3 Essential Principles To Know Before Acquiring A Contemporary Artwork | Seed Gallery

Obtaining a contemporary art piece can be quite disconcerting, especially for newcomers to the art-buying scene, budding collectors, or even seasoned art investors. To protect yourself against potentially unwise decisions that could have enduring financial repercussions, it is vital to comprehend these three key factors that can influence the value of a contemporary artwork.

1: The title assigned to the artwork.

The term "title" pertains to the unique name given to an artwork, serving as its distinctive identifier. Not every creation from an artist will experience an increase in value over time, but those that do stand out due to their title.

Once you've identified the title, ensure that it aligns with the title listed on the gallery's price sheet, the exhibition catalog, the gallery's website, and all other accompanying documents linked to the artwork.

Furthermore, the title on the back of the artwork itself should match, particularly in the case of two-dimensional works like drawings, etchings, or paintings. In sculptures, the title is typically etched onto the base or foot of the piece, along with the artist's name and the year of completion.

When purchasing an artwork that is part of a series, and each piece in the series is distinguished by a number or letter, it becomes crucial to be well-versed in both the precise title of the series and the corresponding identifier for your specific acquisition. For instance, an artist might divide their composition into three parts (a triptych), each bearing a distinct title or marked by a number or letter. In such cases, it's imperative to accurately know the series' exact title and the corresponding identifier that corresponds to your acquired piece.

2: The rarity, excellence, and distinctiveness of the artwork.

The rarity of a painting plays a pivotal role in determining its value. Therefore, it is crucial to understand the specific factors that render the contemporary art piece you intend to purchase unique.

If the artist has produced only a limited number of artworks and is renowned for working within a distinct style and genre, it's highly probable that each of his or her works be in demand hence command a high price, and most likely appreciate in value over time. This is especially applicable to artists who are considered to be major contemporary artists or significant artists of a particular period working in that genre.

For artists who are not as prolific, the condition of the artwork may not significantly impact its desirability. However, for those artists who produce a larger body of work, the condition becomes a significant factor, as there's a greater likelihood of more collectors and investors seeking pieces in excellent condition from that artist.

Establishing rarity can also involve a thorough examination of an artist's entire body of work, (often found in their oeuvre or catalogue raisonné), to pinpoint the elements that make the particular work you're interested in acquiring truly unique.

Furthermore, the painting's historical context, its ownership history, the materials used in its creation, and the period in which it was completed can all contribute to its uniqueness, distinctiveness and rarity.

3: Condition of the artwork report

One of the most crucial documents you should request from a seller when purchasing a contemporary artwork is the "the condition of artwork report."

This report will comprehensively detail the materials used by the artist in creating the artwork and outline the physical properties of these materials. Additionally, it will offer invaluable guidance on preserving the artwork and provide instructions on what steps to take in the event of accidental damage.

When acquiring artwork from the secondary market, such as through an auction house or a reputable art dealer, the condition of artwork report should include significant information about specific areas of the artwork that may require professional cleaning, repair, restoration, or indicate areas that have undergone previous restoration.

To safeguard your investment, don't hesitate to inquire about the artwork's condition, and if you have any uncertainties, request clarification on any ambiguous points in the report from the seller. If you remain unsatisfied with the report, consider enlisting the services of an external art conservator who can conduct a thorough assessment of the artwork's condition and provide you with impartial information.

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