@Bossbeauties – A group of women that empower the purchasing of female art.
The years 2020 and 2021 were filled with a sustained upheaval that pushed our human culture online.
Intriguing new art landscapes and innovative technologies are transforming how art is bought and sold. Mysterious figures are dropping tens of millions on single works of art, and the masses are wondering, who buys original works of art? How? And why?
The years 2020 and 2021 were filled with a sustained upheaval that pushed our human culture online. This dramatic shift accelerated the proliferation of online platforms, crypto art, and digital currencies. Suddenly, online art purchases in the tens of billions dominated mainstream media headlines and art conversations everywhere.
The years 2020 and 2021 were filled with a sustained upheaval that pushed our human culture online. This dramatic shift accelerated the proliferation of online platforms, crypto art, and digital currencies. Suddenly, online art purchases in the tens of billions dominated mainstream media headlines and art conversations everywhere.
Intriguing new art landscapes and innovative technologies are transforming how art is bought and sold. Mysterious figures are dropping tens of millions on single works of art, and the masses are wondering, who buys original works of art? How? And why?
The years 2020 and 2021 were filled with a sustained upheaval that pushed our human culture online. This dramatic shift accelerated the proliferation of online platforms, crypto art, and digital currencies. Suddenly, online art purchases in the tens of billions dominated mainstream media headlines and art conversations everywhere.
More broadly, the exploding online art movement is driving an unprecedented democratization of art and art commerce. Compared to the traditional art market, buying and collecting art online is exponentially more accessible to the general public. Anyone interested in delving into the art buying business on any level should study the roles, responsibilities, and skills needed to be a successful art investor.
What Is An Art Buyer?
High-profile purchases of digital art have sparked worldwide curiosity regarding who buys original art—and how these buyers make purchasing decisions.
When museums, individuals, and commercial or advertising projects purchase original art, they often employ art buyers to conduct their business because they offer expertise in:
- Art Selection – An institution, commercial project, or private collector employing an art buyer likely has a specific kind of art in mind. Art buyers deliver on intricate style, subject, and taste preferences to connect these clients with the artwork they value.
- Budget and Assess Value – Before acting on anything, art buyers must inform clients whether their proposed budget is realistic. From there, art buyers assess the value and authenticity of works of art, matching clients with the desired art at an acceptable price.
- Sourcing Art – Art buying entails knowing where to find the pieces clients want. Buyers attend gallery shows and other events to discover the artists and pieces that appeal to their clientele. A strong network of artists, vendors, art producers, and gallerists help identify and locate the perfect piece of art.
- Negotiate Prices – After locating art that aligns with the client’s interest and budget, the art buyer negotiates a price that works for both their client and the artist or vendor supplying the art.
- Execute Transactions – Finally, the art buyer is responsible for finalizing the deal by writing the contract or purchase order and conducting the business transaction.
Why People Buy Art
The bulk (78%) of art collectors prioritize aesthetics. Specifically, 71% wish to decorate their home and 67% want to purchase art as a source of personal inspiration. An art buyer’s job, therefore, focuses heavily on aesthetics.
The source of motivation for buying art is a fundamental factor that informs the art buyer’s process, especially when serving private collectors. Why the client wants to buy art and what the client is looking for determines where and who an art buyer goes to—and how much the client must be willing to pay.
So, art buyers must be conscious and communicative about client motivations throughout the process:
Art Aesthetics
The bulk (78%) of art collectors prioritize aesthetics. Specifically, 71% wish to decorate their home and 67% want to purchase art as a source of personal inspiration. An art buyer’s job, therefore, focuses heavily on aesthetics.
First and foremost, an art buyer must find art compatible with a client’s unique personal inclinations and sensibilities. This requires a deep understanding of the client and their personality, perspective, and emotion informs their taste in art.
Passion for Artists
Artists and their personal stories add another dimension to art buying. In fact, 83% of active art collectors are reportedly influenced by the backgrounds, creative processes, and career trajectories of artists.
Many clients value the artwork’s subject matter as a compelling window into a creative story. To find the particular types of art that a client finds captivating, the art buyer must delve into the artist’s unique history, techniques, and identity.
Many clients value the artwork’s subject matter as a compelling window into a creative story. To find the particular types of art that a client finds captivating, the art buyer must delve into the artist’s unique history, techniques, and identity.
Art World Validation and Trends
Only about 9% of art collectors say they are concerned with current trends that command the most recognition within the art community. However, art buyers should nevertheless study art trends and consider these cultural factors when catering to fashionably-minded clientele.
Art as an Investment
Affordability is another key consideration that shapes art buying behaviors. Interestingly, only 35% of art collectors approach art as an investment, with 26% making purchases based on whether they think a work’s value will appreciate over time. A new generation of investment mechanisms and art enthusiasts, however, may change those numbers.
But many art buyers do currently work for clients who see art through the keen eyes of an investor. In this case, the buyer would pay close attention to the artists and types of artwork that tend to increase in value over time.
But many art buyers do currently work for clients who see art through the keen eyes of an investor. In this case, the buyer would pay close attention to the artists and types of artwork that tend to increase in value over time.
Qualities of a Successful Art Buyer
Art buyers are astute business people, mindful relationship builders, and connoisseurs with a refined eye for art and the marketplace.
An art buyer is not just an intermediary between purchaser and seller. Rather, art buyers are astute business people, mindful relationship builders, and connoisseurs with a refined eye for art and the marketplace.
Art Expertise
Art is a complex field that encompasses vast periods of time, creative styles, and diverse mediums. Many art buyers, therefore, specialize in particular types of art. Additionally, a formal art education, especially in museum studies, certainly helps advance careers and create more professional opportunities.
In-depth art expertise is needed to accurately evaluate pieces, anticipate an individual artist’s career potential, and track the value and trajectory of stylistic trends.
Furthermore, interfacing with clients and other contacts involves discussing aesthetics and the technical details of how an artist made a piece and why. The best art buyers are masters at analyzing artistic methods and exploring the personal and cultural meanings behind them.
In-depth art expertise is needed to accurately evaluate pieces, anticipate an individual artist’s career potential, and track the value and trajectory of stylistic trends.
Furthermore, interfacing with clients and other contacts involves discussing aesthetics and the technical details of how an artist made a piece and why. The best art buyers are masters at analyzing artistic methods and exploring the personal and cultural meanings behind them.
Interpersonal Skills
Developing a successful career as an art buyer requires building trust and meaningful relationships with clients, artists, gallerists, and more. Art buyers must invest the time, energy, and care into networking and creating long-term, rewarding relationships.
Art buyers must have the honed business instincts to conduct smooth negotiations that help people connect with and provide value to each other.
Art buyers inherently work closely with and come to know everyone involved in the process, and must balance priorities and personalities and cultivate positive financial and creative relationships.
Art buyers inherently work closely with and come to know everyone involved in the process, and must balance priorities and personalities and cultivate positive financial and creative relationships.
Business Acumen
Established art buyers expertly navigate business mediations and routinely make sensible cost estimates for clients or consult with trusted contacts for estimates when the financial numbers are uncertain. Clients must trust the art buyer’s judgment to reject unreasonable terms, independently manage the budget, and use discretion with what information to share and when.
These business skills ultimately enable the art buyer to settle at a fair middle ground that balances the interests of the client with the artist’s justifications for the price of their artwork.
These business skills ultimately enable the art buyer to settle at a fair middle ground that balances the interests of the client with the artist’s justifications for the price of their artwork.
DotRed Supports the Future of Art Buying
The accelerated expansion of life into online platforms is rapidly changing the art business. Modern, forward-thinking galleries and global art titans are driving a new era of digital art experiences.
Virtual art exhibitions are the future of displaying, enjoying, and buying art. At DotRed, our mission is to harness the digitization of art to serve the interests of artists and art lovers. Empowering artists and collectors in this new realm inspires us to advance the growing influence of hybrid virtual exhibitions.
Virtual art exhibitions are the future of displaying, enjoying, and buying art. At DotRed, our mission is to harness the digitization of art to serve the interests of artists and art lovers. Empowering artists and collectors in this new realm inspires us to advance the growing influence of hybrid virtual exhibitions.
