Starting a collection on a limited budget

Internet: Art Money, Artsy

Engaging with art will make you think and feel differently, and see the world in a more diverse and creative way,” says Paul Becker, CEO and founder of Art Money, a platform that offers interest-free credit to prospective art buyers. “Owning art is experiential, from meeting the artist to understanding and sharing the story behind the work.” Buy the work you love. Forget about investment or making a ‘mistake.’ Go with your instincts.

Becca Starr, CEO of Art Money, says “I also think that benefit auctions are a great way to start a collection,” she says. “Proceeds go to a good cause, often ‘buyers premium’ — a charge the winning bidder pays in addition to the lot’s final price at auction — is not applied, and usually the works are very fairly priced.”

If I had a few hundred dollars, I’d be watching … benefit auctions …, says Starr. “There are fewer eyes, so less competition, and the timing might be just right for someone to sell some nice pieces. If the idea of a live auction is scary, just leave your maximum bid, walk away, and wait to see what happens during the live sale.

Becker believes that: “Life’s short — buy the artwork. It may just change your life.”

How to collect art on a budget

Internet: Paul Fraser Collectibles, 27 February 2013

Benefit auctions are a great place to begin your hunt for an affordable art investment. Amy Goldrich, a New York attorney who specialises in art law, and the author of the Luxist guide to collecting art on a budget, argues: "Benefits, where artists have typically donated their work, tend to show art you wouldn't see, because they're not so heavily curated. But perhaps the best advice I can give any aspiring art investor is to buy art because you love it. Art possesses a priceless beauty - so get out there and enjoy it.