How to build an art collection from scratch: research, educate yourself, but ultimately follow your gut – say the experts converting a love of culture into a prize investment

At some point, most people who appreciate art see a piece or painting that causes them to stop and consider. Whatever the aesthetic process or other calculations at work, this may also be the moment that starts them on the path to becoming an owner or collector. This, of course, can be done on a small scale or, if finances allow, with a view to making a bigger splash. But, as the experts are quick to point out, every first-time buyer, no matter their circumstances and preferences, should bear in mind a number of cardinal rules. Being guided by these will make it easier to avoid missteps and, ultimately, derive more pleasure and interest from the whole experience. Top of the list are two principles that apply across the board: educate yourself, and don’t rush in. “Attend exhibitions, visit galleries, and read books or articles on art appreciation,” said Kevin Poon, founder of Woaw Gallery and a keen collector himself. “This knowledge will help you make informed decisions and develop your personal taste. Take your time to learn about different styles, artists and trends within the art market.” Exploring in this way can begin at a local art fair or by taking an online tour of a famous collection. But from early on, it makes sense to keep a note of items that catch your eye and, in particular, those that resonate somehow or other on a more emotional level. As part of the process, Poon recommends, pay attention to the size, medium and general subject matter of what most appeals to you. When the time comes, a good rule of thumb is to “buy what you love”, because art is subjective and that makes it important to listen to personal instincts and identify works that bring joy or evoke special emotions. “However, before making a purchase, it still makes sense to research the artist’s background, reputation and creative journey,” Poon said. “Look for consistency in their work and whether they have exhibited at reputable galleries or museums. This information can help in assessing the potential value and significance of an artwork.” Poon emphasises too the need for practicalities. That means establishing a budget, which helps to define the options and prevents the temptation to overspend. Also, if a purchase is agreed on, an owner should take into account any additional costs for framing, shipping or insurance. When buying an original artwork, it is advisable to ask for certificates of authenticity and any supporting documentation that confirms the work’s provenance and history. Doing so helps to ensure legitimacy and can add value in the years ahead. “Keep in mind, though, that prices can fluctuate over time, and may vary significantly based on factors such as demand, size, edition and the artist’s reputation,” Poon said. “While art can be a rewarding investment, it is important to approach it with caution. Market values can be unpredictable and not all artworks appreciate in value.” He suggests that building relationships with galleries by attending openings and events is one of the best ways to learn about emerging names or simply connect with like-minded individuals. Asking collectors to share their insights and experience can help in avoiding newbie mistakes. “Remember, there are no right or wrong choices when it comes to art appreciation,” Poon said. “Even so, it is always a good idea to consult art professionals or seek advice from experienced collectors when making significant purchases.” Elaine Kwok, managing partner, Asia, for Hauser & Wirth, similarly counsels those new to the scene to take their time looking at lots of art, developing their own taste and – if planning to start a collection – clearly identifying their initial goals. “So much of art collecting is incredibly subjective, but you should also seek out highly informed advice to gain context,” Kwok said, adding that’s it’s a good idea to spend some time standing in front of an artwork you’re drawn to. “Seeing the piece in person is important because it gives you a sense of scale and texture, and allows you to see if the work speaks to you.” Besides asking questions about the artist, their oeuvre and exhibition history, the next stage, if deciding to purchase, is to check dimensions, logistics, fees, storage conditions and, especially in Hong Kong, the temperature, humidity and level of sunlight at the location where the work will be kept. “Art collecting [should be] more about passion than investment,” Kwok said. “If you’re lucky, some works will go up in value, but this shouldn’t be the primary goal of collecting. “Overall, the best way to learn is through first-hand experience. Each choice is part of the process of understanding one’s own taste and the way the art market works.” For Queenie Rosita Law and Nick Chu, co-founders of Double Q Gallery, one of the big advantages for prospective collectors in Hong Kong is the number of opportunities to see great art in person at galleries, fairs, auctions and museums. This makes it comparatively easy to do research, understand the options, and figure out a preliminary budget. “Before acquiring an artwork, I always review the artist’s CV, and I advise others to find someone who can teach you how to do that,” Chu said. “I also tell them it is risky to assume pieces will always increase in value. Don’t be afraid to ask for a discount.” The standard advice offered by Patrick Sun, founder and executive director of the Sunpride Foundation, which collects works relevant to the LGBTQ community, is equally clear and direct: do your homework and buy something you like. “Whether it is aesthetically appealing, conceptually inspiring or simply looks good on the wall, it should be something that pleases at the time of purchase and, hopefully, will continue to do so,” Sun said. “Speaking from personal experience, I find the learning process is often the most rewarding part and a major factor that keeps me going in my collecting journey.”