Collecting by the Book

NEW YORK—Thinking of starting an art collection? Your smartest first acquisition might be a book. As the art market and art collecting have gained momentum over the past few years, so has the publication of manuals aimed at dispensing advice to the growing legions of novice collectors.

The list of titles—some useful, some not—is ever lengthening, but what distinguishes some of these books is that they were written by experienced collectors who know the market inside and out. The latest to follow that trend is Paige West’s The Art of Buying Art: An Insider’s Guide to Collecting Contemporary Art, which hits bookstores this week. West has been a collector for more than a decade. She is also the founder of the New York gallery Mixed Greens, which she started six years ago as a place to showcase emerging artists.

West told ArtInfo that The Art of Buying Art, a 208-page tome chock-full of tips and vibrantly colored images of the author’s favorite artworks, was two years in the making. As she chatted with us, she let us peek between the pages and revealed some of her best collecting advice. And there were two points that she and her book drove home again and again: one, consider kicking off your collection with contemporary and emerging art, and two, research, research, research.

Commence with Contemporary

For the collector at the very beginning of his or her art journey—the book’s primary audience—West is adamant that contemporary art, especially work by emerging artists, is the best way to go.

Not only are these pieces easier to acquire (many galleries dealing in blue-chip works won’t even sell to first-time collectors), but there’s also less of a financial commitment in most cases, she explained.

“I don’t recommend that people spend tens of thousands or hundreds of thousands until they know they are passionate and committed,” West said. “There’s a lot of really good contemporary art that is not only extremely accessible but affordable on every level. It’s a great way to learn without really taking a risk monetarily.”

With a little digging, she writes in her book, a novice collector can acquire his or her first artwork for as little as $50 (this amount might get you a small drawing or photograph, for instance). The book also provides examples of the kinds of art one can acquire at price points from $100 to $100,000; guidelines for creative budgeting and saving for art; and a list of recommended galleries (both the online and brick-and-mortar kind) across the United States.

But how about starting with auctions? West believes it’s not such a good idea—especially for contemporary art (a relatively new category for auction houses)—because many new collectors will find auction prices out of their range.

Do Your Homework—and Then Some

So, let’s say West has sold you on contemporary art. First things first, before buying anything, a new collector’s job is to do plenty of research—not only on works in which he or she might be interested, but also on the art market and the art scene in general.

“Ask as many questions as possible,” West said.

And learning how to ask those questions—and find the answers—is where the bulk of The Art of Buying Art’s advice lies.

Touring galleries, fairs, open studios, and museums, and chatting up gallery staff, curators, artists, and other collectors is just the beginning, according to West. Would-be collectors should also read art magazines, newspapers, and Web sites, and attend lectures and openings.

Her book provides ample examples of where a new collector can do all of the above—including a list of newbie-friendly venues and higher-end galleries that “act more like museums”—as well as the best questions a novice collector should ask in a gallery.

A new collector also has to learn how to get the best prices, what type of collection he or she wants to build (themed or random, decorative or investment), and the dos and don’ts of hanging and caring for art (West provides a straightforward how-to).

If it all seems like a lot to take in, that’s because it is. As West puts it in the chapter titled “Living With Art,” “Congratulations, you have just added more responsibility to your life.”