Buying your first big piece of art can be intimidating. Here's how a Citi art advisor recommends you do it.
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Buying your first big piece of art can be intimidating. Here's how a Citi art advisor recommends you do it.
"Rebekah Bowling, a senior art advisor at Citi who works with ultra-high-net-worth clients in Citi Wealth to manage and build their art collections, knows that it can be "really intimidating" to start buying art. Galleries typically don't list prices, and new buyers often don't know much about the artists or shows they're looking at, she said. Even asking an employee at the desk about the works on display takes some courage."
""Education is the first point," Bowling said. She suggests that anyone seriously interested in starting a collection spend at least six months, or even a year, educating themselves on the market and their own taste. It's essential to become familiar with both the primary and secondary markets, which respectively sell pieces for the first time and as resales, she said."
New buyers often find galleries intimidating because prices are frequently unlisted and front-desk staff may vet visitors, creating barriers to entry. The global art market saw a 12% sales decline to about $57.5 billion, while transactions rose 3% driven by activity in the lower-tier market. New collectors are advised to spend six months to a year learning the market and clarifying personal taste, and to become familiar with both primary and secondary markets. Visiting incubator galleries and a range of venues can help overcome the initial hurdles and access more transactional opportunities at lower price points.
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