5 Top Tips On Getting Your Budget Right
One of the first things you should be thinking about when buying a new artwork is the budget. It can seem like a “how long is a piece of string” moment when you start thinking about this. However, we have put together some things to consider, to make it easier.
1) Be Realistic:
It’s no good setting your heart on a Rothko Orange Red Yellow unless you have $87million to spare! So therefore, be realistic in what you have to spend and work from there.
2) Do Research:
Look around at what artwork you can buy for your budget. Check out independent galleries as you can be confident that these artworks will be priced correctly and be of a good quality as they have been hand selected. Some larger platforms will have a bigger selection of cheaper artworks, but may be more of a gamble. Remember, you get what you pay for.
3) Be Prepared To Compromise:
It may be that your budget doesn’t run to the artwork you were hoping for, so a compromise may have to be made. It you have your heart set on a particular artist’s work but can’t stretch to a larger work, then perhaps keep to that artist and buy one of their artworks, but smaller. Alternatively, set aside money until you can up your budget and get the artwork you really want.
4). Pay In Installments:
Because original artworks are unique, they may not hang around for long and when they are gone, they are gone! So if your budget is falling short, ask the gallery if you can pay by installments, that way it will not be sold and will be hanging on your walls in two or three months!
5). Appreciate The Price Of An Artwork:
TThe sale price of an artwork is not just plucked out of the air! The artist and gallerist will consider several things when pricing an artwork:
The Cost of Materials: Canvases, paints, varnish, gold leaf all need to be taken into consideration. The larger the canvas the more materials will be used.
The Quality of the Materials: Like anything, there are varying degrees of quality for canvases, paints and frames, so these will be costed out.
Where the Artist is in their Career: An Emerging Artist (someone who has been a professional artist for over 5 years), an Award Winning artist or a Best selling artist will charge more for their artwork.
The Cost of the Frame: If the artwork is framed, the type of frame, the glazing used, and the size are all considered.
We hope that these 5 Top Tips have given you some things to consider when you setting your budget for your next artwork.