The Intrepid Art Collector: The Beginner's Guide to Finding, Buying, and Appreciating Art on a Budget
1Contemporary ArtTechnically, “contemporary art” is recent work by living artists—or by  their peers who died tragically young. Beyond that, though, contemporary  art can mean just about anything: a shark suspended in formaldehyde, a  photograph, a video, a ceramic bowl, a mound of elephant dung, or even a  painting. That’s why collecting contemporary art is so exciting—because it  offers a chance to discover something new and unexpected.Unfortunately, it’s easy for new collectors to find contemporary art  intimidating or merely baffling. When you’re looking at something  completely new, how do you tell whether it’s good or not? Even more  mysterious is how to tell which artists—out of the thousands now  working—are the ones destined for museums and which are destined for yard  sales.Don’t worry if you feel lost at first. Everyone does. Plunge in by going  to galleries, museums, and art shows. You may not feel ready to buy yet,  but that’s okay. Most artists and dealers are very welcoming to people who  are getting started. All you need is willingness to learn.Learning About Contemporary ArtFirst, here’s how not to learn about contemporary art: When   I was an art history student in New York, my friends and I would dutifully  go downtown to contemporary galleries (a prerequisite, we thought, to  becoming “intellectuals”). Our courses on Caravaggio hadn’t prepared us  for anything we   saw there. We had no idea which pieces were good and which were junk, but  we were too mortified to admit it. Instead of asking questions, we’d walk  around the galleries with a knowing air and murmur, “Very interesting.”  This is a dumb—not to mention boring—way to go to galleries.You wouldn’t expect to learn about any other topic without reading or  asking questions. Why should contemporary art be any different?You probably had a teacher once who told you that if you looked at a work  of art long enough, you’d understand it. Not true. You could look at a  pile of bricks in a gallery all day without realizing that it’s a witty  refutation of another artist’s work, if you didn’t get the reference. Ask  questions! Once you understand what the artist was thinking, that pile of  bricks may actually be fascinating, amusing, even moving.A hushed gallery isn’t always the most comfortable place to ask questions,  especially when you’re not ready to buy. If you’re shy, ask to see press  clippings or background materials. Many exhibitions include an “Artist’s  Statement,” in which the artist attempts to describe what he or she was  trying to   do. (Artists hate writing these, but they’re very helpful to new  collectors.) You could also read reviews of the exhibit before you go, to  get a general sense of what you’re looking at.Even better, start by going to art fairs, art shows, and open studio  tours. These are more casual than galleries; they’re more amenable places  to ask questions and strike up conversations. So are art school  exhibitions. Students love to give their opinions about what’s good and  bad in contemporary art.Start with basic questions such as “Can you tell me about the artist?” or  “Is this work part of a particular tradition?” Admit what you don’t know.  As long as you don’t try to pretend you’re a buyer when you’re not,  dealers and artists are usually gracious and willing to answer questions.If you keep asking questions and engaging yourself in the work, you’ll  find that contemporary art is endlessly interesting. There’s always  something new.Where to Find Contemporary ArtThe Chelsea neighborhood of New York is the epicenter of contemporary art.  A case of botulism at the local deli could knock out half the art world’s  power brokers. London and other international capitals—as well as American  cities such   as Los Angeles, San Francisco, Chicago, and Miami—also have well-respected  art galleries. But you don’t need to live in a major city to find  contemporary art.Many midsize cities have lively art scenes. Minneapolis, for example, has  one of the most prestigious contemporary art museums in the country (the  Walker Art Center), as well as a large creative community. So does  Pittsburgh, Andy Warhol’s hometown.Resorts like Aspen, Santa Fe, and Provincetown probably have more art  galleries per capita than Paris.In addition, university towns draw huge numbers of artists to study and  teach. You can find innovative work all over the United States, in places  as disparate as Bennington, Vermont; Oberlin, Ohio; and Athens, Georgia.  If you’re lucky enough to live near a major art school—such as the Rhode  Island School of Design (in Providence) or the Cranbrook Academy of Art  (in Bloomfield Hills, Michigan)—don’t worry about saving up your  frequent-flier miles to visit New York. The contemporary art world will  come to you.Even middle-of-nowhere places may have significant art-  ist colonies. Marfa, Texas, for example, has been called “the most  avant-garde art destination in the country.” (Second prize probably goes  to the tiny Hudson Valley town of Beacon, New York, home of the Dia:Beacon  museum.) Blue-chip sculptor Donald Judd created a massive, minimalist  museum in Marfa thirty years ago, and artists have flocked there ever  since—even though it’s three hours from the nearest airport.Wherever you live, you should be able to immerse yourself in contemporary  art. A magazine called Gallery Guide provides a good way to find out about  what’s happening in your area. It’s published in several regional editions  and lists most of the major gallery shows and museum exhibits near you.  (See the Resources section for details.)The Elite GalleriesNew collectors are often afraid to go to high-end galleries. They worry  that the staff will intimidate them or, worse,   will try to sell them something wildly expensive. Neither is the case.At the elite galleries, the dealer isn’t expecting a walk-in to be a  customer. Most of the work on display was already sold through private  negotiations before the exhibit opened. Some-  times the art doesn’t even belong to the gallery. Top dealers frequently  borrow art for exhibitions that will increase the gallery’s prestige in  the art world. Going to these exhibitions is like going to a museum, only  without the admission fee.In New York, you can even attend the opening-night parties and meet the  artists. Very few openings require invitations; most are free and open to  the public. On Thursday and Friday evenings in Chelsea, you’ll see gangs  of art students and collectors meandering from one gallery to another,  sipping white wine in little plastic cups.What you won’t see are price tags. Many dealers—even at more affordable  galleries—think that listing prices next to the art detracts from the  viewing experience. Instead, they type up a price list, which you can get  from the receptionist. It spares you any embarrassment you might feel  about asking for prices.“Shopping up”—looking at art above your price range—is a great way to  develop your taste and learn about the current art scene. If you find you  really love an artist whose work is unaffordable, ask if the gallery has  any limited-edition prints by the artist. Unbeknownst to many visitors,  galleries have more art in the back room than on display, and it’s not  always expensive. Even elite galleries may have items that sell for   a few hundred to a few thousand dollars. In some cases, they sell them  only through their website, but it never hurts to ask. (A couple of snooty  galleries—I won’t name names—might try to dismiss you with the comment,  “Everything is already sold.” Don’t take it personally. Just move along to  the next gallery.)If you don’t happen to live near a large city, consider a trip to one of  the major art fairs, such as Art Basel/Miami Beach in Miami or the ADAA  Show in New York. These high-end fairs are a great way to see art from  dozens of elite dealers, all in one place, in a limited amount of time.  They’re like a preview of what will be in museums ten years from now.Finding the Next Big ThingMost new collectors secretly hope that the contemporary artist they just  bought will become the next superstar. They’ll read about some other hot  young artist whose work just sold for $100,000 at auction and cringe when  they learn that the same piece sold for only a few thousand dollars five  years ago. They kick themselves and think, “If only I had walked into that  gallery.”The way artists become stars is utterly mysterious to the uninitiated  collector. Most people assume that dealers discover talented new artists  and then display their work in a gallery where anyone with foresight and a  good eye can buy it. That’s not how the system works. The upper end of the  art market is fixed to favor a handful of influential collectors. You can  beat the system—and I’ll tell you how—but first you have to understand how  it works:1.Certain elite dealers have a reputation for finding the Next Big Thing.  Whenever they sign a new artist, the art world takes notice. The dealer  carefully cultivates that interest, trying to place the art in important  and highly visible collections. At the same time, he or she carefully  controls the supply. As word spreads that major collectors are buying,  other collectors start clamoring to get a piece too. And what does the  dealer do then...