Traditional collecting


Traditionally, in the art market that has not yet been digitalized, it is preferred that pieces of art be kept in collections for long periods of time, permanently if possible, and not resold at least for a 10-year period. Here’s a little unknown fact about the art world: There is an unwritten art market code that states that any work that is to be resold must be brought back to the gallery from which it was first purchased. There are gallerists that will be happy to buy the artwork back and resell it many times. However, there are also gallerists whose goal is to find a definite place for artwork in esteemed and relevant collections. Therefore, if a collector finds him or herself in the position to resell, they can do so privately or through an auction but only if the original gallerist does not show any interest for the piece first. It has become increasingly evident how the secondary art market can affect the primary one. Young artists receive more money for their artwork by selling at auctions instead of galleries. The latter try not to increase their own prices in response because they prefer to avoid speculation. As previously stated, profit should not be the priority of the collector. However, because of this loophole, many collectors wrongly choose to switch to this buying and selling lifestyle and tend to stay there. 

Written by
Pamela Raseni