Risks And Red Flags in Art Purchases

The art world is often depicted as a luxurious, exclusive place for the rich and famous. In reality, art is incredibly accessible to all. Whether you are a collector or simply an admirer, the world is full of beautiful pieces for you to see.

Purchasing art does not come without risks, however. There are plenty of things to look out for and check before completing a purchase. Here are some tips to keep your investments safe.

Be Cautious When Buying Online

Risks And Red Flags in Art Purchases

As society becomes more reliant on the internet, the art purchasing industry has moved with it. It is no longer necessary to visit a dealer or gallery to buy artwork. But, as with anything else, buying online has its risks.

You should always do your research when purchasing from a new supplier. Where you can use recommendations from friends or official organisations. As you may not see the artwork in person, you can request a condition report before you buy as well as a provenance report. This will help you to determine if the value matches the asking price.

New Media Can Be Delicate

If contemporary media is your passion then you will know that there is a wide range of materials used by a host of new and exciting artists. Whilst this is a huge selling point, it can make preservation and displaying it challenging. In some cases, the artist will be aware that the materials they use will disintegrate or change, and this can be their intention. Be sure to check before you buy so there are no surprises years later.

Work with an expert when getting it installed to ensure that wires or frames will not damage the integrity of the work itself.

Not Getting An Authenticity Certificate

Risks And Red Flags in Art Purchases

Throughout history, the ownership of art has been considered an important part of its provenance. Certificates of authenticity, especially for conceptual pieces, are a great way of showing who the artist is as well as proving ownership.

As this is an important part of art ownership, it is always best to make sure everything is above board. Employ the services of experts in the art arena who will be able to help you keep everything above board.  

Insurance and Shipping

Insurance is an important purchase for your artwork. Your home and contents policy may not be enough to cover any expensive pieces on top of your other possessions so taking out a separate policy is best.

This is especially important if the artwork is being shipped to you. This prevents you from being out of pocket should it get damaged or stolen in transit. That being said, commercial dealers and sellers will have their insurance policies regarding shipping. Speak to your contact and be clear on the situation before completing the purchase.

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