Do You Buy Art?
What is Art?
Many years ago my perception of art was Art. Big expensive stuff. Things that only rich people could buy. It was a very restrictive view point on what art can be and is. As a result I never considered myself the type of person that would ever buy Art. Instead I bought posters/prints of artwork I liked and paid ridiculous sums to frame the prints and then ta-da – I had Art, or at least a copy of it.
Some where along the way my opinion changed. Art is way more than the stuff we see in museums. The idea that I, myself, could buy art – original amazing art – was a revelation to me. I feel silly that it took me so long to get this (especially since I’m an artist) but doesn’t matter. I got it.
Now I buy art. I am an art collector. My collection is small and so far I’ve only purchased fairly inexpensive pieces but I love each one dearly and they make me smile.
Budgeting to Buy Art
A few years ago to aid in my art buying I carved out a small but important chunk of my monthly budget for art. Every month my bank automatically moves $50 from my checking account into a special savings account that I’ve titled Art.** If I see some art I want to buy I know I have money for it and I just buy it. It’s not a challenge to fit it into my budget as it’s already in my budget.
I’m saving up now for a larger piece so I haven’t bought much in a while but it’s so cool to think that in just 2 years I’ll have enough money to buy a piece of $1200 art. Effortlessly. The money will just be there. I never think about that money except in terms of buying art. It’s labeled art, it’s for art and I would never use it to buy shoes (okay I never buy shoes anyway – but you get the idea).
As my income goes up my art budget also goes up. Next thing ya know I’ll have one of those really cool houses full of amazing art that I just love. I used to be jealous of people that had this but no more – because I am building the same thing myself.
Do you buy art? Are you an artist? How do you budget for your art purchases?
** This is how I budget most of the big ticket items in my life. I use a credit union and have a bunch of share/savings accounts designated for special things, such as christmas and vacations. I love this hands off way of paying for things that might seem like a shock to the budget but in reality we know they are coming.
Posted by Lisa in: The Art World
Tagged: budgets, buying art, money
I’ve done more trading than buying 2-D art but because we have more paintings than wall space (mine included) I get the itch for sculpture from time to time. It’s not budgeted or planned but when I see the right piece for the right price I think of somebody’s b’day or a holiday it can celebrate. I think you’ve got a great all-round plan for all your $$ goals.
I think putting aside a bit of money to buy art is one of the most important things we can do as artists. I decided a few years ago that if I started to buy just one original piece per year, I’d have a nice art collection by the time I’m in my 50’s, so that’s what I try to do at a minumum. This year the budget is tight, but there are some fantastic painting-a-day painters out there so I’m sure I can find some quality art that I can afford!
We do the same thing with the bank accounts – they always look at me funny when I open another account – I’m glad to hear I’m not the only one!
What a nice idea. :) I do buy art but nowadays it’s smaller pieces. I will allow myself the odd impulse buy (because art just “grabs” me!) if it’s under £30, but not very often. That doesn’t sound much but I have a few really lovely original prints and small-format works. Although mine aren’t ACEOs that is one option. I do follow a few artists and keep an eye out for small pieces I can afford or get before anyone else.
I need to follow your monthly payment idea to a bank account. :)
As an artist I try to encourage buyers of all kinds. I have small canvases works and paintings on board that are less expensive. These also build up quite nicely into sets, so I have a couple buyers who can’t afford much but every once in a while come back for another 5″ horizon painting – they have quite substantial collections of them now! I also am happy to offer a two or three month payment plan to people for larger work, since I understand that it’s hard to have a chunk of money together at once sometimes no matter what your income is.
I typically buy are based on emotion, make a decision on the spot. So no, I don’t budget for it, exactly. I know I can only spend so much a year on new art, but other than that, it’s just not planned.
Art is food for the soul. Every wall in our two separate dwellings is full … plus there’s a lot of wall art and sculptures outside, too. This has happened because my husband and I are both artists who’ve been collecting for 46 years as well as making it ourselves. It’s nearly impossible for us to visit a gallery, or art/craft fair, or shop with high quality craft pieces without seeing something we apprecieate and want to live with.
There are very good pieces out there that are not expensive. We’re fortunate to have gotten some early pieces at art fairs that were created by artists who have since become well known and now sell work that would be difficult to afford. That was back when buying one or two really nice pieces per year was the norm. Now we may purchase a couple per year that are in $0000 range as well as art that is less expensive just because we want it in our lives. Our biggest problem is where to put it when we get home … and which home.
I’m an artist and I buy art. My mom always ask why I don’t have my art on the walls. I guess because I like looking at other people’s art (I see mine a lot when I’m working on it). I buy smaller more affordable pieces. Mostly because I don’t have a place for larger pieces. But I can always squeeze in more small pieces. I don’t budget for it, but it hasn’t been a problem. I have bought art from online, from local artists, and when I travel I like to look at the local galleries where I’m visiting.
I am a fiber artist, and I buy art. I have yet to purchase fiber art by others, but my house is full (too full) of other types of art. I have weaned myself off of non-originals (unless it is very small and I LOVE it). My husband and I have about 7 different accounts (travel, emergency, furniture, house painting, etc), yet we do not have one for art. If we did set aside the money, we would not be able to find that special piece. We seem to find things when we aren’t trying. We have purchased one “special” painting. We put a down payment on it, then paid on it for 18 months. Aside from my work, we also have great craft items, ceramic wall pieces, other paintings, collages and mixed-media pieces. Almost everything has come from our local and fantastic arts festival (State College, PA).
My condition for buying art is that I must love it. If I must, I’ll tweak finances a bit to purchase it. My concern with having a special fund would be that when I had the “right amount”, I would run out and buy something just because I had that money. The price might be right, but the artwork might not be. Make sure you LOVE the piece.
And I am so thankful that I am able to buy beautiful and inspiring artwork to put in my home.
Good luck and happy hunting.
KJ – how wonderful to have a collection of trades. I’ve done a few and it’s always great.
Stacey – good to meet another “I have lots of accounts” person. It is kinda funny some times to set up new ones – I wonder what they think sometime because I can name my accounts (they all fall under the same account number and are just different share accounts within the bigger one – I rename them sometimes because I get tired of the old names). I’m thinking of renaming my vacation account to “fun”.
Tina – thanks for sharing the artist view of the situation – it’s great to hear how artists think about these things.
Ed – thanks for chiming in with your thoughts – I think what you do is probably more the norm than what I do.
Nellie – that’s awesome! You must love being in your house.
Lisa – I don’t hang much of my new work on my walls anymore – and I’m working on replacing my older work with other people’s work.
Kim – sounds like you have a great collection. Thanks for sharing your relationship with money – we’re all different aren’t we!
Hi Lisa
I don’t often leave a comment but your posts always make me think.
I have just given you a Make My Day Award on my blog.
Liz
Hi Lisa.
How lovely, your acquisition plan.
Do I have art??? A hazard of being in the business is wanting so much of what I sell. But I don’t restrict myself to the artists I represent. Sometimes other wonders come my way.
I made my first art purchase when I was working at a gallery in San Francisco. Used to walk by an art school every day. Kept seeing this piece in the window. When it disappeared, I called them in a panic. They hooked me up with the painter and I made arrangements with her to buy it in installments. One of my favorite memories. I want to post about it one of these days.
I buy art, I trade art and I’ve been given art as gifts from other artists. The trades and gifts are the ones I treasure most.
My college prof that I interned with gifted me a small painting at the end of the semester and I treasure it. I could never afford a larger painting of his, unless I did have a savings account. Other artist friends have given me things after helping them set up a website.
I buy mostly small art, because that’s what’s in my budget right now. To tell you the truth, I don’t have a lot of wall space left.
We just started a vacation fund – and it is a painless way to save. We’re going to go to Europe this year, and I’m afraid with out saving for it, it just wouldn’t happen since we loathe putting anything on credit cards.
I have been buying art since the 80’s when I was in undergraduate school in Studio Art. At that time I was married to someone who could support my habit. I mainly bought pieces that spoke to me and to this day I have never tired of them. The interesting thing is all of these pieces have increased in value 100 fold. Now I think that’s great, but I would never sell them anyway. I bought pieces by Northern Calif Artists, figurative and abstract. I love them and its the first thing people notice when they come in my home which is good cause my furniture is ratty. One good way to buy art and not pay premium prices is go to MFA shows usually held in the Spring at graduate schools of art. Sometimes you can find brilliant pieces inexpensively. I can give up a lot of material things, but not my art.
I am an impulse buyer. However I see art purchasing as a better use of my savings than clothes or other material items, so I never have regrets. Given that I rarely spend on other things I can afford the occasional indulgence whether it be a blog painting or something small from an exhibition. I hope my art purchases are also helping my children to appreciate the value of art in their lives.
By the way, I like your blog!
Liz – thanks for the award.
And thanks everyone for sharing your view on buying art.
Interesting that noone said they don’t buy art. Is that because everyone buys art? Yay for us as artists if that is true!