Huw Lougher’s Top Tips for Buying Art in 2024
Time to read 4 min
Time to read 4 min
As we close out 2023, the art market's pace has notably slowed from its 2020-22 momentum. Despite industry narratives aiming to sustain optimism, this year's reality contrasts with that sentiment.
Nonetheless, there remains a lot of opportunities in the market and now is an excellent moment to pursue that long-desired artwork – I’m excited about what 2024 has to offer, the opportunities that will arise and working with our clients to help them take advantage.
One of the joys of art collecting is that there’s rarely any urgency. Consider it a journey, but one without a destination - trust me, you will never get there, but that’s what makes art collecting so special.
The cornerstone of collecting is patience. Take your time to explore and understand what you like and why. And when something grabs you, it’ll make the acquisition that little bit more special.
In the current contemporary art market, buyers have more power than previous years and you can use this to your advantage. Seek out works you want to add to your collection at the price you’re happy to pay.
If you are interested in adding an artwork by a particular artist to your collection, make sure you do your due diligence.
Pro tip: Be careful when comparing pricing with recent or historical auction prices:
Buying from trusted sources is crucial in the art world. Many sellers prioritise profits over client satisfaction, leading to transparency issues, poor service, or buyers receiving damaged or inauthentic artworks. Factors such as these are what drove me to establish Lougher Contemporary in the first place. I wanted to aim for higher industry standards whereby one did not find themselves going into battle every time you wanted to acquire a new work.
When dealing with new galleries, research their online presence and reviews, engage with their team, and demand necessary information. Any red flags should prompt you to step back and take a moment. There are plenty more galleries out there. Find those that you trust and enjoy working with.
I’m guilty of being too trigger happy when purchasing works in the past 10 years. As we move into 2024, I am advising my clients to focus on quality rather than quantity.
Be selective with what you are buying and make sure you are ticking the boxes you need to. This could be picking up that special work you've always had your eye on, adding a new artist who you've always admired to your collection, or gaining exposure to an artist who you consider under-priced in the current market.
It is a lot easier to manage a small, curated collection, than spreading your budget across many, less important artworks, many of which won’t make the wall.
Below are a few ways I keep updated with the latest happenings and developments in the art world.
Finally, if you’re not already following artists/galleries/museums you like on Instagram and TikTok, then I would suggest giving them a follow. This is a valuable tool to build awareness and market knowledge – just avoid the endless scrolling!
We cater to both newcomers and seasoned art enthusiasts, offering a comprehensive range of services:
Source: Seeking a specific artwork or artist series? Our extensive network grants access to artworks beyond what we have listed. If unsuccessful initially, we continuously monitor the market and notify you when a match emerges.
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