Buying your first art work? Two NYC gallerists told me everything you need to know🎨
Featuring Liz Garvey, and Ki Smith.
I studied a ton of art history in high school, and then in Design school — I love mixed medium, oil on canvas, and sculptures have a special place in my heart (I used to sculpt in middle school). For someone surrounded by art, collecting / buying art was high up on my adult-life checklist. The long-term goal is to make my living room worthy of a Mark Rothko print + a Salman Toor original. As you can imagine, between jobs is not the time to invest in original art. So for now, I’m making do with Rembrandt cuttings from a coffee table book, framed in $5 stained wood Target frames. Still looks 12/10, so don’t @ me. BUT, I do think investing in art is worth every penny.
“I can’t compare art to any other commodity, because you get to see it and enjoy it every day — it’s what makes a house, a home.”
- Ki Smith
For you (my incredible pen pals), I embarked on an educational journey with two New York gallerists - Ki Smith, and Liz Garvey - to debunk some myths about buying art, and give you some insider tips on how to ✨start your art collection✨
P.S: Ki created a special link — only for you — with curated art available for purchase!
What is the price range of the art available for sale at your gallery?
Liz: I have my hands in two different pools of art. On the primary market, I offer work from artists I represent who are currently producing, worth $10,000 and under. I also do work on the secondary market, which means that I have paintings from private collectors who want to sell the art — those things tend to be priced higher, anywhere from about $50K to $300K.
Ki: At our gallery, the majority of the original pieces we sell are in the affordable price range of $1,000 to $10,000. However, there are exceptions on both sides, with some larger works selling for around $15,000 or more, and even watercolors on paper selling for $650 each in our current exhibition. Our range is quite diverse and can be as affordable as $500 for certain pieces. Despite the robust histories of the artists we work with, we strive to keep our prices as organic as possible.
Who buys from your gallery? What is their primary objective - collection, or investment?
Liz: For the most part, we have private collectors buying for their personal space, with the exception of some corporate collections, and on occasion, museum collections.
Ki: Our clients come from diverse backgrounds — we have CEOs of tech companies and owners of fashion brands, as well as individuals who actively attend social events and have met me at bars or such, and are much younger. Many of our clients are collectors who are not necessarily high earners, but are passionate about building meaningful collections. Our primary market offers opportunities to invest in artists early and obtain original pieces at affordable prices, so I also have some clients who are excited about investing in the right artists through us.
What is your pricing strategy for artists showing at your gallery?
Liz: I prefer working with artists who already have some market presence. I usually assess their current prices and if they seem too low, I suggest increasing them ((the price depends on the success of the artist's sales)) If there's a sell-out show, prices may increase before the next one, but if there's no sale, prices may remain the same for the following shows. If there are gaps between shows and some works sell, we consider increasing prices by 5-10% each year.
Ki: At Ki Smith Gallery, we're all about investing in up-and-coming artists through the primary market. We prefer offering original paintings > prints because they have the potential to significantly increase in value over time. We've seen firsthand how pieces bought for a few hundred bucks can be sold for tens of thousands of dollars — I have friends who bought Basquiat paintings for $700 when he had just graduated art school, and are now getting ludicrous offers to sell.
How long does a show usually last?
A solo show is usually five weeks or so. Group shows can be any length of time, even up to six months.
Are there financing options for art buyers too?
Liz: Some clients may require more flexibility with payments, and most galleries offer to spread payments over two to three months (or more). For those who need more time, some galleries partner with platforms like Art Money, which allows up to 10 equal payments over 10 months. The client pays 10% down, and the rest is financed, interest-free. There is a cap for this service, but no minimum!
Ki: I offer very flexible payment plans to work with clients' budgets, allowing them to pay off purchases over time — I have a client who’s paying me a few hundred dollars over the next 20 months, and she’ll likely receive her art when 50% of the payments come through (I leave it to the artist to decide when to dispatch the art in such cases). This financing option is available for various pieces, including paintings and sculptures. Of course, there are a ton of other platforms that offer similar payment plans.
HOW TO BUILD YOUR ART COLLECTION / INVESTMENT PORTFOLIO
For aspiring collectors: 1) Depending on what your budget is, consider getting an art advisor — which is something else I do. 2) If you're looking for something under $2k, start by going to smaller, more curated art fairs. Don’t go to Art Basel in Miami or the Armory Show in New York. Use these visits to train your eye and identify what you really like (and what you hate). A lot of people don't know about the gallery world in New York (SHOCKER??), but visit galleries in Chelsea and LES, and get on their mailing list so you can learn more about artists on display. 3) Use Artsy.net to do your research and to discover emerging artists. Their algorithm is great in that it shows you more of what you gravitate towards, and in your budget.
ICYMI: Blue chip art is the one asset class that outpaced the S&P 500
by 131% over the last 26 years.
For aspiring investors: Liz and Ki, both strongly advise against buying art as a short-term investment. If you’re looking at investing in art for steady returns, try platforms like Masterworks that allow you to invest in blue-chip art.
Prints are a great way to ease into building your art investment portfolio. Buying original prints allows you to create a collection of works from artists who are known in the market, and have an established reputation — without totally breaking the bank (hurts to write this a few weeks after seeing SVB collapse and seeing what this idiom means IRL). Ki says, “prints are like bonds — it’s a safe investment.”
FYI: Masterworks is an exclusive platform allowing select members to discover this resilient, low-correlation asset (blue chip art), and has delivered 11 straight successful exits, realizing returns of 32%, 39%, 36%, 27%, 9%, 33%, 21%, 18%, 14%, 35%, and 10%, respectively.
If you're looking to invest in prints, find print dealers that deal with blue-chip artists, or mid-career artists who are also well-established.
A STANDARD PURCHASE PROCESS WITH ANY GALLERY
Typically, a client comes into the gallery or responds to a mailing and expresses interest in a particular painting. The gallery then sends an invoice, and the client pays using various methods such as check, Venmo, Zelle, money wire, or credit card — most galleries offer payment plans too, based on the credibility and needs of the buyer. Buying art is literally as simple as buying apparel, if you know what you want!
HOW TO PROTECT YOUR ART
Light and humidity are the biggest enemies of art. Artworks on paper, for example, should never be placed in a bathroom with a shower. The plexiglass used for framing should be UV protective — make sure to check on these details with your advisor / gallerist before making a purchase. Sun exposure should also be minimized, as light can cause artworks to fade. It's also recommended to have insurance in case of accidents or other damages. Some home owner’s insurances and renter’s insurances also cover art, but it’s best to clear that up with your insurance company when considering protecting your art.
THE BOTTOM LINE: If you feel enthusiastic about art, you should absolutely invest in it. You could even start small with thrifted art / street art if you’re based in NYC, and just feel it out for a few months to see what works well in your space, and is a taste match. It’s not an old people purchase; it doesn’t have to be a luxurious investment either.
Train your eye and trust your gut, and invest in something that you think you could look at for the rest of your life (or even pass down generations).
Elizabeth K. Garvey is the Co-Founder and Director of Garvey|Simon, NYC. With over 30 years of experience, Liz began her art career in 1989 at a contemporary gallery on 57th Street. In 1999, Liz started EKG Art Advisory - a boutique consultation and advisory firm - which she ran for a decade and now is incorporated into Garvey|Simon Art Access, Inc. Liz currently represents a roster of emerging and mid-career artists, regularly curates exhibitions and manages private collections. Liz is also active in the secondary market, assisting clients to sell their work privately and with discretion. For my West coast friends: Liz’ Gallery will be at the Art Market San Francisco fair (booth B-05), opening April 20th.
Ki Smith is a New York art dealer, entrepreneur and the owner/founder of Ki Smith Gallery in the Lower East Side. At 16 he dropped out of school and began working at galleries and at 21 co-founded Apostrophe NYC, a gallery/nightclub hybrid known for their guerrilla pop-up exhibitions at the Whitney Museum of American Art, MoMA PS1, and NYC subway stations. Smith opened Ki Smith Gallery in 2018, to focus on building a community that prioritizes close, enduring relationships with primary market artists based in NYC.
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