on, buy any print that suits your tastes. However, if you are treating the purchase as an investment, make sure to purchase limited edition prints.

Limited edition prints are created in small batches. They are numbered and signed, ensuring that they hold more value and have the ability to appreciate over time. While they won’t bring the same kinds of returns as original artworks, they often cost significantly less, allowing you to buy (and enjoy) more artwork.

How to Handle and Frame

A work of art, handled correctly, is a solid investment and will provide joy and aesthetic value for a lifetime. If handled incorrectly, it’s an easy way to waste your money.

It is always important to make sure you know how to handle and store your pieces correctly. If you can, ask the artist or dealer that you are buying from. Never be afraid to ask!

With two dimensional art, you will always want the work framed. Find a framer you can trust and have it done right the first time. Of course, you want the frame to look good — but just as important is its ability to protect your piece from moisture and UV light, among other concerns.

Getting into art collecting can be a daunting task, but you only need to take the steps one at a time. Start small and get your bearings. Soon enough, you’ll be surrounded by great art.

To start, we confess that because we have so much to discuss with Justin, we deviated from our usual 5-question format and added a 6th question here. Oh, and full disclosure: we also snuck in an additional bonus question!

That being said, we are thrilled to chat with Justin Anthony, co-founder of Artwork Archive, an innovative art business management software brand based in Denver, CO. Launched in 2010, they were one of the first cloud-based art inventory systems. Let’s find out why that’s important!

What motivated you to found Artwork Archive?

There’s actually two parts to that story and I’ll try to give the cliff’s notes version.

John, one of the founders, originally created Artwork Archive for his mother who is an oil painter out of Colorado Springs, CO. She had a hard drive crash and lost years of information about her art career. This was over a decade ago and all the solutions out there were basically glorified spreadsheets that were vulnerable and limiting. John set out to create something that would truly fit the needs of a modern-day artist and worked with his mother and other artists around the country to help create the first cloud-based solution of its kind for artists.

The collection management side of the company was also created to address a personal need. I am a collector (and the other founder of Artwork Archive). My basement flooded and a number of works were damaged. I was unable to find the receipts and documentation for the works which made things incredibly difficult with the insurance company. When I looked for a collection management solution to help avoid this issue in the future, I discovered overly complex, overpriced and often antiquated solutions out there. John and I worked together to create a collection management solution focused on accessibility (ease of use, ease of collaboration, affordable price point) with an intention of disrupting the market. The platform is now used by artists, collectors and organizations in over 130 countries.

Is Artwork Archive for established collectors with expansive collections only? Or would emerging collectors benefit from this tool as well? If so, how?

We actually have a really diverse collector base using the platform.

For emerging collectors, it’s great to have a tool that can help you build and catalog your collection thoughtfully as your collection grows. It’s never too early to digitize and track your collection details like purchase prices, provenance documents and artist information. Plus, it’s a lot easier to do it from the beginning rather than going back retroactively.

For established collectors, you have all the tools to simplify things like insuring your collection, accounting, and estate planning. Plus, established collectors have the more personal benefit of being able to fall in love with and appreciate their collection again. They have access to images and details anywhere.

While the desire to get the collection organized is typically the initial draw, no matter the stage the collector is in, there are a wide variety of features that benefit the collector throughout their lifetime and the evolution of their collection.

What’s the benefit of a cloud-based art inventory system?

Accessibility is definitely one of the biggest benefits. Being able to add to, update, share, and access your collection from anywhere on any device is essential. Many of our clients have art in multiple places and they have other people, professionals and institutions that they need to collaborate or share with. The Cloud simplifies those things.

And, by leveraging data security best practices, we can provide our clients with the peace of mind that comes with knowing their data is safe and secure which is a challenge with traditional “download only” solutions. It’s one of the biggest reasons why we exist. Almost everyone on our team has lost important data from computer crashes.

Lastly, the Cloud gives us the ability to seamlessly deliver product improvements and new features to our clients. This is something that just doesn’t exist with traditional solutions.

How do you help artists become entrepreneurs?

When we started Artwork Archive ten years ago, our main goal was to help artists make a living doing what they love. And, while the company has evolved over the years and has solutions for collectors and art professionals, that original mission remains a core driving force.

Whether you like the label or not, if you are an artist, you are an entrepreneur. You are a small business owner and creativity alone is seldom enough to drive success. You have to wear a lot of hats—maker, sales person, marketer, customer support, etc.. To help artists focus on what they love doing (making art), we offer business solutions that cut back the administration time. Our features include sales and invoicing, expense tracking, report generation (like inventory sheets and consignment reports), contact management and a Public Profile that can be embedded on their website.

In addition to constantly working with our artist clients to provide the tools needed to help them manage and grow their businesses, we also spend a great deal of time providing educational content to help them thrive. Our blog, artworkarchive.com/blog, has become one of the go-to resources for both emerging and professional artists alike and focuses on all aspects of the entrepreneurial journey. It’s also a great resource for collectors!

And how can Artwork Archive support artists in a way that a gallery or an art agent can’t?

I don’t think they are mutually exclusive. We have never looked to step into the roles of a gallery or agent and see ourselves as a platform that can complement both or neither.

We have an equal mix of artists with and without representation and in both cases, the tools we provide are equally beneficial. We have even built specific features to help simplify and improve the interaction between our artists and the third parties they choose to work with. For instance, we have a Discovery platform where artists share their portfolio and the compelling story of who they are as an artist. It’s a great opportunity to expand the artist’s network. We’ve seen interior designers, collectors and curators search the Discovery platform by location, medium, price, etc.. Digital platforms can break down geographical barriers and help share artwork in a more accessible way. But, we are just the platform for those connections. The communication and relationship building stems from and continues with the artists and buyers.

With the art market moving online more and more, how do you see the art market changing in the next 5 years?

The art industry has traditionally lagged behind other industries when it comes to technological innovation. The current pandemic has done more to accelerate the move online and we’ve seen a dramatic change in the market. Artists who relied on galleries, art fairs, exhibitions and other in-person experiences are all of a sudden finding themselves without those outlets and are racing to find alternatives to showcase their work and share who they are as an artist.

Dealers, galleries and art institutions around the world are also facing similar challenges and are trying to find the most effective ways to get their art in front of their respective audiences. We’ve seen a lot of exhibitions and showcases moving online while doors are closed, and social distancing restricts access.

Those of us that have focused on online solutions are well positioned for this change. But there are countless solutions in the space that aren’t pivoting and we’re already seeing some of the consequences as clients seek alternatives. For instance, we’ve had many art consultants, collectors and collecting institutions come to us because they need a system that is accessible anywhere and enables collaboration as people adjust to their new normal of remote working.

Art market services are forced to focus on innovating to meet the needs of modern times. I believe this will drive some of the most impactful technological advancements the art world has seen in decades.

All of that said, I don’t believe we will see a significant change in the average price point for works sold online. Yes, there will be an initial bump up as there is little alternative for sales (not to mention more auction houses going to online transactions and artificially inflating the numbers). I still believe that art over the $1000 price point will still be mostly purchased through more traditional/personal means.

While I have confidence that we’ll see some major technical advancements, it’s hard to imagine that in five years we’ll have a widely adopted means of replicating the experience that comes with seeing a work of art in person, not to mention the chance to personally interact with the artist.

BONUS QUESTION: What international art destination do you want to visit most?

Paris remains one of my favorite art destinations. The access to classics combined with the raw street art and off-the-beaten-path galleries is a powerful lure. And, the wine and food doesn’t hurt the experience.

1AN members receive 20% off their first year subscription to Artwork Archive! Get your discount here!

NOTE: Please be sure to check out Artwork Archive’s webinar, which launches on October 12^th, 2020: COLLECTION CERTAINTY DURING UNCERTAIN TIMES.

This course will give you the tools and information needed to protect and preserve your art collection.

Millennials are doing things their own way. Their passage into adulthood has seen sweeping changes to the way business is done in so many fields, and art is no different.

This group is young, the oldest are only now pushing 40. Millennials are people born somewhere between 1980 and 1997 — give or take a few years, definitions vary. This is the first generation considered digital natives, meaning they grew up knowing about and using computers. Their childhood saw the rise of the internet, cellphones, and everything that came along with those innovations.

Understanding how millennials are changing the art world is crucial as the generation matures and becomes the main art buying segment, which could happen within the next decade.

What’s more, these changes are likely to last. Gen Z, who are born after the year 2000, are digital natives as well, and they will likely continue in the shoes of their millennial older siblings — with their own quirks, no doubt.

Small Budgets Make Big Changes

The first item on this list affects all the others. Millennials tend to have much smaller budgets for collecting, and there are many factors contributing to this. The most obvious cause of smaller budgets is age. Younger people tend to earn less, being at the beginning of their careers.

But as a generation, millennials also face much more dire economic opportunities than previous generations. Young people today came of age in a financial crisis and emerged from college with high debt burdens and poor job prospects. Of course, millennials might catch up with older generations in the future, but that is yet to be seen.

In the meantime, millennials are dealing with smaller budgets for buying art. Many collections are being started with pieces on the less expensive side — think $5,000 or less. As millennials gradually make up a larger share of total art purchases, this could create a great opportunity for artists working in that price range.

The Tastes of a Generation

Millennials tend toward buying newer pieces, and they’re much more adventurous. Traditional wisdom has always leaned toward collectors staying in a realm of expertise, cultivating a collection with an ever growing understanding of the style and medium they buy in.

Young collectors are not so cautious. They are more likely to switch up what they are buying, as long as it’s new. While lower budgets could explain some of the preference for contemporary art, tastes are also a factor.

Learning through Social Media

Like all things millennial, social media platforms are a major way young art buyers are learning about what they like, what others like, and what’s available in the first place. Social media allows art collectors to have direct contact with artists and fellow enthusiasts, filling their feed with new work all the time.

That changes the way millennials are feeling out the art market. Gone are the days of major institutions dictating trends. Similarly, social media is de-emphasizing the canon in favor of newer work.

Buying Art Online

As a generation, millennials are buying much more of their art online, as opposed to traditional channels like galleries and live auctions. These online purchases include direct purchases from artists themselves.

The downside of this trend is the hit to galleries. Gallery owners are no doubt saddened by this, but art communities are hurt as well — galleries often serve as cultural centers. But dealers are adapting with online art stores and sophisticated target marketing.

Direct online sales can benefit artists just starting out, if they are able to entice young collectors through online engagement. Their lower price tag often matches the millennial art buyer’s budget, and as newer artists are typically millennials themselves, they have an easier time servicing the tastes of their cohort.

Flipping Art for Quick Returns

Art serves many purposes. And a higher percentage of young collectors see art as an investment opportunity than older generations. When the Hiscox Art Report pollsters asked millennials what motivated them to buy art, return on investment was second only to emotional benefit.

This perspective changes the kinds of pieces and artists that millennial collectors are looking for, but it also means that they are much more likely to sell pieces in the near term. That quick turnover in a collection requires a lot of activity and reinvestment in art.

Identity Over Big Name Value

A major trend across the culture in the past decade has been a focus on identity, this is especially true for art. Millennials are seeking out specific voices — discovering talent with backgrounds that have tended to be dismissed by institutions in the past.

Artists of color and women artists are seeing increased success and a market more open to their contributions, largely thanks to millennial collectors. In fact, millennial collectors are more likely to be women and people of color themselves.

This trend has also seen an increased appreciation for work about the artist’s identity. Pieces that stimulate these kinds of discussions are much more likely to get the attention of a millennial collector.

The Takeaway

It is clear that millennials are changing art collecting, a change that will make its presence felt more with every passing year. Sure, some of these trends might reverse course. For instance, millennials might begin favoring more classic fare, if they start earning more and changing taste with age. Then again, maybe not.

What isn’t going to change is the importance of digital platforms for communicating with and selling to collectors.

Every generation has their own unique experiences and drives, their own economic reality. Millennials are no different in this regard. And as a group, they are driving the art world to new frontiers, whether artists and dealers are prepared or not.

If you don’t know of Pi-eX by now, you certainly should. Why? Well, Pi‐eX Ltd is a London based, FCA regulated, financial broker dealer, focusing on Fine Art market research and Fine Art‐based financial instruments. Christine Bourron, the Founder and CEO of Pi‐eX, took time to explain the company’s mission and discuss the current status of the art market among the corona virus pandemic.
She also recently delivered an engaging webinar for 1AN: WHAT DATA TELLS US ABOUT THE IMPACT OF COVID-19 ON THE ART MARKET, in which she examines what trade data is available in the art market and, accordingly, what’s next.

Why did you start Pi-eX and what’s your mission?

I started Pi-eX in 2014 with the mission to provide all art market stakeholders, from art collectors, passionate amateurs to professional dealers and investors, with the same level of information, transparency, regulation and financial insurances they can expect when buying or investing in any other asset class.

Pi-eX Research services provide transparent information and non-biased analysis based on our proprietary database of public auction sales. The data on which we base our reports is systematically cleaned and we make sure it is not only correct but also exhaustive. Our methodology is standardized, systematic and granular, which allows for a true picture of the art market without any bias.

Pi-eX is an FCA regulated company and our clients can trust that we provide a fair and accurate view on historic and ongoing trends in the fine art market.

What do you see as the number one differentiator of the art market PRE-coronavirus and MID-coronavirus?

I think a key differentiator during and after this crisis will be the combined receptiveness and responsiveness of art stakeholders. The coronavirus pandemic is shaking the core foundations of the art market and this is not only affecting the market today, but it will also have consequences on the art market of tomorrow.

With this in mind, I think the ones who will rebound and thrive in the future are the ones who are able to understand and adapt to the new reality early enough so that they can, not only survive the challenging times, but also be in an even better position to grow when the pandemic is behind us.

On the opposite, the ones who will be most impacted by the pandemic are the ones who fail to recognize early enough that Covid-19 will have a long-lasting impact on the art market.

In light of the times, online sales are playing an increasingly important role at auction and it certainly seems that now is the time to embrace digital strategies. But is this just a trend or will it persist well into the future, after the current pandemic?

Online sales indeed are playing a critical role in the art market today. As outlined by Pi-eX research, March 2020 was the first month when online sales at Christie’s, Sotheby’s and Phillips represented the majority of auctions arranged by the auction houses (60%).

This was followed by online sales representing 100% of auctions arranged in April 2020. While this clearly outlines the key role online auctions are playing during this pandemic, one should not forget that the main reason for this is that auction houses are prohibited from arranging live auctions.

In the future, after the pandemic, I am convinced that auction houses will hurry up to reintroduce live sales. Surely, online sales will still be available for those who prefer to buy via their computer, but there is no doubt in my mind that the focus will switch back to live day and, especially, live evening sales.

Based on performance in the past month or two, can you imagine a world where all auctions turn to online and generate enough revenue to sustain the auction business?

If anything, I think the past few months have confirmed so far that there is no way auction houses can rely entirely on online auctions as opposed to live auctions. Pi-eX Research already showed that online auctions were far from being able to generate as much revenue as live auctions. Our standard annual report for the year 2019 outlined that online auctions at the top three auction houses generated on average US$1 million per auction for that year. This was much less than live day auctions which generated on average over the same period about US$9 million, and this was clearly much less than live evening auctions which generated on average US$49 million.

At the beginning of May, Sotheby’s CEO reported that Sotheby’s had held 37 online auctions totaling nearly US$70m. This means that Sotheby’s online auctions brought in on average US$1.9m per auction. This is almost double the average revenue generated by online auctions at the top 3 auction houses over the past 3 years as shown above. While this is an impressive result in this time of crisis, it certainly shows that online auctions are still far from being able to replace Live auctions.

Any predictions for the market POST-coronavirus?

During the coronavirus pandemic and in its aftermath, I think the art market will suffer from an accentuated liquidity issue. In other words, I think it is going to be quite challenging for sellers to obtain the prices they want for their artworks.

The art market is already not the most liquid market as opportunities to sell, especially high-end art, only come through at particular times and particular places. A few of these have already been missed as live auctions around the world were cancelled due to the pandemic. This was the case for example with key sales as the Paris March Impressionist sales, the Spring Hong Kong sales or the New York May evening sales.
Some of these sales will be held at a later time, but one can wonder how much art the market can take if all these sales happen within a short period of time.

As we enter these times of uncertainty, I think we will see some works offered at lower estimates at auctions as well as more works sold through private sales. In such unchartered territory, I believe that ongoing reliable information on the state of the art market will play a crucial role in aligning expectations between buyers and sellers.

Watch as Pi-eX analyses historical auction sales trends to understand the impact Covid-19 is having on the art market as of end of March 2020. Watch now and read more about Pi-eX here.

This month, our featured member is a Generalist. In other words, she knows a wide variety of cultures and art, with a major interest in Oceanic and African art. Jessica works with collectors on displaying their formed collections and consults on collection management, whether it be acquiring or deaccessioning privately, by auction, or donation.

She has also accessed and handled the most unique and obscure artefacts from Egyptian mummies to special FX movie memorabilia, contemporary artworks, and photography. Let’s put it this way: If you are looking for something unique, she either has it or she can locate it for you.

Do you have a routine when visiting a museum/gallery?
For art galleries, I begin where my eyes take me. Whichever piece grabs me first, I start there. If there is an artist statement, I enjoy reading it after I have digested the first artwork that drew me in. I like to begin with my own point of view and fresh eyes, then look at the work as the artist intended.

When I visit museums, I begin either at the special exhibition if I am there to view it. Afterwards, I start from the very top floor and move my way down. There are certain museums where I visit specific works; when at the AGO, it’s the portrait of the Marchesa Louisa Casati by Augustus John, the Frum African art collection, and the Henry Moore room. At the MET, I always visit the head of Nectanebo I or II. We sold it at Christies back in 2007. Jeff Koons purchased it and donated it soon afterwards. I also visit the Rarotonga God Staff that we sold through Sotheby’s. They are not only two of the most memorable deals I have ever worked on, but also special moments of my past life.

Tell us about the most recent piece you acquired?
I just bought a 6-foot baleen sled from Alaska through a Belgian Auction House. It has a beautiful black gleaming patina and many scratches showing use. I’m excited to see what the old collection tag says, as it wasn’t listed in the description. Baleen is the keratin fibre from whales commonly used for basketry and sleds in the arctic as there was a major lack of trees to use. I believe that it is mid to late 19th century but will not know until it arrives.

What’s your art world pet-peeve?
People thinking, they “can’t afford art”. There are many reasons to buy art, and there is a major difference in buying for love and investment, although if you are buying for an investment, I suggest love is also involved. Some people are born collectors. Others buy to decorate, others buy to keep up with the Joneses, and some folks have a grocery list of the best.

I also despise when people judge and jump to negative assumption in collecting ethnographic art. Education and research are major pillars of this field and is also responsible for many of the modern greats we praise. We are merely care takers for the art that comes into our lives.

What international art destination do you want to visit most?
Italy. All of Italy. And the South of France. I always attend Parcours des Mondes in Paris, France every September. It is THE place to be for Ethnographic Art.

If you could have dinner with three artists from the past, who would they be?
Pierre Soulage, Pablo Picasso, and Jack Bush.

And this is why we love our “Get to Know Our Members” feature… we have so many inspirational members, whom we are so proud of, just like Jessica! Please read more about her adventures here.

While most artists would want their pieces to end up taking a share of that $64 billion art market, the reality is that they may end up selling only a few paintings — with the majority of their work having to go into storage for a few weeks, months or even years.

Some pieces may not be good enough to capture the eyes of art enthusiasts, while others have so much sentimental value attached to them that you choose to hold on to them forever. However, if you want to maintain the quality and value of your artworks, dumping them in a closet, storage unit, or corners of your studio just won’t cut it. Whether it’s your child’s crayon doodles that always give you a warm feeling in your heart or it’s a masterpiece you’ve worked on for years, art needs to be stored in a certain way to ensure that the paint, frame, and canvas aren’t damaged.

Preparing Your Art for Storage
Depending on the size of your artwork, type of paint, and whether or not it is framed, there are various things you must do to prepare it for storage. Before you touch any art, make sure that you’re wearing latex gloves to prevent damaging hypersensitive art materials if you touch them during the process. The next step is using a dry microfiber cloth to gently remove dust from all surfaces with particular attention to any fabric or paint components.

If your art is framed, wrap acid-free tissue around it to protect it while giving it breathing room and roll it into a bubble wrap or felt padding to protect the frame. If your art is unframed, carefully wrap it in glassine and position it between two pieces of foam board, plywood or cardboard that are slightly larger than the artwork, and secure it with tape. Place each wrapped artwork into a sturdy, appropriately sized box.

Choosing an Ideal Storage Location
Art requires special conditions to maintain its quality, and not just any room will do. First of all, the room should be as dark as possible; light can cause all kinds of damage to your art, so choose a windowless room like a study, the basement, or attic.

Once you have an ideal location, you must ensure that it stays at a constant temperature of 70 degrees Fahrenheit and humidity of 50 percent. Fluctuations in temperature and humidity can cause changes in the size and shape of your artwork, yellowing of paper, fading of dyes, and the growth of mold. If you are storing your art at home, you’ll need a humidifier and thermostat to keep the temperature and humidity at ideal levels. If not, look for temperature-controlled storage units in your area or ask an art gallery near you for recommended storage services.

Moving Your Art into Storage
After finding an ideal location and preparing your art for storage, the final step is moving your art into the storage unit. When doing so, handle your art carefully and try moving slowly, handling only one piece at a time. Even when properly wrapped, you don’t want your artwork touching the floor of the storage room. Instead, elevate your pieces on racks or risers. To avoid putting too much pressure on your artworks, stand them on their sides like books on a bookshelf instead of stacking them flat on top of each other. Don’t forget to label and keep records of each stored piece. And if in doubt, leave it to the pros like Cargo Cabbie.

All artwork, loose or framed, must be kept in a safe environment free from dust, insects, air pollutants, sunlight, and mold. But, even when you’ve stored it in a perfect environment, it’s important to check on your stored artwork periodically to ensure that it’s performing well and to catch problems or subtle changes early.

Access Free Videos on Protecting and Maintaining Your Artworks. View Now

Author: Katlyn Bennett

Home with Your Kids? Here’s Why They Should Engage in The Arts At Least Once A Day!
Creating art at any level is a powerful way to boost mental health – according to a study by researchers at Drexel University. Whether your child is a mini Da Vinci or they love drawing their favorite cartoon characters, art can make a big difference to their lives, above all due to its ability to lower stress levels. If you have a homeschooled child whose hobbies lie in creative spheres, then you may have already been blown over by their beautiful creations. Art can be a particularly powerful outlet during COVID-19, when many children have more time than ever to unleash their creativity. Even if they have never taken pen to paper, igniting their passion for art is easier than you think. Try following these tips:

Creating a Homeschooling Art Schedule
If this is the first time you have homeschooled your child, you may find creating a schedule useful. This will ensure that you cover all subjects – including math, science, English, and other core subjects – as well as creative pursuits. Try to include at least one creative activity a day. When it comes to fine art, alternate between drawing, painting, sculpting, and any other art form your child is interested in. Art has been found to reduce stress, so it should be given prime importance during a time in which anxiety and worry can be high. Join your kids so you, too, can benefit from the creation of art at home.

Focusing on Subjects They Love
Children feel strongly about the things they love – be they cartoon characters, food, or toys. Start out by pulling out a paper, pencil and eraser and try to draw just one item that means something to them. Many children are fascinated with natural life forms – including plants, flowers, and insects like ladybugs and dragonflies. Head out into your garden and identify potential subjects you would like to draw together. A dragonfly is easy to sketch. Teach your child to draw the long abdomen (a long, narrow oblong shape) and connect it up to a short oblong (the thorax) and finally, draw a circle for the head. Next comes two sets of wings and finally, the tiny details that make this insect so beautiful -its bright colors, the veining in its wings, and its six jointed legs. For something even easier, draw a ladybug; it is spherical and its beauty lies more in the way it is colored. Don’t stick to red; let your children draw fantastically hued versions if they wish.

Expanding Your Collection of Materials
For children who prefer to create impressionistic or even abstract works, having access to a wide range of materials can be motivational indeed. Surprise your child with cartulina in various colors, colored pens, wax crayons, and paints. Encourage them to embellish a few of their drawings with these materials, and consider buying a frame to immortalize some of their best work. Right now all stores are closed but you can still access material for your homeschooled child online.

Finding Inspiration in Great Artists
Once your children hone aspects such as proportion, shade and light, and perspective, invite them to try out a variety of styles. If you are fascinated by Cubism, for instance, center an entire homeschooling study session on the origins of Cubism. Show them a few famous works from that period. Ask them to convert a photograph or previous drawing into a Cubist work. Picasso, Jackson Pollock, Van Gogh, and Klimt are just a few artists children tend to love owing to the explosion of color and originality in their works.

Visiting Galleries Virtually
Right now, most galleries are closed so a visit is impossible. However, many galleries are offering virtual tours so art lovers can stay inspired during home confinement. The Getty Museum recently posted a fun activity asking children to recreate artworks at home with the use of everyday materials. Children across the globe were using old clothing and even painting their faces to look like some of the most iconic characters in art history.

Most children will be happy to put pen to paper (or finger to paints) if they are invited to create artworks of subjects they love. Teach your kids simple techniques followed by more complex and detailed ones. Ensure they have a wide range of materials so they can make their creations as colorful as they like.

And as an art-lover yourself, for a trusted source for art education and art market news, trends and events, please visit www.OneArtNation.com. If your collection includes pieces by those other than your little artist, you can access a portfolio of tools to build, maintain and protect your art collection HERE.

Author: Katlyn Bennett

There’s a new trend of food as art, ever since a banana taped to a wall with duct tape sold at Art Basel Miami for $120,000. The artwork was by Maurizio Cattelan and it was titled “Comedian.” The billionaire Miami couple that bought it stated that they thought Comedian might become significant in art history. Sure enough, it started a movement. A month later, the Whitney Museum of American Art in New York opened a curated exhibit titled “Fruit and Vegetable Salad.” The exhibit was organized by the museum’s senior curatorial assistant and consists of about a dozen single fruit and vegetables -each displayed on its own pedestal. During the course of each day, the fruit and vegetables are chopped into a bowl and served to attendees and the pedestals replenished. It’s evident that art consisting of real fruit and vegetables is popular. Therefore, let’s look at the best practices for collecting and maintaining perishable art.

Which fruit or vegetable is more valuable?
The banana was the first to sell so it’s the most iconic. It’s like when we think of ready-made art, we think of a toilet. The colour yellow is a very positive colour; we’re reminded of looking at the sun, or LOLing at a smiley emoji -hence the title Comedian, which might have also come from the Watchmen graphic novel, film, and show. Bananas are also slippery and funny. Many a clown has stepped and slid on a banana, falling hard on his tuchus. The banana is iconic, as opposed to celery, broccoli, or okra which never made anyone laugh ever. Fruits in general are better because they are sweeter. On the whole, more people have a sweet tooth than a bland one. Plus, bananas are high in potassium and that’s pretty cool.

What’s the shelf-life?
Buying a green banana as opposed to a brown banana all depends on how soon you want to resell. When you buy it green, you have more time to enjoy it. You also might get it at a discount. Green bananas are not as attractive, nor as recognizable. If you see one on display, jump on it. You might get it at a reduced price if you argue with the gallerist that you suspect it’s a plantain. And come on, no-one wants a plantain in their house when you could have a banana. You have about five days with a banana before it goes bad and most fruit is about the same. If your banana’s hanging up at home and it has brown spots on it, it’s time to think about selling. It becomes embarrassing. You may appear needy to your friends, clinging too long to an over-ripe work of art. Essentially, in a five day cycle, it’s best to buy your perishable art on day one while it’s still green and fresh off the boat. Enjoy it for two days and sell it by midnight on the third. Whoever buys it, that’s their problem. They could eat it for all you care.

Should you eat it?
A performance artist named David Datuna actually ate one of the instances of the Comedian banana at a Basel and captured it on film. The nearby female gallerist stopped him half-way through and called security. She thought about pressing charges. Then she realized it was only a banana and let the guy go. They taped another fresh banana to the wall and no-one was the wiser. This begs the question: If you own a perishable piece, should you eat it? After all, it’s your money your art. People have paid far less for intimate encounters with humans, no less fruit. Therefore, you should be allowed to do whatever you like with your highly-valued and delicious purchase. Anything not lewd, of course. Just take it home first and close the blinds. One person’s art is another one’s fetish.

Even if it’s real, could it be fake?
Already there are copycat artists creating variant exhibits in high profile spaces, such as the perishables at the Whitney. If you see fruit on display in a similar fashion, you have to do your homework before you buy it. Make sure it’s a real Cattelan. He’s the originator so his bananas are more enticing. If you can, buy it directly from him and get a hand-signed certificate of authenticity. Better yet: Have him sign the banana with a Sharpie. Don’t just buy anything off the back of a truck. Don’t be fooled by what you see in the produce section of your local Whole Foods. Their receipts are worthless, to a real collector. A grocer will always be a grocer, while an agent will always be much more.

Is it a good investment?
Billy and Beatrice Cox bought the Comedian just for a laugh. After selling their shares in Dow Jones & Company (publishers of the Wall Street Journal) to Rupert Murdoch’s News Corp for over $1.2 billion in 2007, what’s a measly $120,000 to these happy Floridians? It’s just a nice day at the fair. They bought the piece because it made a stir among the crowd and it tickled their fancy. They obviously didn’t need the publicity, unlike the performance artist that ate one. Moreover, out of a slew of statistics, over 84% of Americans admit to making impulsive purchases. Art speaks in many ways. If you love something, put some money on it. Just make sure that love is true. You don’t want to be living with buyer’s regret staring at a drooping overripe banana staining your wall.

Is it art or is it produce?
It’s clearly produce, from a practical standpoint. However, to the eye of the collector, it’s a lot more. Anything has meaning. Perhaps it was the Russian novelist Leo Tolstoy that first associate art with being subjective, when he wrote that “Art is the uniting of the subjective with the objective, of nature with reason, of the unconscious with the conscious, and therefore art is the highest means of knowledge.” In the end, the Comedian is an intellectual statement and a joke. The joke is based on us imagining a clown taping a banana to the wall so he would never slip on it again. What’s more brilliant than that?

Contemporary art is less about the technicality and more about the way it makes us feel. As long as you like it, if it’s within your budget, and it makes you feel good, even makes you laugh, there’s no reason why you shouldn’t buy it. Just be smart about it, if you want to be taken seriously as a collector. Remember to do your due diligence. Ask your local grocer for advice. Most importantly, to safeguard your perishable art collection, make sure to refrigerate fruit and vegetables! (Except bananas. They get mushy when refrigerated.)

Cristian S. Aluas

Is an artist and writer living in Manhattan. He’s the author of a new book titled IT’S A LIVING: Surviving as a Freelancer in the 21st Century, The Ultimate Guide to Success for Artists and Creative Professionals.

Readers can follow Cristian on Instagram and Twitter @bigbosscomic.