Do your homework!
Uli Sigg, who owns the world’s largest collection of contemporary Chinese art, has a lot of items that he purchased for less than $10,000 several years ago. Today many of them are valued in the millions. Sigg advises that new collectors should first do their homework thoroughly. Once a work catches their eye, they should acquire as much information as possible about the artist and search for past sales results on the websites of auction houses as well as third party providers such as Artprice and Artnet. Investors should review the artist’s CV. If the artist’s work has featured in leading galleries or is sought after by museums, chances of value appreciation are high.
