Recently someone asked me, ‘I am very interested in design and I really want to start collecting. What should I be looking for, especially when buying through auction?” So, I asked Peter his thoughts, well because he’s been in the business since 1989 and has almost seen it all.
Peter :”On any given sale, I would advise a beginning collector to be most cautious of condition first. Also to build a healthy, trustful relationship with any auctioneer you are doing business with.”
I also asked, “Is it better to buy investment pieces or functional pieces?”
Peter: “The best advice with collectors is to buy what they like. However, investors should know going into collecting their own primary incentives- you have to be honest with yourself with respect to the reason you are entering into this market. Is it because it is ‘hot’? Is it because you have seen someone you admire buying this type of work, or is it inherently attractive? It’s okay to buy solely for investment, but that will usually set completely different parameters than those of a collector who simply wants to decorate their primary residence or someone who wants to decorate a vacation home. Advice for beginning collectors needs to be tailored to their reason for entering the market.”
For more information on Peter Loughrey, check out his bio on the LAMA website.