The Portret Project’s Guide to Collecting Contemporary Art

https://theportretproject.wordpress.com/


WHAT IS CONTEMPORARY ART?

General Overview:

1. Contemporary art celebrates the creativity of the artists of the present.

2. Coined in the mid-20th century, it addresses what is most current, both stylistically and conceptually.

3. Working in a wide range of media, contemporary artists often reflect and present a take on amongst other things sociopolitical issues globally.screen-shot-2015-07-11-at-5-46-59-pm.png-w=767&h=1024 screen-shot-2015-07-11-at-6-27-11-pm1.png-w=768&h=989


INSTITUTIONS & THEIR ROLE 

Museums

  • An art museum is an institution that preserves and showcases a collection of art works, making it available to public audiences.
  • They educate and enhance the visitors’ ability to understand and appreciate museum collections.
  • Museums can be both public (NGMA Delhi, Mumbai, Bengaluru), and private (Kiran Nadar Museum of Art, Delhi; Devi Art Foundation, Delhi)

Galleries

  • A place meant for the display and sale of works of art.
  • Galleries can exist in the form of a small room, buildings and on-the-go
  • In India, galleries also play an instrumental role in educating audiences and in the development of public discourse around art.
  1. Public art galleries
  • Non-profit and run by cities, art collectives, local and national governments.
  • Delhi – India Habitat Centre Visual Arts Gallery, Lalit Kala Akademi, KHOJ International Artists’ Association, The Gujral Foundation10424324_630394480393540_3778959188246739600_nWHAT ARE AUCTION HOUSES?

    An entity, which engages in the public sale of works of art through the process of bidding where the work is sold to the highest bidder.

    WHO IS AN ART DEALER ?

    A person or entity that buys, keeps on consignment and sells works of art.

  • —————–


  • Screen Shot 2015-07-11 at 6.48.04 pm2. Private art galleries

    • They are privately owned enterprises with the focus to sell
    • For example: The Portret Project, FICA, Chemould Prescott, Gallery Maskara, Experimenter, Galleryske and Latitude 28-PRIMARY MARKET

              Artist        >>         Gallery/Art Dealer         >>          Client (Collector/You)

    • Primary Market refers to the first acquisition of the work of art from an artist.
    • The artist is usually living and active.
    • Once the piece is sold on the primary market if it were to be offered for sale once again it would be deemed to enter the secondary market.

            – SECONDARY MARKET 

             Art Collector      >>           Auction house/Dealer/Gallery      >>        Buyer

    • Secondary market refers to the resale of the work of art that has been previously owned.
    • Key players in the secondary market include galleries, private dealers, and auction houses.
    • The valuation of the artwork may increase on the secondary market, depending on popularity, supply and demand, and condition.


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