Today, we have a treat for all of you art collectors that are reading our website. Our editorial team is at Turin, Italy, where they are enjoying the beauties of Artissima art fair, but they are also bringing us some exclusive interviews that could deepen our knowledge of the art market. This time, our senior editor Bojan had interviewed Domenico Filipponi, chief for art advisory services of UniCredit bank, and Mr. Filipponi had given us some first-hand tips on what should every art collector focus at - and you should listen to what he says, because he's been on the art market for thirty years now.
UniCredit Bank has been doing art advisory since 1996 for their clients, but this year, for the first time, they have been complimentary advising the visitors of Artissima art fair - on how to find the way through the offer of artworks at Artissima.
Collecting art is not necessarily an investment, claims Filipponi - it could be, if everything go your way, but at the moment of purchasing artwork, you don't know whether that is going to be an investment or not. This is why you should focus on your needs, your choice and your feelings about some artwork, and not to think if that particular piece is going to be worth ten times more in years to come of the amount you are paying right now: at least, that's something that shouldn't come at first place.
Domenico Filipponi also took the UniCredit stance on what should collectors do with artworks by the young and upcoming artist. You all know, and we have been writing on that subject, that the market for emerging artist is cooling off. So, when you are about to buy some artwork by an emerging, young artist, you should also put your pleasure and your taste at the first place, but you also need to know things about the gallery that represents her/him, of how well it is connected in the art market, and how much "power" does it have. All these factors may or may not decide if that particular artist is going to be popular in the future, but, since there are no other available information, that's the thing you should check when it comes to the buying an artwork by some young, unknown artist.
When talking about how much money should you spend for the artwork by some young artist, the chief for art advisory services of UniCredit bank recollected the rule of one big Italian art collector, who collected American Minimal art back in the sixties: "Don't give more than a thousand dollars for work by a young artist. If the artist is young, he can not be expensive, because he is still unknown".
So, we don't want to spoil the rest of this excellent interview - sit back, relax and listen. You'll enjoy it, there's no doubt about that. Also, be sure to check our Art Auction page, where you can find all auction history online - for free!
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