In general, art is valued upon subjective criteria including personal taste, emotional value, and market trends. Although some companies such as Artprice are monitoring financial transactions in art, there is no monetary value that can be measured against an art style or artist. It is the judgement and appreciation of people contributing in the art world that allow some artworks to get a high economic value. The more an artwork is positively endorsed, the higher will be its financial worth. Still, few things could be considered when investing in art.

1. Artist reputation

You can gather information on your targeted artist to get a clear picture of his experience and career trajectory. Take a look at the art school the artist attended, the school curriculum, and the graduation year. Artists with a master’s degree in art will show their commitment to their practice as well as their expertise in a particular field of the art. If they come from an established art school, there is a high probability that they studied under renowned teachers and encountered distinguished students. Such schools often organize a degree shows to present the work of students, which will draw the attention of renowned galleries. Some artists could be invited for a residency, to participate at high-visible workshops, or to give lectures in well-regarded art institutions. Other artists would participate in art contests and might win an award. Every merit and prize won will raise the artist’s profile and the value of his work.

2. Gallery representation

You should consider gallery representation since it is essential for any artist wanting to get validation in the art world. Some galleries preferred working with established artists, while others are specialized in the representation of emerging artists. When a renowned gallery exhibits the work of an emerging artist, this suggests that the artist might follow the successful path of the previous artists who have been represented by that gallery. Although the success is not guarantee, being endorsed by experts will allow the artist to get more exposure. Indeed, the gallery will organize several exhibitions, locally and abroad, and participate in art fairs to show the work of the artist. The artist could also participate in group exhibitions or collaborate with other galleries to present his work. If the collectors get attracted, a rise in price and popularity would validate that the artist is worth representing and his work is worth investing in.

3. Artwork valuation

You could choose to make the valuation yourself using specific information such as the size of the piece, the quality of materials, and the period in the artist’s career the work is from. In contrast, you can rely on the intuition of art experts such as collectors and curators. If you identify the portfolio of a major private collector, you’ll get an idea of which artworks could be worth buying. When a high-profile collector publicly supports an artist, the value of his work will certainly increase over time. Influential curators can perceive artworks definitive of a movement or style, that are significant to the contemporary African art. Galleries will often recommend their artists to museum curators and collectors will donate their artworks to permanent collection of museums. You can also attend art auctions where a sale price would confirm the highest value of an artwork at the moment.

4. Buyer expectation

Any art buyer has a unique expectation of the value of an artwork since it is very subjective. Indeed, it is quite impossible to classify art into price brackets because of the nature of the artwork, its size, quality, composition, period of completion, and the artist himself. You should be able to find a piece that suits your budget and personal taste, and judge the value of that piece from your own vantage point. Your personal taste and emotional connection will drive the development of your own African art collection. If you build a personal link to an artwork bought as a present or to celebrate a particular event, this will make your art piece more valuable. In doing so, there will be more chance that you’ll keep your new piece, even if it depreciates due to the change of market trends or influence of art critics.

5. Financial consideration

When it’s the time to purchase your new art piece, you’ll find that there are several ways to make the financial transaction. You might start by defining your budget and plan saving in order to afford buying your art. You should also consider budgeting for extra costs related to the acquisition including import tax, shipping cost, insurance fees, framing cost, and the buyer’s premium at auction. If you are short on your budget and still want to invest, you can discuss about paying in installments with the art dealer – especially if you have built up a relationship with him. As you build a relationship with a gallery, buying several art pieces from them, you will establish yourself as a buyer who’s worth nurturing and offering discounts. Sometimes it’s also good to step back, talk with the gallerist about affordable alternatives such as smaller works or unreleased pieces of the artist you are interested in.