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This thread is an quintessential art world lesson for new art collectors and includes a few important lessons when considering art purchases. https://twitter.com/farokhgoodlife/status/1387757627917090816">https://twitter.com/farokhgoo...
I should make something clear here. I don& #39;t know either of the people beyond a tweet here or there, nor do I know anything about the behind the scenes issue(s). But the situation has some universal lessons which I was referring to. Which I& #39;ll elaborate on a bit...
As an art dealer, when collectors would ask me if they should buy something as an investment, or what I thought it would sell for in some period of time, I would always try to discourage them from buying it.
If you are buying art you should be buying it because:
1. You love the art
2. You want to support the artist
That& #39;s it. The fact that art is an investment and can potentially be sold at a profit later is a bonus, but shouldn& #39;t be a reason for buying art.
1. You love the art
2. You want to support the artist
That& #39;s it. The fact that art is an investment and can potentially be sold at a profit later is a bonus, but shouldn& #39;t be a reason for buying art.
Similarly I& #39;d discourage people from buying art when they would say things like "this will go great with my couch" or other cliche things like that which devalue the art and make it akin to furniture.
Some dealers/artists will also go as far as refusing to sell art to someone who isn& #39;t planning to hang it. If it& #39;s just going to collect dust in a vault, then no deal. But what the art is being bought for is an important consideration.
So as a collector, ask yourself why you are considering to buy a piece of art. If it& #39;s because you think you can flip it for 3X in some period of time, maybe invest in stonks or crypto or something else instead and leave the art to someone who loves the art.
But there are lessons for artists as well. If you are talking with a potential buyer and the conversation revolves around how much it& #39;s going to be worth in the near future that& #39;s a red flag. You want collectors who connect with your art, who feel something from it.
Obviously there are all kinds of circumstances, bills need to be paid, etc but in the big picture - artists - try to understand the motivations of your collectors. You have the power to choose them as much as they have the power to choose you. It& #39;s a mutual relationship.
I know this whole NFT thing is new for everyone, and there are a lot of artists and collectors who just getting into this. It& #39;s important to think in the long term, who are the people you want to be in relationships with years from now? Not just what today& #39;s payday will be.
Artists & Collectors should do due diligence on each other. What did these people do yesterday, what do they hope to do tomorrow? Are these goals and hopes inline with each other or mismatched?
So the moral of the story, again universally outside of this specific situation - if you only buy art you love you can& #39;t go wrong. You may be stuck with it forever so make sure it& #39;s something that brings you happiness, no matter what it& #39;s worth.
If you are selling art, and it feels like the people who are buying it are only concerned with resale value - that should be a warning sign to avoid those deals, no matter how temping. You don& #39;t want to be in a situation where someone is mad that your art hasn& #39;t appreciated.
Buyer & Seller beware. Buy art you love. Sell art to people who have your best interest in mind. Hype and pump and behind the scenes posturing (from either side) never ends well.
