What does it take to become a successful art collector?

First and foremost, while collecting art, the changed context and connotations of the art market scenario need to be understood. It is believed that this is time for the real ‘investors’ to enter the fray as it gather momentum slowly after a prolonged lull.

An investor must get familiar with the young and upcoming artists, their themes and their career graph. New talent is being unearthed and you should keep track of the emerging names. Investing in art, or for that matter, any asset class demands meticulous research, information and analysis. An essay in the BBC NEWS underlines this fact by stating:

“The secret to investing in art is identifying where the market’s next trailblazers are likely to come, and knowing what art to pay attention to now.”

And this is where the judgment of what pieces and which artists will gain in value and stature over time comes into play. A little bit of background work definitely helps. It is important to visit the museums and galleries to get acquainted with the world of classic, contemporary and modern art.

You cannot become a collector simply by looking around and randomly picking artworks. Apart from research to spot the right work, the importance of Provenance, purchase documents and artist/ gallery validation needs to be emphasized here. Last but not the least, patience and discipline help a collector become successful in the long run.