Seven types of Collectors
There are seven types of buyers of art. All the categories below are valid and many collectors fall into multiple categories. Give yourself permission to buy art and join a group which gets constant joy, insight, and pleasure from the works that surround them. You can be in multiple categories below and even changes from one to another during your life time.
1. The Emotional Buyer - one of our favorites, this buyer falls in love, woos and wins a piece of art. This buyer might spend a bit more than they can actually afford to obtain the cherished object. Galleries and artist will often offer ways to pay for work on time if asked. You will never regret a work you buy as much as the one that got away.
This buyer has a chance to dialogue with the art work over a lifetime.
2. The Decorators Buyers - finds a vacant place in their home and seeks to fills it. The advanced decorator buyer knows that by changing the art in a room an entire new feeling can be created. Interior decorations can put you in touch with a large selection of artists so make sure that you have an emotional or intellectual connection to that work as well as a perfect match for the couch.
3. The Buyer of an Artists Name - this is an educated buyer who seeks out well known artists with track records. We encourage this buyer to acquire the best piece they can afford by an artist.
4. "Keep up with the Jones" Buyer - the spirit of competition is alive and well with this type of buyer and the art world appreciates how they influence the market price. This buyer can find bargains at charity art auctions and will eventually be able to give part of their collection to an institution and get a healthy tax deduction.
5. The Corporate Buyer - this buyer has achieved the financial success personally or in their business and can use art to show they have taste, discrimination and class. This collector might try to buy a piece from every period of an artist or buy work of each artist from a region or period.
6. The Souvenir Buyer - almost all great collectors starting by buying work on vacation. These works are sentimental reminders of past times and a good start to the critical process of accessing art.
7. The Investment Buyer - Every collector has a limit to the funds they will spend on art which has no possibility of holding its value. Investment buyers are very selective and check the artist track record and the art work's provenance. They realize that an art work in their home or office is more enjoyable to gaze upon than a stock or bond and can yield the same dividends.
New collectors of art can lack the confidence to make a purchase. If you fall into this category, seek out another collector, art dealer or consultant to mentor you. Ask to take home an art work to see if you can live with it. And once you become an art collector, make sure and pass on the thrill to others around you. Some collectors might find themselves in the position of wanting to de-access part of their collection. Read #4 in our Collecting Secrets Revealed to learn about some choices in recouping your investment.
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