Contemporary art can include a wide range of art styles – the definition of contemporary art is rather vague, and can be difficult to define.
More and more people are making the decision to invest in contemporary art – but not everybody knows where to begin. If you’re looking to buy contemporary art, you’re in the right place.
In this blog, we will be exploring where you can find contemporary art to add to your collection – so read on to learn more about contemporary art and where you can find it.
What is Contemporary Art?
Contemporary art can include many artistic styles, from pop art and still life to street art. The definition of contemporary art is very broad but refers to present-day art or modern art created not too long ago.
Some people use the term ‘contemporary art’ to describe artwork created by living artists in today’s art scene – however, others use the term loosely to describe art from the last few decades.
Certain characteristics are associated with modern contemporary art – for example, it is often experimental and abstract.
Contemporary artists typically respond to current events and the current world we live in – a culturally diverse environment that is technologically advancing. New media and mixed media are often used by modern artists – for example, video, photography, and digital imagery.
The contemporary art scene is forever evolving, with new artists and artistic movements emerging every year. Read on to find out more about the different ways you can purchase contemporary art.
Buying Contemporary Art at Art Auctions
Art auctions can be a great place to find secondary contemporary art paintings – contemporary art that has a history on the art market.
If you’re wondering what happens at an auction, it’s simple – art is sold to the highest bidder. The auctioneer announces the minimum price, and then you and other attendees can begin to bid on the art by raising your paddle. The bidding process ends when the final bidder makes their offer – the auctioneer will lower his hammer and announce the winner of the piece.
You can purchase a wide range of artworks from different artists at art auctions. Some auctions will only sell Old Masters and luxury art, whereas others will sell art from up-and-coming artists, as well as blue-chip and red-chip names.
Art auctions can take place online and in person, but most people prefer to attend auctions physically so they can get a better sense of the artwork and view the pieces of art closely.
There are often additional costs associated with art auctions. For example, you’ll be required to pay the buyer’s premium, which can vary depending on the auction, artist, seller, and the piece for sale. The buyer’s premium is usually between 20% – 30% of the hammer price.
An art auction can be a great way to meet other art lovers – it’s a public event where people from all backgrounds and industries come together to bid on art. Some art auctions are public, whereas others are private and invite only.
Buying Contemporary Art at Art Fairs
Art fairs are another great place to find works of contemporary art, as well as identify emerging artists. Unlike art auctions, art fairs usually involve purchasing art directly from the artist on the primary market.
It can be difficult, however, to know which contemporary art is a good investment. This is why we recommend conducting thorough research on the art market before attending an art fair, whether it’s a small, local art fair or a prestigious art fair.
Local art fairs will often have pieces from new and emerging artists for sale, whereas prestigious art fairs will usually have rare pieces from blue-chip artists for sale, whether it be prints or original paintings.
Art fairs take place in major cities across the world, from London to New York. They host different curators, collectives, galleries, and of course, independent artists. Usually, they take place across the span of a few days, typically lasting between four and six days depending on the host.
Whether you’re looking to invest in art or hang it up in your home, you can find quality contemporary art at art fairs.
Buying Contemporary Art at Art Galleries
One of the best places that you can find contemporary art to invest in is art galleries. Art galleries can display art from both the primary and secondary art market, and give art collectors and art investors the chance to purchase art.
One of the key benefits of buying art from a contemporary art gallery is that you can request information about the artwork and the artist, which can help you decide whether you want to purchase it or not.
At art galleries, you can explore art exhibitions, which are displays of artwork. Typically, exhibitions have a connecting theme, whether it be a style, artist, or time period.
Many art galleries are also home to art advisory services. The art market can be difficult to comprehend, and you may struggle to know which piece of art is the best choice for you and your circumstances. An art advisory service can help you to make an informed decision and make the most out of your art investment.
Investing in Contemporary Art
Invest in contemporary art today with Grove Gallery from as little as £3,000. At our very own Grove Gallery in London, you can view and invest in prints and paintings from a range of contemporary artists.
Whether you’re looking to invest in a contemporary painting or an art print, we can help you generate between 8% and 12% profit on average from art investment per year.
Contact us today to learn more about art investment, or to discuss the artwork we have available. Our team of impartial art advisors can help you use art as an asset, and help you to identify the best contemporary art for you – begin your art investment journey with Grove Gallery today.