Picture perfect: how to buy art at prices you can afford | Consumer affairs

That a Banksy painting is worth more partly shredded than when it was whole can make the art world seem like another planet for “in the know” people with big bank balances. But don’t be put off, it has never been easier to start your own collection.

Next week, 20,000 visitors will descend on the Affordable Art Fair (AAF) in London’s Battersea Park and over the four days will browse and buy thousands of contemporary paintings, sculptures, photographs and prints. It’s one of a number of similar events around the UK; the autumn months are a busy time in the art calendar.

At the fair, seasoned pros rub shoulders with first-time and “tomorrow’s” buyers, says Will Ramsay, founder of the event. Ramsay started the fair to “make it easier for people to buy art”. As the event celebrates its 25th year, he declares: “We have done that.”

The average spend at the fair is about £800, with prices starting at about £50 for an edition with a ceiling at £7,500. (An edition is a reproduction of an original image. It is up to the artist how many pieces are in the series; they are usually numbered and sometimes signed, which can add to their value and collectability.)

An art work such as an etching which is one of 25, will cost less than a unique painting. “For an edition, we’re probably talking £50 to £500,” says Ramsay. “For a unique piece, it might be £200 to £7,500.”

Finding out what’s good

Just like buying anything for your home, you need to do your homework. With art, it’s not just about setting a budget, you need to wrestle with “how do I know what is good?” And “am I paying the right price?”

Some people find choosing pictures a daunting prospect but buying art should be pleasurable, says Henry Miller, an east London-based art dealer and gallery owner.

“People worry about buying the wrong thing or paying too much,” or whether it will “match the sofa”, but Miller says “try to put all of that out of your mind.” He adds: “If you can afford it and you love it, that should be enough.”

If you are still at the stage of figuring out which style or medium you like best, experts suggest joining a non-profit art institution as a way to gain exposure to lots of work. In London, for example, a Royal Academy membership starts at £138 a year or £67 for 16- to 35-year-olds. Most places have several pricing tiers and, generally speaking, the more you pay the greater the access to artists, curators and gallerists.

Another simple option is to use social media to follow artists, contemporary commercial galleries and art fairs for alerts on upcoming events in the arts calendar and to join mailing lists.

“Instagram is becoming an increasingly important forum for artists, galleries and collectors, with a growing number of buyers purchasing works found through the platform,” says Katherine Oliver, consultant and ex-curator at the Royal Academy.

Browsing online galleries – Artsy is the biggest – lets you compare artists, styles and prices.

Also keep an eye on graduates from the major art schools such as the Royal College of Art, Slade School of Fine Art, and Central Saint Martins. “Go to graduate shows, meet artists and talk to them about their work,” says Oliver. “In two or three years they could be represented by a commercial gallery and their pieces may rocket in value.”

Research art online, then look at what is showing locally, or get involved with the local art scene, says Lizzie Glendinning, co-founder and curator of Woolwich Contemporary Print Fair which bills itself as “disrupting the elitist nature of art fairs, and pushing the boundaries of print”. Glendinning adds that it really depends on why you’re buying and what you are interested in: “I like dark and moody, so I need to see that in real life.”

Fairs can provide inspiration, Glendinning says. Woolwich, which is a mix of specialist galleries and artists selected by industry experts, is expected to attract 15,000 visitors from 21-24 November. “No one is expecting anyone to drop £30,000,” she says, although some people do – one of the galleries made a £60,000 sale last year.

“This year we’ve got some works for under £100 but then we also have celebrated names for £25,000. We’ve got entry points for all types of collectors.”

Spreading the cost

At the moment a lack of megasales means that the top end of London’s art world is feeling a chill. People are still willing to spend five- and six-figure sums at the bigger fairs, but one analyst said that when the price topped £1m “they were just a little bit more cautious”.

“At the high and middle end in a less booming economy the art market suffers,” says Ramsay. “However, at the Affordable Art Fair level, over the 25 years we’ve seen fairly little difference in the overall art sold. That is because we gain some people who might have bought more expensive work and sadly lose some off the bottom, for whom it is too tight.”

If there’s a piece that you’ve fallen in love with but it’s too expensive, then don’t be afraid to ask if you can pay in instalments. If it’s a “no” then ask if the artist has smaller works or whether it is possible to commission a piece from them that better fits your budget.

Another option is to look out for editions produced by major artists to help raise funds for non-profit making organisations such as the Royal Academy.

Allied Editions is a “unique artist editions collective” of seven London venues – including the Camden Arts Centre and the Whitechapel Gallery – with prices starting at £100. It has a stand at this weekend’s high-end art fair Frieze London selling limited editions from a roster of famous names including Monster Chetwynd, Judy Chicago, Lubaina Himid, Chantal Joffe, Barbara Kruger, Helen Marten and Yoko Ono.

It is also possible to spread the cost thanks to the Own Art initiative which offers interest-free loans of up to £25,000 to make it “easier and more affordable for people to buy and enjoy original art and craft, regardless of their income and socioeconomic background”.

With a network of nearly 300 galleries across England, Scotland and Northern Ireland, Own Art has facilitated £75m worth of sales of contemporary art and craft to more than 83,000 people over the past 20 years.

“I’m up to my eyes in Own Art payments,” jokes Glendinning, who says the scheme has been a gamechanger. “When we introduced it for the [Woolwich Contemporary Print Fair] we got at least a third more sales. Instead of paying £400 for a print upfront, you can pay £40 a month; and that’s less than a night out.”

While it is human nature to hope you’ve picked up something by the next Banksy, Ramsay stresses that it is very important that people “love what they’re buying”.

“They’ve got to want to live with it,” he says. “If they discover in 20 years’ time the art has gone up in value then they can feel smug about their excellent taste. Some go up. Many don’t. Investment shouldn’t be the primary aim.”

London-based art dealer Miller says would-be buyers should opt for quality over quantity. Buy “one or two works a year for as much as you can afford”, he says. “If you do this, in a few years you’ll have an outstanding collection.”

Occasionally you’ll make mistakes, he adds, but don’t worry. “Learn from it. You can always sell the mistake and buy something else.”