An affordable beginner's guide to investing in art.

• To determine your artistic preferences, it is recommended to visit graduate shows, galleries, and museums, according to art experts.
• Gallerist Robert Diament cautioned against treating art as a commodity to be flipped for quick profits.
• Buy what you love, the experts agreed.

You possess a mortgage, own a car, and have a portfolio consisting of both low-risk and high-risk stocks.

What are some steps to take when you have extra money and want to purchase artwork for your home?

First-time collectors should research before investing, according to the experts CNBC interviewed.

Karen Taylor, an advisor and dealer, emphasizes the significance of reading, learning, visiting museums, and developing one's eye.

Taylor explained to CNBC at the Winter Art & Antiques Fair in London, U.K., that the key to success in collecting is determining what one truly enjoys, as there is a significant difference between a collection and a mere accumulation of items.

To develop their own preference and get a feel for what art they truly connect with, collectors should attend as many gallery openings, degree shows, and art fairs as possible, according to Maria Artool, CEO of the International Body of Art, which organizes exhibitions.

According to Will Ramsay, founder and CEO of the Affordable Art Fair, collecting art is simpler than most people believe. "You don't need to be an art expert to keep up with the latest trends," he said in an email to CNBC. "Talking to industry professionals and visiting galleries is a great way to stay informed."

A collection is a lifelong journey for many people, as Taylor pointed out.

Art as an investment

According to CNBC's sources, art is not typically viewed as a form of investment for quick profits, but rather as a long-term investment.

Robert Diament, co-host of the Talk Art podcast, stated via phone to CNBC that there is an etiquette in the art world which prohibits flipping something.

Contemporary art is likely to increase in value over the long term, Diament said. "I would say that 90% of the time, you'll probably always get some kind of investment potential within art ... The key thing is to buy something you love," he said.

Tracey Emin's contemporary art prints were first collected by Diament about 20 years ago. He was thrilled that the artist signed them, allowing him to own a piece of her handiwork. Diament spent "in the single thousands" on these prints, which are now likely worth much more.

He didn't purchase Emin's work with the intention of reselling it, but he viewed its rising value as an unexpected benefit.

Purchasing from a living artist provides both enjoyment of a unique item and support for their career, according to Diament.

The art market

According to the Knight Frank Luxury Investment Index, art sold at auction experienced a 30% increase in sales when compared to other "passion investments" such as watches, jewelry, and wine in the 12 months to the end of June.

Art Market Research, a consultancy, provides Knight Frank with data on artists whose work has been sold at global auction houses such as Christie's and Sotheby's more than 30 times in two years, mainly modern, contemporary, and impressionist artists.

The Affordable Art Fair is expanding and will launch events in Austin, Berlin, and Brisbane in 2024. Cities are eager to support new artists in exhibiting and selling their work, said Ramsay.

Some collectors may choose to donate their art to a museum in later life, while others may leave pieces for family members as part of their estate, resulting in art being returned to the market. According to Taylor, "Others are very content to put it all back into the market and let someone else enjoy the experience."

In the 1990s, Taylor sold a drawing by George Romney, titled Study of Satan for The Fall of the Rebel Angels. Now, she has it back on the market. "You need a constant supply of things coming back," she stated.

As Taylor stated, works of art maintain their worth during inflation.

What — and where — to buy

House of Voltaire is a recommended place to purchase limited edition prints, either online or in-person at its London gallery, according to Diament.

An original piece by British artist Magda Archer titled "It's not all about the 'likes'" is available on the site for £60 ($74.20), while Ella Kruglyanskaya's Latvian paintings begin at £500.

The gallery, led by Diament, is currently showcasing the works of social realist artist Benjamin Senior, with prices starting at approximately £7,000. Senior's paintings are created using egg tempera, a technique popular during the Renaissance era that involves mixing egg yolk with pigment to create a paint that is applied in layers to create an image.

Despite being rare, the senior's price point remains affordable, as Diament stated.

Taylor specializes in British watercolors from the 18th to early 20th century, referred to as the "Golden Age" of the technique. According to Taylor, this era witnessed a great flourishing of talent and coincided with a period of prosperity in Britain, resulting in a market for their work.

Taylor stated that for a budget of £10,000, one could purchase between five to ten pieces from the period. She emphasized that the field was both affordable and excellent, making it possible to start a decent collection.

Taylor stated that many newer buyers concentrate on a specific region or style and gradually accumulate highly curated collections. One of her clients, a young American man, frequently travels and prefers landscape paintings of European countries. After a couple of years, he returned to her and declared that he had decided to focus entirely on Italy to avoid a disparate collection.

Taylor stated that some individuals prefer colorful artwork, while others focus on drawings without color. Additionally, she mentioned that some people collect the works of a single artist. Taylor also pointed out that portraits, regardless of whether they depict ancestors or not, can have a universal appeal if they feature interesting faces.

Art can sometimes be perceived as elitist, but there's no need to feel intimidated. Local galleries are eager to have visitors and you may get to see works before others. It's thrilling to witness a piece of art for the first time, Diament added.

Ramsay advises buying something only if you love it and it has the potential for longevity. He suggests taking some time to reflect on your initial reaction and determine if it will maintain your interest over time. If you continue to think about it, it may be a sign that it is meant for you.

The International Body of Art promotes a collaborative approach to buying art by encouraging buyers to participate in the artistic process through studio visits and exhibition curation opportunities. This approach eliminates traditional barriers to art ownership.

Buying at auction

Contemporary art can be purchased at auctions, as they offer an open market and specialized consultants from top auction houses, says Isabelle Paagman, Sotheby's senior international specialist for contemporary art.

Paagman advised that when deciding what to bid on, it's important to identify what you like and set a budget. She emphasized that it's crucial to consider the mission and budget you want to allocate.

When purchasing art, the history and ownership of the piece, known as provenance, is typically a significant factor to consider.

When you purchase an artwork at an auction, it often comes with an intriguing past, and by owning it, you become a part of that legacy. You're joining a distinguished line of provenance, as Paagman stated.

Paagman advised that it's better to view a piece in real life before bidding on it online, as it allows you to feel and understand the emotional response you get from it.

The final bid accepted by the auctioneer, plus taxes, shipping charges, and a buyer's premium of 26% of the hammer price for pieces up to £800,000, will determine the total cost of an artwork at Sotheby's.

Sotheby's offers a "buy now" selection for immediate purchase, featuring artworks under $2,000, including prints by American artist Shepard Fairey.

Paagman stated that not establishing a strict set of rules when engaging with the art world can have its benefits, as it should also be enjoyable.