Whether you’re an avid collector and art fair aficionado, or you have an interest in attending and purchasing artwork at a fair, this article published on MarketWatch.com, presents a number of interesting and useful tips on how best to navigate a purchase. Collectors should be aware of the tendency to purchase quickly at fairs, meaning that less time may be spent on due diligence and negotiation. Here we will summarize some of the good advice presented in the article. You can check out the whole article from this link. How to avoid buying the wrong artwork, and at the wrong price
Tip 1 – Call ahead
Contact the dealer to inquiry which works they will present and ask critical questions to help you make an informed buying decision without all the pressure that the fair can sometimes present.
Tip 2 – Take a contract
John Cahill, a lawyer specializing in art in New York City, recommends having a simple contract ready to go for purchasing artwork at a fair. Such an agreement would include basic information describing the work and it’s condition. It could also include a clause stating the sale is subject to a conservator examination or confirmation of authentication.
Tip 3 – Put it on hold
You can ask the dealer to put the piece on hold while you have your lawyer draft a purchase agreement. You can also put a small percentage down on the piece and agree to pay the final balance in a certain amount of time. This gives you time to perform your due diligence. However this can backfire on you in several ways. Learn more about potential problems that may occur in the full article.
Purchasing artwork at a fair or gallery, you need to feel comfortable and informed about the deal. Asking questions and doing a little research is always a smart idea. Most of all, love the art you are collecting.