Investing in fine art requires education

So you want to invest in fine art, but don't know where to start?

To begin, you need to educate yourself. If going back to school is not an appealing thought, don't worry. Time at art galleries and museums may be substituted for time in the classroom. And don't limit yourself to local places. When on vacation, check out the galleries there and ask lots of questions.

Do not try to deceive the gallery salesperson; instead tell him/her that your purpose is to learn, not to buy. At this point you might be on your own, as the salesperson could very well walk away -- but it is better to be honest because then, if the salesperson is agreeable, you will feel free to ask away.

What to ask? Begin by inquiring about the style of the painting or sculpture. Ask what mediums were used. Find out when the piece was made and what the artist was trying to accomplish, if there is a history behind the art. As knowledge accumulates, you will begin to see what is good and what isn't. But most importantly, your personal taste will start to develop.

Are you ready to start a collection? No, you're not. Not yet. First you need to decide whether the collection will be strictly for personal use or for an investment. Once that is decided, the actual purchasing might take different directions. If personal use is the ultimate goal, then buy with your heart. If, on the other hand, investment is more important, authenticity is imperative.

For personal use, remember that art is art. So long as the style of your furnishings and the style of art are generally in the same vicinity, all is well. Art stands on its own. Therefore, it is not necessary to color coordinate or be specific about the period or era the art depicts when compared to the furnishings in the home.

Investing in art can be financially rewarding, too, but before you are able to resell, a statement of authenticity and a history of the origin are necessary. Be sure to get these two documents before you buy so you have proof the art is the "real McCoy."

Art, just like stocks, will yield more on a long-term basis. With fluctuations in the market, the longer you are able to hold a piece, the more likely the value will increase. So take it home, enjoy it for about 10 years and then consider selling.

One way to check value trends is to ask more questions. Find out whose art is gaining popularity. Ask what country or school of art is trading at the best value. Of course, everything is speculative, and subject to change, but the more knowledge you accumulate, the better "guess" you will be able to make.

Another important point to keep in mind is the legitimacy of the dealer. Check around the make sure the dealer is on the up and up. Get several references and then check them out, too. If you are investing a lot of money, you will want to be as sure as possible any presentation is legitimate.

Rosemary Sadez Friedmann, an interior designer in Naples, Fla., is author of "Mystery of Color."