Five tips for buying art at an international art fair

If you’re a regular gallery goer and frequent flyer, there are over 200 global art fairs annually that beckon with the promise of culture, cuisine, and discovery. The Art Basel fair franchise alone now has five iterations –

• Doha
• Hong Kong
• Paris
• Miami
• and the flagship in Basel, Switzerland.

Other international highlights include Zonamaco in Mexico City; I-54 in Marrakech; ARCoMadrid in Spain; TEFAF Maastricht in the Netherlands, and FRIEZE in London and Abu Dhabi. There are opportunities to see and acquire art at fairs every month of the year, and visiting these commercial venues outside the United States is especially exciting. In addition to the multitude of booths, thousands of artworks, and a fast-paced environment, there are opportunities to learn more about the local cultural infrastructure and engage with artists in a different cultural context.

Being prepared in advance is essential. Here are five practical tips to help you navigate an international art fair to browse —and potentially buy— with confidence.

1) Do Your Homework Before You Arrive

Preparation is key. Research the fair’s exhibitor list, featured artists, and special programs ahead of time. Many fairs publish floor maps, educational programming and local cultural engagement online weeks before the event. Identify galleries, museums, and artists you’re interested in and map out your priorities. This will help you focus your time, set priorities, and avoid feeling lost in the crowd.

Pro Tip: follow galleries and artists on social media before the fair. You’ll gain insight into their artist roster and works that may be available.

2) Take Measurements in Advance and Convert!

Are you looking to acquire for your collection in general or for a specific space in your home? Taking measurements of the available space on the wall and the height of ceilings is key. Photographs of the room where you may place an artwork can also be helpful as you contemplate acquiring a work of art abroad.

Pro Tip: convert those inches into centimeters as most countries outside the United States use the metric system.

3) Consult a Fine Art Shipper (FAS)

Falling in love with a work of art is easy, and getting the artwork home safely is an important part of the relationship. An international art fair can be rewarding but can pose some logistical challenges. Luckily there are skilled fine art shippers (FAS) that can handle the labyrinth of shipping regulations, customs duties, and logistics.

As Jonathan Schwartz, Founder of Atelier 4, explains, “Although there is currently no import tax or tariff on fine art coming into the United States (with the exception of works made, not being shipped from, China), there are airway bills and/or ocean bills of lading, as well as customs formalities that require acuity. It’s important that the purchaser is registered with Custom Border Protection as the importer of record so that the transaction becomes part of the provenance narrative.”

An FAS with an in-house Licensed Customs Broker can navigate this process on behalf of the client to facilitate and expedite the process of getting an artwork into the country. In addition, international shipments involve traveling over time across varying environmental conditions. An FAS will help ensure that the shipments avoid as much exposure to harmful elements as possible.

An FAS can also provide guidance on the best method of transport. While air freight is faster and more suitable for high-value pieces on tight deadlines, it is often more expensive. Sea freight might be slower but is cost-effective for less time-sensitive shipments. Consider your delivery’s size, weight, destination, and urgency when choosing between these options.

Pro Tip: contact some potential art packers and shippers in advance to discuss options – some American based companies may have a presence at the larger global art fairs, and many also collaborate with their international counterparts.

4) Consider your Budget

Many collectors think, my budget is “X.” However, it’s important to remember that an acquisition budget includes not only the purchase price but also shipping, potential taxes, and duties for international transactions. On the plus side, if acquiring your artwork from a gallery abroad, they may be able to deduct the Value Added Tax or local taxes from the price of the artwork. Having a clear financial framework will help you make decisions within that budget and avoid a scramble to finance an out-sized impulse buy. Most galleries prefer wire-transfers, so check with your bank about their international wiring services protocols.

Pro Tip: have contact information for your banker/wealth advisor handy in the event the transfer is upheld. You will want to deal with someone specific who can process the wire transfer for you.

5) Art Insurance at Home and Abroad

Most specialty art insurance policies provide coverage for loss or damage occurring during transit, and this coverage is available for annual policies. Berkley One’s Collectible Suite policy not only offers world-wide coverage, but also some coverage for newly acquired items. A collector in the thrall of acquiring a new artwork may forget to immediately contact their insurance broker to add the new acquisition and this coverage feature offers a buffer. When you insure scheduled fine art items with Berkley One, any new fine art items you purchase are automatically covered for up to 90 days, for up to 25% of the scheduled coverage limit for fine art.

Pro-tip: review your fine art insurance policy or contact your independent insurance broker for coverage advice.

Buying art at an international fair is an exciting opportunity to discover new artists, expand your collection, and immerse yourself in the global culture scene. By preparing in advance, you can optimize your art fair experience by immersing yourself in the joys of discovery – with the confidence that you’re fully prepared.

Header image provided by Atelier 4.

–

Berkley One is an insurance provider for modern, sophisticated individuals and families. We’re redefining insurance with technology, innovation, expertise and the backing of Berkley, one of the nation’s premier insurance providers. Offering customized options for homes, automobiles, fine art, collectibles, liability, recreational marine and collector vehicles, we give clients the confidence to move forward and live their adventure.