Beyond the Canvas: Six Considerations When Acquiring Fine Art
Fine art can hold deep personal meaning for the collector and their loved ones—and can be just as meaningful to the broader public.
As such, an art collector is inherently a steward for the pieces they own. The same careful and future-minded approach used when managing other legacy assets should be applied to an art collection. Consider this guide to best practices in acquiring fine art.
1. Take the time to develop a “collector’s eye.”
Spend time looking at and experiencing a wide variety of art to get a sense of your aesthetic, intellectual, and emotional preferences. Go to museums, galleries, art fairs, and auction house previews. Once you have determined what kind of artwork inspires you, and which styles, artists, media and themes you are most drawn to, undertake additional research.
2. Give thought to your long-term objectives for the piece, including legacy planning.
If your collection has a specific theme you are looking to convey, does the piece in question fit into that narrative? Are you buying a piece purely because you love it? Are you buying it primarily to support a young artist or the art ecosystem? Do you plan to donate this piece to a favorite museum, university, or other charitable organization? Do you intend for the piece to become part of a multi-generational family legacy? The answers to these questions will impact your acquisitions strategy.
3. Perform proper due diligence before the purchase.
This includes assessing the quality of the work and understanding how it compares to other work by the same artist or other artists from the same period, conducting market and price research, confirming the authenticity and provenance of the piece, examining the condition, and scrutinizing the reputation of the seller and any intermediaries involved in the transaction. If the primary motivation for an acquisition is investment, this due diligence is of the utmost importance.
4. Consider working with an experienced, independent fine art advisor.
They can provide access and education, and save you time by performing the due diligence discussed above. They can also vet and negotiate potential acquisitions to ensure that they align with your collecting strategy.
5. Keep thorough and organized records.
Your records should include images of the work, invoices, contracts, condition reports, exhibition history, market research, and shipping records. Tracking this information is critical, as it could be needed for tax purposes, and will also greatly simplify subsequent appraisals and estate planning conversations. In addition to professional collections managers, there are a multitude of databases and platforms that can be used for record-keeping.
6. Work with tax and legal advisors who can help navigate the nuances of an acquisition.
They can help you understand any potential tax implications (e.g., sales/use tax, VAT, import duties) and determine the most appropriate ownership structure. They can also alert you to potential future tax and legal implications with respect to your collection. When acquiring artwork at a price point that is materially significant to you, it is essential to have specialized art attorneys review all contracts and sales terms.
Conclusion
The Art & Collectibles Strategy Group works in tandem with collectors to ensure that appropriate best practices are in place for art acquisitions. They can also connect collectors with tax and legal counsel who specialize in art-related transactions, as well as art specialists such as art advisors, conservators and collections managers.
For more considerations around legacy planning for your artwork, see Beyond the Canvas: Finding the Next Home for Your Fine Art.
The Goldman Sachs Family Office does not advocate aquiring art and collectibles for investment purposes.
This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan's investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. Goldman Sachs is no a fiduciary with respect to any person or plan by reason of providing the material herein. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Information and opinions are as of the date of the event and are subject to change without notice.
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