Financial Risks
Although you may have a collection from a favorite contemperary artist, it is unlikely that you will ever be able to sell the piece for more than you bought it for. By purchaing art work from a deceased artist, you will find that you can double your money and possibly even triple it at an auction. Before buying the piece, you can do reseach of the artists record sale to see the price range in which you should be paying for the piece.
Buying Art Online
Although buying an art piece online could potentially save you hundreds of dollars, it can also lead to severe money loss. Just because the piece you are looking to buy looks perfect beyond words, it does not mean that it is not a fake or it doesn't have extensive damages to it. Anyone selling items on bidding sites such as Ebay can sell an average, everyday rock and tell the customer it is a diamond. All it takes is posting a fake picture and the bids start rolling in. So before you make the decision to purchase art online, be sure to check into the sellers ratings and customer's comments.
Budgeting
As an art collector it is obvious that you purchase your favorite collective piece on a regular basis. In order to keep yourself from falling in debt, always be sure to set a weekly or monthly limit on what you can spend on art. If you fail to set limits for yourself, there is a good chance that you will find yourself having to sell your favorite collections in order to keep up with your everyday expenses like rent, food and electric. So whether you save out $5.00 a week or $100 towards buying new art for your collection, set the limit and help yourself avoid a financial disaster.
