We’ve introduced you to Tory Burch In Color, the upcoming book dedicated to Tory’s love of color. Now, we’re pulling the curtain back on Tory Burch In Color, the auction, which celebrates that very same kaleidoscopic spirit. It opens today on online auction house Paddle8 and features works from artists in the book — Damien Hirst, Louise Bourgeois, Francesca DiMattio and Jeff Koons, to name a few. Bids close on October 15, and a portion of the proceeds benefit the Tory Burch Foundation. But before you dive into the richly vivid works from emerging artists and modern masters alike, here’s a guide to the art of art collecting — courtesy of Alexander Gilkes, Co-Founder of Paddle8. It’s the perfect primer to get you started.
First steps…
A collector needs to understand his or her aesthetic and thematic interests, and identify a work that appeals to her visually. The first love must start with the eye — the more that a collector sees, the more discerning her standards become. A new collector should navigate this visual journey through the leading museums, galleries and auctions houses of the particular period that intrigues her. The acquisition leap should only occur once ample time has been spent on the hunt.
For those on a budget…
The trick is to know where to look and whose advice to follow. Thanks to the online democratization and the proliferation of art fairs, fine art is increasingly accessible. Collectors looking to make an acquisition at a conservative price can either acquire the works of major, established artists in an editioned format — like a Matisse print or a Fontana multiple — or find unique works by promising emerging artists who have yet to graduate to a higher price point. Art fairs such as Liste in Basel and NADA in Miami are treasure troves to discover the next big thing.
Artists to have on your radar…
Taste is subjective and popularity is cyclical. Today’s kings and queens of the art world are not necessarily those of tomorrow. The contemporary art market has never been hotter. This season, collectors are hunting far and wide for artists like Danh Vo, Wyatt Kahn, Harold Ancart and members of The Still House Group. At the more blue-chip level, Wade Guyton, Tauba Auerbach and Alex Israel are on their way to becoming the next Damien Hirst, Cindy Sherman and Jeff Koons. And collectors can never go wrong with an edition or work by Warhol or Picasso — they seem to have become the standard bearers of today’s art market.
The key to buying art online…
Today, one has the ability to become an instantaneous expert thanks to the depths of content online. At Paddle8 we have tried to remove the intimidation of the auction experience and curate works that we hope will accrue in value over their lifetime thanks to the expert selection process. Today’s collector is digitally savvy, nomadic, multi-cultural and craves instant access. The online art market responds to these cravings and collecting traits.
Above all else, remember to…
See, see, see. Visual research is everything.
I caught the art bug…
Whilst living in St. Petersburg during an overseas stint at university. There I was fortunate to have The Hermitage on my doorstep and lose hours along its cluttered corridors. Then while at LVMH, I witnessed the increasing prominence of contemporary art as a force of cultural validation and as the epicenter of inspiration for fashion, film and architecture. I therefore changed tracks to a career in the art world, and today am excited to see the age-old auction tradition benefit from the aperture of the internet, and to see a new breed of collectors who seek to define themselves via their eclectic acquisitions.
Visit Tory Burch In Color on Paddle8.