The cost of building and maintaining an art collection can vary significantly depending on several factors such as the type of art you collect, the reputation of the artists, the size of the collection, and logistical considerations like storage and insurance. Here’s a breakdown of the costs involved in art collecting:
1. Acquisition Costs
- Emerging Artists: Art by emerging artists can be relatively affordable, ranging from a few hundred to several thousand dollars per piece. Supporting new talent can be a rewarding and cost-effective way to start a collection.
- Mid-Career and Established Artists: Art from mid-career or well-known artists will generally be more expensive, with prices ranging from tens of thousands to even millions depending on the artist’s reputation and the significance of the work.
- Blue-Chip Art: Works by globally renowned artists like Picasso or Basquiat can command tens of millions at auction or in private sales.
2. Storage and Maintenance
- Climate-Controlled Storage: Properly storing artwork is essential to preserving its condition. Depending on the value and type of work, climate-controlled storage can cost anywhere from a few hundred to several thousand dollars per year.
- Maintenance and Conservation: Older or delicate works may require periodic maintenance, including cleaning, restoration, and conservation. These services can cost thousands, depending on the artwork’s needs.
3. Insurance
- Insurance Premiums: High-value art collections need to be insured against damage, theft, and natural disasters. Annual premiums for insuring a collection typically range between 1% to 2% of the collection’s value.
4. Appraisals
- Regular appraisals are necessary for insurance purposes and understanding the current value of your collection. Appraisal fees vary but can cost several hundred dollars per piece or a percentage of the artwork’s value.
5. Framing and Installation
- High-quality framing, particularly for valuable works on paper, and professional installation services can be surprisingly costly. Custom frames can range from a few hundred to thousands of dollars depending on materials and craftsmanship.
6. Logistics and Shipping
- The cost of transporting art, especially internationally, can be high. Shipping companies that specialize in art transport charge based on the size, value, and destination of the work. You should also factor in the cost of custom crating and insurance during transit.
7. Gallery and Auction House Fees
- Auction Fees: Auction houses like Sotheby’s or Christie’s typically charge a buyer’s premium, which can add 10% to 25% to the purchase price.
- Gallery Commissions: Galleries often take a commission of 30% to 50% on the sale of artwork, which indirectly influences the purchase price of works from living artists.
Conclusion
The overall cost of your art collection will depend on the size, scope, and level of artists you collect. While building a collection can range from relatively affordable to extremely expensive, art collecting is a deeply personal journey. Focusing on pieces that speak to you, regardless of price, is the most meaningful way to build a collection.ke work better for your visitors and advocate for effective change as part of organisation’s strategy. Of course, we threw some sites we built at Cogapp into the mix too.