Art Collecting 101
Ahead of all the art festivities this year, HKU Space, Art Basel and Central Saint Martins teamed up to launch “Collecting Contemporary Art,” a course aimed at preparing potential collectors. Organizer Ken Wong shares some tips for newbie art hounds with Kate Springer.
HK Magazine: Why the emphasis on contemporary art?
Ken Wong: The contemporary art world is becoming a major social event, and every year people are there to see and to be seen, as much as to shop around for art. This phenomenon is growing fast in Asia. If you collect teapots or calligraphy as my parents did, you will never experience this excitement. Fairs, preview parties, opening events and biennials allow you to mingle with lots of new people and perhaps also with the artists.
Ken Wong, HKU Space
HK: What should a new collector consider before making purchases?
KW: New collectors should come up with a set of rules, at least in the beginning—maybe it is a budget or a plan limiting the number of themes, artists and media that they want to focus on. To me, the greatest beginners do not solely rely on consultants’ or friends’ opinions. They do a lot of their own homework and take some risks.
HK: What’s the best way to discover up-and-coming talent?
KW: New collectors should not only carefully choose young artists at graduation shows but also look for a unique style or identity. Another good way to keep your eye on emerging artists is to look at independent pop-up shows and art awards, where art professors nominate young artists and they’re judged by an esteemed panel of critics, artists and curators.
HK: What does the program hope to achieve?
KW: Many new collectors make mistakes: buying art that goes beyond their budget, getting too caught up in the hype, collecting too many artists, or buying pieces randomly without a plan to build a collection. The program lets people listen to and interact with some 20 speakers. By the end, I hope participants will have a clearer idea of how art collecting works, where to buy a first piece, how to get it insured, how to frame it properly, and of course, how to minimize mistakes and risks.