Viewing art far and wide the only way to become skilled in art appreciation and build valuable collection
While everyday advice on buying art states one should only buy art one likes, which is certainly true, it does not answer the question of why certain pieces are more valuable than others.
One may ask what makes works by William Kentridge or Marlene Dumas, two South African-born artists who command steep prices at home and abroad, more valuable than that of other artists?
An artwork’s worth is determined by its artistic features and its monetary value. While the first, which depends on artistic quality, is fixed when the work has been created, the monetary value can fluctuate, depending on the demand for the artist’s work and the prevailing market conditions.
We all have personal convictions about art aesthetics. We form opinions about what we like or not, based on our emotional experiences and our subjective and somewhat irrational mind. This is what constitutes personal taste. However, personal taste alone may not be the answer if one wishes to build a worthy art collection that would grow in value over time. The more one understands about art movements, styles and techniques, the better collection one would be able to establish.
There is only one way to become skilled in art appreciation and that is by viewing as much art as possible. To become a collector, it is essential to make an effort to develop a trained eye to spot good art. Aspirant collectors should visit galleries, museums and art fairs to advance their understanding of paintings, drawings, prints, photography, sculpture pieces, digital and video works, as well as multimedia installations.
In parallel, a broad knowledge of art history is important to be able to view works in historical context. Connoisseurship in art comes not only from the ability to identify works that fit within one’s personal tastes, but also from the ability to recognise what is artistically important in the art world.
The evolutionary nature of art challenges artists to explore beyond borders and expand to new advanced levels when compared to what already exists. There are artists today who are able to paint in the same style as Picasso, who in the early 20th century broke the mould with cubism. Even if these artists are able to paint better than Picasso, their works will never command similar high Picasso prices. Such artists would be considered to be followers of Picasso, who lack the ability to innovate.
Long-term value depends on an artist’s ability to innovate and not repeat what has already been done, as is the case with Dumas and Kentridge.
Artists who have innovated and redefined the parameters of art were often vilified in their time, Irma Stern and Maggie Laubser being examples. But as the appreciation for their work in society advanced and their market matured, their works started to fetch top prices at auctions. It is a daunting reality for many artists; create pleasing decorative works that will sell easily and you are destined to oblivion, while staying true to your individual art could secure a place in art history, at the risk of a lifetime spent in adversity.
History invariably shows art collections incorporating innovative works keep their monetary value, while some grow exponentially in financial value over time. There is no substitution for quality.
We are often asked whether it is possible to analyse artworks systematically to determine their value and whether it is scientifically possible to predict which artworks stand a good chance of becoming investment pieces.
The answer is yes, provided one understands the intrinsic aesthetic qualities of the work and the artist’s market trends. Moreover, one should not overpay when acquiring the piece. A word of caution though, historical financial data alone is not enough to guarantee any long-term investment value.
One pitfall is fashionable artworks, where price points were artificially created and inflated. If such fashionable pieces lack true creativity, they tend to depreciate drastically in value over time. A good example is Victorian paintings, which were all the rage in SA and commanded high prices. They were technically well painted, but purely decorative and predictable in nature, and as such, they did not keep their value.
When buying an artwork for investment purposes, it is essential to conduct a proper due diligence analysis. The due diligence should consider the provenance of the artwork, which is straightforward with contemporary works, but often more difficult to confirm for works produced by deceased artists.
The artist’s standing, number of exhibitions and mentions of the artist in the specialist art literature should be considered. In addition the medium, the condition of the work, its size and whether the work is signed or not could affect the investment potential directly.
Proper advice and guidance can assist collectors to navigate these complexities and ensure to minimise the risk of buying art for investment purposes.