Collecting with Intention: Why You Should Have Collecting Criteria and How to Set Them
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Starting an art collection can be a daunting task, but it doesn’t have to be. As an art advisor, I work with many clients who are either starting their art collection or focusing on their existing collection to be more cohesive and meaningful. Inevitably I will hear them say, “I just don’t know where to start.” My response is always to start with setting collecting criteria so that we can build your art collection with clear intention. My goal is for every one of my clients to build a meaningful collection that will evolve with them over time. At SKM Art Advising, that is the definition of a successful art collection.
Why is it important to set collecting criteria? Regardless of the price point, buying art is a long-term investment, and an intentional approach is key. Having a clear set of goals and intentions is essential to creating a collection that will grow and evolve with you over time. It will make decision-making easier. You will look at potentially hundreds of pieces of art as you build your collection. If you look at each piece through the lens of your criteria, you will be better equipped to make confident decisions faster, resulting in a collection that you are excited about.
How to set your criteria:
Sit down with your art advisor (I recommend you work with one) and anyone else in your life that will be part of your collecting journey, and ask yourself a series of questions. Be honest and thorough with your answers.
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1. Why am I interested in purchasing artwork at this time? What is motivating me to take this step?
2. How do I currently live my life? Do I entertain frequently? Is our home our sanctuary of calm?
3. What are my core values? Is it important to me that my collection aligns with these values?
4. What is my buying style? Do I like to take time with my decisions, or am I quick to decide?
5. What is my budget? How much will I comfortably spend each year on artwork? If your goal is to build a serious art collection, I recommend including your art budget as a line item in your overall budget so that you are contributing to it regularly just as you would a retirement or investment account.
6. What kind of collecting experience do I want to create?
7. What are our long-term goals for our collection? What kind of life do we want our collection to have after we are gone?
As you explore your answers to these questions, a clear theme will emerge. I have worked with many clients to set their collecting goals and criteria, here are some examples:
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“I want to collect artwork by underrepresented women artists living and working in my region. Supporting women is an important value of mine, and I want to honor that with my collection. I have budgeted up to $15,000 per piece.”
“I love traditional art. We live quietly and our home is a place of calm. I will focus on contemporary artists working in a traditional style. The subject matter should contribute to the overall feeling of calm that I want to cultivate at home, nothing bright or aggressive.”
“Sustainability is a major focus in my life and any artwork that I buy will need to align with that value. I will focus on work created using majority sustainable materials, or on artists that share my sustainability concerns.”
“I want to build a legacy art collection focusing on 20th century American art that can be handed down to my family through the generations. I have $150,000 per year to spend on artwork that fits this criterion. I will focus on smaller works and works on paper so that my budget goes farther.”
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In addition to a clear theme, a plan of action will also emerge. Armed with your criteria, look critically at each artwork and artist you encounter. Do they align with your criteria and budget? If they don’t, then that piece isn’t right for you, and you can confidently move on to other options. This also applies to where you buy your artwork. Does this gallery align with your criteria? If not, perhaps you want to look for galleries that are a better fit and will have more of what you are looking for. An advisor will help you to focus where you look just like they will help you focus on what you’re looking for.
Finally, it is so critical to leave room for discovery when looking at artwork. Once I’ve set collecting criteria with my clients and we’re looking at options, I always include one or two wild card options just to shake things up and keep them on their toes. Building an art collection is a joyful process and should challenge you. Always leave room for work that surprises you.
Susannah Morgan, image courtesy and copyright of the author
About Susannah Morgan:
Susannah Morgan is an art advisor and founder of SKM Art Advising based in Austin, Texas, and New York City. Over her 10 year career, she has advised multiple companies like Price Waterhouse Coopers on their art programming and has guided many passionate private art collectors in creating their dream collections. Susannah’s approach to her work is positive, educational, and collaborative, and she enjoys a reputation for integrity and professionalism. She specializes in providing a uniquely personal client experience and creating exceptional and meaningful art collections and installations.
You can learn more about Susannah and SKM Art Advising at www.skmartadvising.com and on Instagram at @skmartadvising. Susannah is a committed volunteer with Women and their Work in Austin and is a member of ArtTable, a national organization dedicated to fostering a stronger future for all women in the arts.
© Susannah Morgan 2021