Whether you consider art an investment or something simply to be enjoyed, it’s sensible to buy pieces that are likely to increase in value in case you or your heirs wish to sell them later. Works by established artists tend to appreciate by about 10% per year, on average. But over the past few years, art prices have declined sharply. That decline has created a buying opportunity, but most people who would like to own art cannot afford the tens of thousands of dollars or more that are still required to obtain a single work by an established artist.
Great alternative: Buy affordable art created by up-and-coming artists for a few thousand dollars. Not every artist you choose will become “known,” so your pieces might not appreciate in value—but at worst, you will own unique art that you enjoy. How to identify affordable unknown artists most likely to become well-known and collectible…
There are wonderful galleries in almost every major US city that regularly or occasionally feature the still-affordable works of up-and-coming artists. You can go in person to buy art or buy through their Web sites. Culver City in Los Angeles County has more than 25 galleries featuring established and emerging artists (www.CCGalleryGuide.com).
Examples in New York City: Sue Scott Gallery (212-358-8767, www.SueScottGallery.com)… Eleven Rivington (212-982-1930, www.ElevenRivington.com)… and Caren Golden (212-727-8304, www.CarenGoldenFineArt.com).
Ways to find galleries in other areas showing promising new artists…
Join your local modern art museum. Approach the curator, and ask which nearby galleries featuring up-and-coming artists he/she holds in the highest regard.
Read the art reviews in regional newspapers and art magazines. Patronize the gallery that receives the most consistently positive reviews for shows featuring new artists. This strategy is most effective in regions where the quality of the art journalism—and thus the reliability of art reviews—is highest, such as New York City, Boston, Chicago, Los Angeles and San Francisco.
Type the name of the most prominent contemporary artist in your region into a search engine, along with the word “Gallery.” Repeat this with the names of other established, successful area artists. If several of them got their start at the same local gallery, that gallery could be the place to look for today’s promising up-and-comers.
Helpful: If you’re not certain who your region’s prominent contemporary artists are, ask at a local art museum.
Subscribe to Art in America or visit its Web site. This magazine keeps tabs on the contemporary art scene (www.ArtInAmericaMagazine.com).
At a gallery, ask the following before buying. Also ask for a biography of the artist and a press release.
Has this artist sold at auction? Auction results are a way to gauge the esteem in which collectors hold an artist. A young artist’s work might not yet have sold at auction, however.
Has this artist been in any museum group shows? It’s a very positive sign if a little-known artist already has been included in a museum show.
Where was this artist educated? Holding a Master of Fine Arts (MFA) degree from a top institution, such as Yale, Columbia or California Institute of the Arts, increases the odds that the artist will be discovered.
What other galleries are showing this artist? It’s a big plus if an artist is shown in more than one major US city and ideally in Europe, too. When an artist is known in more than one region, there’s a larger pool of collectors willing to bid up his/her work in the future. Most artists whose work still sells for a few thousand dollars or less will be shown only in one region, however.
Is there a discount? It’s not uncommon for art galleries to offer a 10% discount to buyers who know to ask, so don’t be shy. In this economy, buyers sometimes can get even larger discounts, perhaps 20%. Respond to the initial discount offer with, “That’s a little over my budget. Is it possible to get a larger discount?”
Check online for works by the artist you are interested in, and you may learn prices that his/her works have sold for. Web sites of the major auction houses—Christie’s (www.Christies.com), Sotheby’s (www.Sothebys.com) and Phillips de Pury (www.PhillipsDePury.com)—all list auction results.
Also, galleries maintain excellent Web sites showing artists’ works.
Another resource is www.Pierogi2000.com (click on “Flat Files”). You can view works by artists in your price range, including works for under $400.
Helpful: When dimensions are given for a piece of art, the first number is always the height. Example: A 4′ x 6′ painting is four feet high, six feet wide.
Examples of affordable artists…
Jim Gaylord creates stunning abstract paintings and drawings based on scenes from popular action movies. His works range from $3,000 to $10,000. (212-989-0156, www.BaileyGallery.com)
Shane McAdams makes beautiful mixed-media abstractions in the $3,000-to-$4,000 range. (212-727-8304, www.CarenGoldenFineArt.com)
Maureen McQuillan specializes in photograms, which start at $1,400. A photogram is a photographic image created without a camera by placing objects directly onto a photosensitive surface. (212-989-5467, www.McKenzieFineArt.com)
