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There's An Art To This Type Of Investment

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The Tampa Tribune

Published: February 3, 2008

For months now I have been hunting for a piece of art to fill a blank wall above my couch. I want something that inspires me and fits in with the rest of my decor, which largely consists of framed photographs of my children and their artwork.

But recently, I've also been thinking about purchasing an investment piece, something that will appreciate in value over the years. And while I know a lot about investing in the stock market, my knowledge of the art and antiques investment world is limited to what I've learned watching "Antiques Roadshow."

So when experts from across the world flooded New York City for the Winter Antiques Show, I decided to take advantage. I talked to two exhibitors - Daniel Morris, co-owner of Historical Design in New York, and Alan Granby, owner of Hyland Granby Antiques in Cape Cod - about how someone like me can get started in this business of collecting. Here's what they said:

Educate yourself. Start by visiting museums in your area, Granby says. "Regardless of what your budget is, the first thing to do is expose yourself to a lot of different things. That way, you get a sense of what you like and then you can start studying up on it."

When you've exhausted the museum circuit, hit shows, galleries, auctions and the Web to continue your research. There are also a ton of books at local libraries on every period and style. The goal is to learn how to compare similar artists and pieces so you can pinpoint what's good, better and best for your collection.

Cater to your own taste. Think about it: Even if you plan to eventually sell the piece, you have to live with it in the meantime. It's important to find your style before plunking down any money.

"Try to find something that inspires you, that recalls something you liked in your childhood or something that you're currently interested in. There is such a wide range of material available so you have to find what moves you," Morris says.

It's true that art and antiques have historically gone up in value, but there's always a chance the piece you choose will fall flat. At the least, you and your family can get some enjoyment out of it.

Use a reputable dealer. One common denominator throughout collecting is quality and condition. If you have an amateur eye, you need to rely on someone you trust to point you in the right direction, and a good dealer will be more than happy to guide you.

"It's just like the stock market in that blue-chip stocks sell for more because they're secure and dependable. If you buy a fine example of an important artist's work in fine condition, you've got a blue chip," Granby says.

Picking up the piece from a renowned dealer only sharpens your chip because you'll have his seal of approval when it comes time to sell. He'll also stand behind the piece, an assurance you might not get from an auction house, which will often put strict limits on returns or even require bidders to buy as is.

A substantial dealer will honor your purchase forever. So how do you find one? A good place to start is an antique or art show or by asking seasoned collectors for recommendations.

Know how to sell. There's no hard and fast rule for when to sell a piece, and, of course, appreciation rates vary across the board. One idea is to unload something when you're simply sick of having it around. You want to turn a dime so it's important that the price is right. In general, dealers don't like to make an offer; they'd rather you quote a price upfront.

There's a precedent for nearly everything, Granby says, so do some research on similar pieces and what they've sold for, then consider the quality and condition of what you have. Once you have an asking price in mind, find dealers who specialize in similar areas, or head to a local auction.

Finally, if you want to upgrade a piece, ask around. A dealer may be willing to barter.

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