Hot Tips For Budding Art Collectors
June 2001

Pegge Hopper tells a story about a New York couple, a cook and a teacher, who began buying art on their middle-class salaries. "They just bought things they liked. And now they have this major collection, and they're leaving it to the Metropolitan Museum of Art!"

For all you budding art collectors out there, here are some helpful tips from Mike Schnack of Cedar Street Galleries - and one or two from Dame Pegge herself - to get you started.

• Listen to your instincts. "Everyone has sensibilities and an eye, and everyone's eye is valid," Mike comments. "It doesn't matter what someone else tells you: you've got to trust yourself."
  
• Educate yourself. "You need to be informed!" advises Pegge. "Look at books, go to museums and art shows."
  
• Artists whose work has been shown in museums don't necessarily charge more. "A lot of artists at Cedar Street have had multiple shows with museums," Mike tells us, "and their smaller works may cost only a few hundred dollars."
  
• If you're contemplating the purchase of a more expensive painting, but worried about the price, think about what it took to create the piece. "A couple thousand dollars sounds like a lot, but considering the years of study and work that it's taken the artist to achieve that level, it's really not that much," says Mike.
  
• Many artists, including Pegge Hopper, are willing to negotiate for their work. "And I'm always touched when people come in and ask if they buy something on time," she adds. I can tell that they've wanted something for years. It just warms my heart!"
  
• Seasoned collectors often specialize in a certain genre, but this can be a mistake for the new art lover. "Don't think about a whole collection; get one piece at a time that you love," Mike counsels. "If it's eclectic and all over the map, that's better - because it truly represents YOU."
  
• Finally, remember that beauty is in the eye - and the checkbook - of the beholder. "I don't think fine art should be solely for investment purposes," Schnack comments. "Get what you like, because for something to appreciate, it's gonna take a number of years, and you're gonna be living with it, and you've gotta be happy with it. It's a long-term investment, and not something that's going to happen overnight."
  

Caroline Wright is a freelance writer. She can be reached via e-mail at c@wrightforyou.com or by phone at 808/622-1077.

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