Every year, Art Basel Miami plays host to one of the world’s most eclectic gatherings of artists, gallerists, collectors and critics. With each year’s exhibition of global artistry on display, the events and programs surrounding Art Basel continue to expand. This festival season, Jack Howard, head of money wellness for Ally Bank, was in conversation with artist Brandon Barry Brown and curator Zindzi Harley. The inspiring exchange was nothing short of a goldmine filled with tips on how to gain a better understanding of your relationship with money, artistic influence, and the economic value it has the power to create.
For those who made their rounds at this year’s festival -- or for anyone who is perhaps looking to start or add to your collection -- here are a few things Ally wants you to keep in mind when selling or acquiring art while strengthening your knowledge of money wellness.
1. Be in environments that can inspire and elevate you
The journey of a working artist can be simultaneously exhilarating and frustrating. The tension many artists feel throughout the course of their journey can come from a number of sources, but let’s be real here – finances, or the lack thereof, can be the prime source of frustration.
It’s important for artists to market themselves and position their work in places that align with the audience they’re trying to communicate with. Festivals such as Art Basel are ripe with platforms and spaces to get your work seen and hopefully sold.
For the collectors out there, the right place can lead to the right connection or network of people who are aligned with your goals.
2. Life experience can create value
The arc of an artist's career will be speckled with different phases of creative exploration. Leaning into this exploration of their life experiences will only help sharpen their perspective, ultimately influencing the final outcomes of their work.
What resonates most with collectors is the uniqueness of this perspective, which takes root in and grows from the artist working through the ebbs and flows of their journey.
As an artist, sharing parts of your story (BTS footage, inspirations, travels, setbacks etc.) is what pulls people in and allows them to draw connections between your work and what compelled you to create it. Leveraging that experience is essential to generating value for your creations.
3. Art collecting: More accessible than you think
For many, starting an art collection seems like something that only the wealthy can do, and that couldn’t be further from the truth. Your foray into art collecting should be based on identifying what you like. Never chase the hype. Chase what speaks to you.
If an artist’s work resonates with you, fall down a rabbit hole and explore their portfolio. Many artists oftentimes have open studio visits that offer patrons an opportunity to see finished pieces or works in progress. These visits allow potential buyers and current owners to talk with the artist and learn about the inspirations and muses that compelled the artist to create specific works.
Savvy art collectors always operate from a place of identifying what they truly like, and then they factor in budget. Pro tip: Find local artists that create things you enjoy and start small. Establishing connections with artists early on in their careers can prove to be beneficial to both parties and can make way for a collection filled with pieces that will accrue in value over time.
Building an art collection with a clear objective is certainly key. Yet, for a truly meaningful investment, this objective should also align with your deepest values, bring lasting joy, and thoughtfully support your financial well-being. To help you define this holistic approach, Ally’s Money Roots is a free financial education program designed to uncover the “why” behind your money decisions, empowering you to connect your passions with your financial reality and foster sustainable financial growth.
To learn more about how you can become a financially savvy artist or art collector, you can also check out the full podcast conversation, featuring Ally’s Jack Howard in conversation with Brandon Barry Brown and Zindzi Harley, here.