Art collecting may not be as costly as you think
Looking at an artwork on display in a gallery, museum, office or residence, one can’t help but react and even have a cathartic experience. This response may lead to a keen appreciation, which studies show can inspire an expression or implementation of creative ideas that are beneficial to both physical and mental health. Art enthusiasts simply call this preoccupation their passion, as shown by their ever-growing collection.
If you have decided to build your own collection and are ready to make your first purchase, here are key insights from Gallery Genesis president Patrice Salas to take into consideration: “We always ask first-time buyers their preference in terms of subject matter and medium. It’s important to get a feel of what they find beautiful and offer pieces that resonate with their taste, as this can be a very subjective process.”
Salas tells Lifestyle that new clients typically have the misconception that they have to spend a lot when they purchase art for the first time. “In reality, the budget is one of the easiest things to negotiate,” she points out. “They can give us an idea of their budget, so we already know the art pieces we can show them and work with. By then, you can focus on other more important things, like deciding your preferred medium and subject matter.”
Younger collectors
Gallery Genesis was founded in 1981 by Salas’ parents Araceli, a respected art collector, and Ernesto, who’s currently chairman emeritus. Then and now, she notes that “majority of our art buyers used to be seasoned collectors who come from the older market segment.”
But, she adds, “We definitely saw a change in the art scene since the pandemic started, wherein the number of younger collectors started booming. Millennials and Gen Zs are now starting their art collections at a young age, and they know exactly the kind of art that they want.”
These generations’ mindset is aligned with the vision of one of the country’s pioneering art galleries. It is “to showcase culturally rich narratives and experiences through exceptional artworks, by creating an inclusive and vibrant space that welcomes artists and art enthusiasts alike.”
Salas also shares what they’ve learned about their new and longtime clients. “Their backgrounds play a huge role in their artistic taste,” she says. “Whether it’s scenes that remind them of their childhood, or subjects that resonate with their current job, things like these usually play a key role in the collector’s decision-making process, regardless of age.”
The ‘why’
In buying artworks, especially for the first time, Salas stresses the importance of always considering the “why” of building your own collection. She mentions two top questions: “Is it to decorate your new home? For investment purposes?” She then avers, “Once you have established why you are doing it, you can now focus on the budget and preferences of your collection.”
Speaking of investment purposes, financial experts say art is a good investment because its value appreciates over time. It also does not tend to go up and down in value based on market fluctuations, compared to stocks and other investments. Additionally, you can unload a piece or two from your collection when a sudden need for funds arises. You can always make new purchases later on as your finances improve.
Salas emphasizes the need to be mindful of the other considerations in making a purchase: “These involve the artwork’s size, the storage capacity, the framing, the preferred style and medium, and of course, the selected artists.”
Heeding the advice of experts, like those who run galleries, is also valuable. Gallery Genesis, for one, is found on the second floor of Estancia Mall’s North Wing at the Ortigas Center in Pasig City.
