Your guide to collecting confidently this End of Financial Year.
For some workplaces, the End of Financial Year spells the perfect moment to start a corporate collection. Whether you’re working from an office, showroom or home, this could be the last financial year that your small business may be eligible to collect art as an instant-asset write-off. To get you thinking, here are five top tips to becoming a successful art collector, no matter your taste, budget or experience.
Act soon, June 30 is almost here!
Lin Onus 'Pitoa Garkman (Blue Frogs)'
1. Consider the Medium
Drawings and graphics can be an optimal avenue for savvy collectors. Generally less expensive than paintings, works on paper can allow a collector to buy from famous artists while staying within a budget.
Clinton Naina 'I Look at the Skies'
Ji Chen 'Untitled (Point Break)'
2. Support Contemporary Talent
Works by up and coming artists are generally more affordable than those by established artists, while also presenting an opportunity to support living talent. Plus, new art is exciting!
Julie Millowick 'Kwie-Li's Fan'
3. Only Buy What you Love
This applies to all collectors, no matter your budget. As the old proverb goes: art is long, life is short.
4. Work With your Dealer
Clever collectors cultivate a relationship with their dealer. They get connected to gallery news feeds to keep up to date with new art and let their art dealer in on their taste. And when opportunity knocks, you can always consider helpful payment solutions, such as laybys or Afterpay.
5. Trade Up
Like most things, our taste in art is constantly evolving. If you find yourself in love with a work of art, consider trading it for an older work from your collection that perhaps doesn’t move you like it used to. If your tastes have changed, try reselling works to buy new ones.
We’re experts in art not tax. Consult your accountant to see whether you’re eligible for tax-deductible art.
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