As the art world shifts into gear for the fall season, collectors find themselves preparing for a whirlwind of fairs and auctions stretching from New York to London and Paris. The prospect of acquiring new pieces in such a frenzied environment is as exhilarating as it is daunting. With so many events packed into a few short months, experienced and novice collectors alike must approach the season with clear strategy and focus. The fall 2024 art season is defined by both post-pandemic recovery and a tightening global market. After the 2021 through 2022 art market boom, I’ve observed a slowdown, particularly among speculative buyers who entered the market during the pandemic. However, this contraction could benefit seasoned collectors, who see opportunities for strategic acquisitions.
This fall brings an impressive roster of fairs, offering collectors unique access to galleries, artists and curators:
Each of these fairs, alongside others like FIAC and 1-54 Contemporary African Art Fair, provides an opportunity to encounter an array of works across mediums and styles, from blue-chip artists to lesser-known talents.
Amidst the swirl of headlines about market trends and economic volatility, it’s essential to focus on your own collecting goals. While reports on market highs and lows can provide valuable context to a particular time frame, collecting is ultimately a long-term personal pursuit driven by individual taste and vision. The key is to filter out the noise and maintain clarity about what you want from your collection, not just what the clickbait is pushing you to feel.
One of the most significant trends affecting the fall season is market fatigue coupled with high interest rates. The Financial Times and The Art Newspaper have both reported how rising borrowing costs are causing some collectors to be more cautious, particularly those who use art-secured loans. Additionally, softening resale prices for contemporary and speculative art are prompting a reassessment of value, making it a selective buyer’s market.
Building a collection is an evolving process. Start by reflecting on what kind of art moves you. What colors, themes, or forms draw you in? Spending time in galleries, at exhibitions, or even reviewing past collections can help you identify your preferences. When attending fairs, resist the urge to buy impulsively. Take a full walk-through before returning to pieces that stood out, giving yourself time to approach each acquisition with perspective.
Before diving into any art fair, clarity is key. What are your collecting goals? Are you seeking works by specific artists, filling gaps in your collection, or perhaps exploring new genres? For new collectors, it’s helpful to start broadly—focusing on acquiring works that resonate personally or expand your understanding of contemporary art. Over time, as your taste sharpens, you’ll likely gravitate toward more specific objectives.
Whether purchasing works by blue-chip artists or emerging talents, setting a clear budget is critical. Fairs can create a sense of urgency, but collectors who establish financial parameters ahead of time tend to make better decisions. Remember to account for additional costs—such as framing, shipping and taxes—that accompany art purchases. At major fairs like Art Basel and Frieze, blue-chip works can start at $100,000 and soar into the millions. However, these fairs also offer works by emerging artists, which might range between $10,000 and $50,000. At smaller fairs, such as 1-54 Contemporary African Art Fair, collectors can find works in the $5,000 to $20,000 range, particularly from emerging markets.
Collectors can generally expect additional costs of 10 to 20 percent on top of the purchase price for framing, shipping and taxes. For high-value pieces, shipping costs can be higher, particularly if the work requires specialized handling or international transit. Sales tax rates vary by location, but collectors purchasing at fairs in New York, for example, should be prepared for a sales tax of around 8.875 percent. Insurance is another potential cost to factor in, especially for higher-value acquisitions.
Art collecting is an expression of personal vision, a narrative shaped by taste, curiosity and a strategic approach. As the fall season brings a wealth of opportunities, success in the art market is about more than just acquiring works—it’s about building a collection that reflects your unique perspective. The key to navigating this dynamic season lies in clarity and preparation. Whether you are just beginning your collecting journey or seeking to add to an established collection, the strategies outlined here will help you approach the fairs and auctions of fall 2024 with confidence.
There are several key resources that collectors can use to prepare for fairs and auctions:
Case study—seasoned collector: Imagine a seasoned collector looking to expand their collection at Frieze London. They might focus on a historically underrepresented mid-career artist whose market has shown steady growth. By leveraging years of market knowledge, they may secure a piece through pre-fair research, attending the fair with clear objectives and a focus on investment potential, heritage and institutional importance.
Case study—new collector: Conversely, a new collector might approach The Art Show with broad goals, seeking to diversify their collection with contemporary pieces. They could benefit from visiting a range of booths to refine their taste, consulting an art advisor and setting a more flexible budget. A new collector would likely focus on pieces within a lower price range, prioritizing discovery and education over immediate financial return.
Navigating fairs and auctions requires preparation. Having spent years refining my approach, I rely on a detailed system to ensure my clients get the most out of these events:
