I recently got asked by my uncle Jim about how to start collecting famous artists' works. Uncle Jim is a big fan of Edward Hopper and is drawn to Hopper's depiction of common American life and rural landscapes. But when it comes to buying a famous piece of art, it can be a daunting task. There are many different buying channels and options, but the art market can seem opaque to the average person. You also need to beware of scams and frauds when dealing with various sellers; therefore, some research is recommended before making your purchase. Here is a guide to purchasing a famous piece of art, using Edward Hopper as an example.

Before we start, I want you to ask yourself what is the main reason for you to purchase famous art. Is it an investment for you? Do you have a lot of admiration for the artist? Or maybe you simply love a particular piece? Answering these questions can help determine the best buying channel and format in your situation. In my uncle Jim's case, he enjoys certain subject matters in Hopper's paintings, such as the American working class and country life. He would love to own something from Hopper but isn't planning to make a major investment.

What are the common buying options?

1. Original Artworks 

Buying an original piece will always be the ideal choice, as it offers you all the benefits: You will be able to enjoy art the way it's created, own something from the artist you admire, and likely make a good investment if it's a famous piece. However, if it's a famous piece, it's most likely hanging in a museum or some rich person's mansion right now. With auction houses like Sotheby's and Christie's dominating the investment-grade art market, buying an original piece from a famous artist becomes a less viable option for the average art lover.

But it's not impossible. Within each artist's catalog, there is usually some signature work that the artist is known for. While these pieces command higher prices, other works from the same artist could be an investment opportunity too. Especially when their signature work is constantly auctioned for higher prices, the value of their less notable works can be elevated as well. This opens up some opportunities, and you may be able to find a few pieces from famous artists at your local galleries and art dealers. 

Hopper's original work, which has the highest sales record of $92 million, is probably out of my Uncle Jim's price range. But an alternative would be finding some early works, sketches, or works on paper from Hopper. They do occasionally pop up on popular art buying platforms like Artsy. You can look up the auction history of famous artworks using sites like Artprice and Artnet, but they do require a paid subscription.

2. Limited Edition Prints

If buying originals is not an option, then limited edition prints might be the next best thing. Since most of them are produced using modern technology, they look very similar to the original work and are significantly more affordable. But do they have value as collectibles when someone else is owning the original? Yes, they do. For highly in-demand artists like Andy Warhol and Banksy, their limited edition prints remain some of the most sought-after items on the art market. Prints like those are usually produced in limited quantity and hand-numbered and signed by the artist or the artist's estate, which proves both the scarcity and authenticity. 

Further Reading: Why These 5 Fantastic Prints by Blue-Chip Artists Make Great Investments

Going back on our search for Hopper. On popular art buying platform Artsy, I found limited edition prints for four of Hopper's paintings through a gallery in London. These are around 75 editions, come with a certificate of authenticity, and will cost around $2,000 each at the time of writing. While that's not a small sum for everyone, it does show that collecting limited edition prints from a famous artist isn't as impractical as you might think. 

3. Open Edition Prints

Open edition prints are sometimes available from the artist or a painting restoration/art conservation organization. They cost significantly less than limited edition prints, but there's not much value in collecting them, for a few reasons: First of all, the artist would want to preserve the value of their higher tiered prints, so the open edition prints usually come in less impressive "packaging", such as reduced size, no signature, etc. Since it can be reproduced in very large quantities, it's also not feasible for the artist to care for each print. This results in a product with infinite supply and little to no proof of authenticity, which is not the formula for value creation.

So, why would people still buy them if they won't increase in value? I'd say for the sake of art. When you really appreciate an artist's work and have no desire for financial gain, why not buy a high-quality print at an affordable price? However, many misinformed buyers made their purchases with hopes that their prints would appreciate one day. 

For Hopper, I found open edition prints for two of his paintings through the National Gallery of Art, which utilizes professional imaging systems and printing techniques. You can purchase a large (40" x 30") Hopper print for $150 at the time of writing. Just remember these are for art lovers, not collectors.

4. Prints From Online Sellers

If you're buying prints from an online seller, please understand what you're actually paying for and beware of scams. There are many sellers offering signed prints or even originals on Amazon, eBay, etc. Many of them are in copyright violation to make prints of famous art. There are exceptions when an artwork's copyright has expired or is in the public domain, then people can reproduce it without permission. Many sellers also offer custom prints on different surfaces like canvas, wood, or metal, so they make a good home decoration. But, are these worth buying at all?

Unless from a reputable print shop, it's hard to know about the quality or even how close they look to the original work. I personally don't like this buying option, because these prints don't benefit anyone except for the sellers. The sales won't go to the artists, the print quality has no guarantee, and there's no value in collecting them. This warrants a closer look at the value of reproduced and derivative works.

Where does the value come from in reproduced and derivative works?

There are many types of reproduced and derivative works, such as prints, posters, books, etc. So, how do you know if they have value as a collectible? Well, it basically comes down to these questions: 

1. How closely are they associated with the artist? A print that's hand embellished, numbered, and signed will be much more valuable than those that don't have any input from the artist. Vintage exhibition posters, artwork catalogs, or books about a famous artist may become collectibles in their own right, but that value often comes from the prominence of the author or publishing company instead of the famous artist.

2. How scarce are they? For the same artist, a limited edition print of 20 would be much more valuable than an edition of 100 or an open edition. Between two different artists, you will have to consider which artist is more in-demand besides having a low edition number. For example, Warhol's 1000 edition prints would still be more scarce than an unknown artist's 10 edition prints.

3. How's the quality/condition of them? Prints produced using professional printmaking techniques would be much more valuable than the ones from small photo labs. And prints with damages or imperfections will normally go for a discounted price despite being authentic. 

Further Reading: Collecting Guide: 11 key things to know about Prints & Multiples

How different are art prints from oil paintings?

So far, we have been talking about how art prints are a great alternative to buying originals. You can also print on canvas or panel to match the materials originally used. But how close does a print look compared to the actual oil painting? With modern printing technologies, they are almost indistinguishable when viewed from a distance. But when examined up close, you may still be able to tell the difference. 

This is particularly true for impressionist paintings or paintings made with impasto techniques, as you can see the paint blobs casting shadows and the brushstrokes leaving ridges in the painting. Prints, on the other hand, won't be able to capture the three-dimensional detail. Oil paintings have vibrant colors, and you will notice a slight color change in different viewing angles and lighting conditions (indoor vs. outdoor, morning vs. afternoon, etc.), whereas prints will provide you with a more static image. 

Final thoughts

If you have read this far, I hope you're a little more prepared for making your first art purchase. Art has become more and more accessible to everyone, but purchasing a famous piece of art still requires some knowledge and experience. With some research and patience, owning a limited edition print or even an original piece from a famous artist might become a viable option for you. But it's still very important to understand why some prints can be good investments while others don't have any resell value at all. For any big purchases and investments, there will always be risks. As an art buyer, the best way to reduce your risk is through understanding the art market. 

Disclaimer: All information shared was based on my personal knowledge and experience and should not be considered investment advice. When making a large art purchase or investment, it is recommended to find an experienced art consultant for advice.