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How Art Collectors can Increase the Value of their Collection
Many people think that collecting is all about buying art at affordable prices, and then selling it once the artists strike big and the value of their pieces soar. But in reality, things are a bit more complicated than that.
The price of art depends on many factors, some of which can be manipulated by collectors to increase the value of their pieces. For example, a great exhibition list that includes shows at prominent galleries and museums will undoubtedly raise the price of art. Also, artists’ professional development including artist education and the number of attended artist residencies is a factor in determining the price of art, especially for young and emerging artists.
But maybe the most important factor for determining the price of art is the artist’s popularity aka the artist brand. Everyone wants to invest in artists that are “hot” right now, those who are being talked about and get a lot of coverage in the press. These artists are much more likely to sell their works at high prices than their less “fashionable” colleagues.
Let’s take a look at how collectors manipulate these factors to boost the prices of art they own in their private collections.
Investing in Artist Branding
It’s not a secret that collectors like to invest in promising young artists that are expected to shoot to stardom in the years to come. To increase the value of unknown artists’ pieces, collectors often work together with artists to help them turn their name into a brand. A great example for this is Charles Saatchi, an art collector and art patron who helped shape the careers of young Goldsmiths college students that will later become known under the moniker Young British Artists.
Saatchi bought most of their works early on when they were still in college, and then invested heavily in their promotion. Saatchi even coined the name Young British Artists to help brand the group and make it easily memorable. Then he organized several YBA exhibitions at his own Saatchi gallery, each followed with extensive mass media coverage…
