The Portret Project's Guide to Collecting Contemporary Art

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WHAT IS CONTEMPORARY ART?

General Overview:

1. Contemporary art celebrates the creativity of the artists of the present.

2. Coined in the mid-20th century, it addresses what is most current, both stylistically and conceptually.

3. Working in a wide range of media, contemporary artists often reflect and present a take on amongst other things sociopolitical issues globally.

INSTITUTIONS & THEIR ROLE
Museums

An art museum is an institution that preserves and showcases a collection of art works, making it available to public audiences.
They educate and enhance the visitors’ ability to understand and appreciate museum collections.
Museums can be both public (NGMA Delhi, Mumbai, Bengaluru), and private (Kiran Nadar Museum of Art, Delhi; Devi Art Foundation, Delhi)

2. Private art galleries

They are privately owned enterprises with the focus to sell
For example: The Portret Project, FICA, Chemould Prescott, Gallery Maskara, Experimenter, Galleryske and Latitude 28-PRIMARY MARKET

Artist >> Gallery/Art Dealer >> Client (Collector/You)

Primary Market refers to the first acquisition of the work of art from an artist.
The artist is usually living and active.
Once the piece is sold on the primary market if it were to be offered for sale once again it would be deemed to enter the secondary market.

– SECONDARY MARKET

Art Collector >> Auction house/Dealer/Gallery >> Buyer

Secondary market refers to the resale of the work of art that has been previously owned.
Key players in the secondary market include galleries, private dealers, and auction houses.
The valuation of the artwork may increase on the secondary market, depending on popularity, supply and demand, and condition.


WHAT ARE AUCTION HOUSES?

An entity, which engages in the public sale of works of art through the process of bidding where the work is sold to the highest bidder.

WHO IS AN ART DEALER ?

A person or entity that buys, keeps on consignment and sells works of art.
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