PICTURE the scene: a distant aunt leaves you £10,000 in her will. She was an amateur painter and asks that you spend the money on art. She leaves no instructions other than to invest the money wisely and buy something you love. You have never bought art before, so where to start? Do you visit a gallery and, if so, which one? Do you wander around art fairs trying to fathom which of the 100 stands is for you? Or do you chance your arm at auction?
The art market has changed rapidly in recent years (Interview, February 22) and many top-end buyers now choose to buy million-dollar contemporary artworks at auction, rather than through the gallery system. For more modest buyers, the auction house can also offer value for money if you tread carefully.
‘A really good piece of advice for new collectors is to buy something by a great artist —whether a print or a work on paper,’ says Thomas Podd, deputy director of the Modern British and Irish Art department at Sotheby’s. ‘It is less speculative [as an investment], there is an established market and things are going to hold their value, as well as also being very enjoyable to own because they are by some of the best names.’ It’s important to spend time before any auction looking at the works on offer (in person, if possible) and reading the accompanying sale catalogue. It’s also important to set yourself a limit and be aware that the price you pay under the hammer will subsequently have a buyer’s premium added—at Sotheby’s, this is 26% of the final price, plus VAT.
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