It's easy to think of art collecting as the pastime of a middle-aged person who owns a home and is established in their career. You may admire art in your 20s, but you're probably not thinking of investing in an art collection anytime soon. However, if you aspire to have an art collection that's beautiful and potentially valuable later in life, there are some good reasons why now might be a good time to start buying. Take a look at the case for starting your art collection in your 20s.
You Have More Disposable Income Now
If you're a typical 20-something, you might feel financially pinched at times, but chances are that you have more financial freedom now than you will in the future. If you don't yet have a mortgage, kids, and a spouse, and you're in good health, your expenses should be fairly low. If you're usually able to have a night out when you want one or upgrade your cell phone when the next new version comes out, you can probably afford to invest in art.
When you're older, you may find that other expenses eat up all of your budget, and even if they don't, you'll be under more pressure to save or make more conventionally practical investments. If you're already in the habit of investing in art, you'll be more motivated to make the occasional art purchase part of your budget. And if you go through a period of years where buying art is just not an option, you'll be glad that you already have a collection to enjoy.
You Can Build Relationships Early
Good art doesn't have to cost a fortune – hit up art festivals, art school sales, and indie galleries where younger artists display their work. You'll probably find art that's more to your tastes and your budget if you focus on younger, newer artists.
By doing this, you'll not only acquire some affordable pieces you like that may become more valuable later, as the artist becomes more well-known, but you'll also be establishing relationships in the art world. The artists whose work you buy will remember the first people who chose to collect their art, and the galleries and dealers representing them will also remember you as a serious customer. This can be useful later, when you want to invest in different artists. Networking can be as important to art investors as it is to business investors.
Your Collection Will Be Uniquely Personal
Ideally, you'll be able to begin collecting art while you're young and continue throughout your life. During that time, your tastes will change along with your purchasing ability. The result will be an art collection that's also a reflection of your adult life – you'll be able to look at your collection and see the ways your life has changed over time in the art choices you made.
This can make your collection particularly interesting – not just to you, but to your eventual children, grandchildren, and other descendants – because of the story it tells about your own life. If you want to build an art collection that you can pass on, starting young is the way to go.
Start small and consider working with an art advisor from a company like Chicago Appraisers Association to help you get a feel for how to value a piece of art and look for resale potential. Most importantly, always purchase art that you really like. Unlike stocks or bonds, art is an investment that should bring more than just money to the investor – it should bring enjoyment and personal pleasure. You can't put a price on that.Share