I’m no economist, but common sense dictates that when money is tight, you cover the necessities and cut back your spending on luxury items. Art, no matter how inexpensive, is always considered a luxury. But what if you want to take advantage of the recession? Can you capitalise on the misfortune or sheer desperation of others? Suppose you’ve never collected before, but always wanted to? Can you make great investments on a recession budget? What do you buy? What are the more seasoned collectors liquidating? How do you get the best deal?

“When I buy art, I always ask myself if it’s a good investment, is it pleasurable or aesthetic, in other words, do I have to have it,” says Miami-based attorney and veteran art collector Richard Rothman. Rothman shuns the term art dealer, although he trades in art on the international circuit, preferring to be called an art collector, but there is a popular saying that “Every collector becomes a dealer when he runs out of wall space”. Rothman is constantly running out of wall space. His current collection boasts over 300 works and he has been collecting for 35 years.

Rothman got his start after three art history courses in high school and developing an interest. He says the best tip he can give to a newcomer is “become knowledgeable about what you’re buying”. Becoming knowledgeable means keeping abreast of what is going on in the market, watching TV shows and reading about art, and visiting museums. “You must be willing to donate the time to research, read and gather information on the history of the pieces and what they fetched in past auctions. You have to know more about the piece than the people who you’re buying from, and that’s not easy.” Rothman further advises young collectors to build relationships with older, more experienced collectors and dealers as they will act as a mentor and be able to guide them and assist them with their connections when necessary.

During the recession many people are liquidating art for much-needed cash, and when people are forced to liquidate, there are great deals to be had. “But don’t go thinking it’s a fire-sale,” says Veerle Poupeye, executive director of the National Gallery of Jamaica, “people are still using market value as a guide as to what they are willing to accept.” “If the deal is too good to be true,” states Rothman, “stay away. There are tremendous amounts of forgeries out there, because these artists have learned their technique through copying other more established works. The bigger the name of the artist, the more reputable the source of acquisition should be. By and large, the belief is that if you are forced to liquidate, get rid of what you love the least first through the gallery or auction house that gives you the most acceptable terms .

“Every art and antique dealer buys the pieces at auction, so why not cut the middle man out and you do the same?” asks Rothman. That would save lots of money since gallery prices are typically two to four times more than what you will find at an auction. There are auctions that allow you to begin or add to your collection while being altruistic at the same time. For instance, today (Sunday, April 18), the National Gallery of Jamaica is hosting Art Auction for Haiti beginning at 3:00 pm, with the gallery being open from 11:00 am. Events like this are a great chance to test the waters in collecting while contributing to a good cause.

But what should you buy? “The masters will always hold their value,” says Fidel Goldson, Jamaican-born, US-based chiropractor who has recently started an art collection, “but if you have the chance you should definitely spend time getting to know the young up-and-coming artists.” Goldson tends to buy the best that he can afford of what an artist makes, because for resale, those pieces tend to move more quickly. He added that work of the up-and-coming tend to be more affordable, which allows you to build a good collection even during a recession. Rothman says that signed numbered editions like lithographs make the masters more affordable, but also agrees that you must pay keen attention to the lesser known artists, in particular those coming from an artistic family, whose talents may have trickled down the generations or even skipped a generation or two.

Kai Watson is one such artist, whose grandfather, Barrington Watson, is one of Jamaica’s most celebrated painters, and his father, Basil Watson, following closely behind as a renowned sculptor. Kai is a painter, and proud of his artistic background and heritage, “I’m a Watson, collectors know who I am.” The young Watson, however, refuses to rely on his artistically famous last name, “I don’t intend to fall short of greatness, when I am one day mentioned in the same sentence as my father and grandfather it won’t be because of the family ties, it will be because of the excellent work.”

When considering young artists, attention must be paid to the success of their pieces, how much museum representation they have garnered, and how committed they are to the subject matter they are known for. Besides that, as with all art, it depends highly on what you like and how much you are willing to pay for it.

— Gianna Fakhourie