A Guide to Building an African American Art Collection
By Madeline Murphy Rabb
Why an African American Art Collection?
- Collector can create value and respect for work created by African Americans
- Collector can create value and a market for work when there is a demand
- Opportunity to build an artistic legacy
- Intelligently-built art collections speak volumes to viewers and says much about the collector
- Opportunity to strategically collect major works
- Collectors’ support enables and encourages artists to create
- Patronage and stewardship is essential for artists
- Collectors will influence others to collect
- May donate or loan work to exhibitions
Collector’s enlightened self interest:
- Will join the exclusive ranks of knowledgeable collectors
- Potential to lend work to major museums
- Collector may influence museums to exhibit and purchase work
- Collector may give art to museum at fair market value and receive tax deduction
- May purchase pieces for resale opportunities
- Collector ownership has an opportunity to add value to the artwork
Art Decision-Making is About Informed Risk Validation
Obviously, there are no guarantees that something will increase in value over time. However, in the art world there are certain measuring tools that begin to inform the fair market value of artwork.
It is a given that an artist’s educational training, including awards, fellowships, scholarships and a body of consistently strong work are important factors. But there are other issues that are sometimes more important:
- Professional art criticism in newspapers, art magazines, catalogues
- Inclusion in museum shows, corporate and museum collections
- Opinions of museum curators, dealers, major collectors
- Representation by prestigious galleries
- Owned by important art collectors in the art world
That is why it is essential to work with someone you trust, to guide you to strategically collect African American Art.