Are You A Good Art Collector? 9 Questions to Ask
Humans make choices every single day. Some are good, others neutral, and a few are just bad.
We make them based on a combination of our age, background, previous experiences, and personal code of values.
This "code of values" is our moral compass, what we believe to be right and wrong.
Ethics are the principles that shape our moral compass and dictate our attitude, mindset, and consequent behaviors.
Most people want to make ethical decisions but sometimes inadvertently make a decision that is less than ethical through a lack of self-awareness.
This can happen quite frequently in the art world. So to prevent you from falling into the same trap and accidentally becoming an unethical art collector, we present seven questions to ask yourself while deciding what you should buy next.
Let's dive in!
1. Can You Prove Provenance?
The provenance of a piece is how we describe the history of ownership. When buying a work of art at auction, a conscientious collector should try and gather as much background information about the artwork as possible from the auction house. That could look like:
An original receipt from when and where it was purchased by the current owner
A certificate of authenticity signed by the artist
Auction catalogue entries or published information about the artwork in a Catalogue Raisonné
Or even records of import or exportation
You can also do your own research. Become an ethical detective and hunt down as many clues as possible about the artwork. You don’t want to be duped or, down the line, discover you have a forgery in your collection.
When buying works from an art gallery or dealer, is there a big discount on the final price?
If the final sale price is significantly lower than the original quote, find out why. Is it a red flag? Possibilities could be:
The artwork is not a real painting. Perhaps it’s a print on canvas with a few added brush strokes of paint, aka a Giclée
The artist is being ripped off, for instance. It could be an unauthorized print from a recognized artist
As they say, if it sounds like it's too good to be true, it probably is. Don't be afraid to be assertive. Ask questions about the reasoning behind the discount, and if something feels off, don’t be pressurized into buying.
2. Has the Artist Been Paid on Time & in Full?
Following our previous point, a good art dealer or gallery will work in the best interests of all parties, especially the artist. Depending on the agreement, the gallery or dealer will act as the go-between the artist and buyer, or they might have already purchased the piece from the artist outright.
Either way, if you ask, they should provide you with details of the payment upon request. Any organization that is secretive or vague about the artist or seller’s remuneration package might be acting dishonestly.
3. Are you Maintaining Accurate Records?
It pays to pay it forward. Responsible art collectors maintain detailed records for all their works of art, including as much detail and information as possible about their purchase. Adopting this practice has the dual benefit of preserving the provenance and safeguarding the piece's market value in the event of a future resale.
A principled collector who wants to go the extra mile can even record the provenance and recent proof of purchase online in an art directory or auction record. This protects the artist's legacy and works as an extra layer of protection should their physical evidence be accidentally destroyed.
4. What Are Your Motives?
In art and life, it always pays to check your motives. Have you ever heard of artwashing? It's the patronage of an artist, gallery, or artistic institution by an individual, group, or business for less than pure intentions. These individuals or groups may seek to clean up their image or stage a PR stunt for a publicity boost. Either way, the art suffers.
Similarly, the art world is vulnerable to market speculators. These individuals purchase art to create artificial scarcity, inflating prices above the usual market rate. What inevitably follows the heady boom is a devastating bust, leaving buyers with huge losses and questionable resale opportunities.
5. here Are You Displaying Your Work(s)?
Up until now, we've focused on how to incorporate ethics into the human side of art collecting, but what exactly do we owe the pieces themselves? After purchase, some disappear into art storage or tax havens known as freeports never to be seen again. Most collectors are proud of their collections and want the works to be seen. Some collectors will work with museums and lend their works for specific exhibitions. The advantages are that the work of art will receive professional care while delighting onlookers. Spread the love!
6. Are You Including the Dealer?
Market speculators aren't the only rogues you can encounter. Some cany collectors try to "cut out the middle-man" by going to artists directly and trying to strike secret deals. Galleries and dealers are an essential part of the art ecosystem, and the best will fight tooth and nail to get a fair price for the artists they represent, and protect the value of the artist’s works.
By bypassing established practices, you will erode the trust between artists galleries and the collector and ultimately end up with no-one wanting to do business with you.
7. Are you seeking out new, local artists, dealers and galleries?
It may seem quaint and un-cool but collectors with ethics often look out for local, unsung artists. The art world is highly competitive, and fledging artists, dealers, and galleries need all the support they can get. The added benefit is that smaller operations usually cut the artist a larger piece of the profits, and can offer greater flexibility than a corporate gallery.
You may even stumble on a future big name, so don't be afraid to go niche, eclectic, and up-and-coming!
8. Are You Working with an Ethical Auction House?
When buying art at auction, there are a number of factors to consider. The very nature of auctions themselves demand a higher level of trust between client, customer and auctioneer than in other more conventional purchase opportunities.
Firstly, we recommended doing your homework about the auction house itself. Reputable auction houses will be licensed and will maintain a strict code of ethics.
Ethical auction houses strive to protect bidders from fraud, misrepresentation and concealment of facts. You know you're dealing with a good auction house when they are happy to discuss their codes of conduct and how they enforce them.
It’s equally important to remember that there are also do’s and don’ts to buying ethically. This involves only making bids that you’re serious about to avoid over-inflating the final price and avoiding bidding on pieces without proven provenance or have tell-tale signs of a strange past.
There you have it! Nine ways to keep your heart and art purchases pure. Now you know what you’re doing, browse our auction catalogue, full to bursting with incredible, diverse pieces.
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