Familiarize yourself with some of the trends in the art world. Having a sense of how prices have fluctuated is as important as recognizing great art. Read magazines such as "ArtForum" and "ArtNews," which document innovations and traditions in contemporary art.
Attend gallery openings and museum exhibits to meet young artists. Establishing contacts among artists will help you build your collection, while also discovering underappreciated or emerging artists.
Stay aware of how the market is changing. In the course of several months, the value of a piece of art might explode exponentially and then collapse.
Purchase artwork. Alternately, you can contract with a specific artist to sell the art for them and keep a percentage of the selling price. You should have confidence that the art will gain value, but you shouldn't sink money into work that has already "topped out," or reached its price ceiling. When you first start out, try to accumulate works that can be bundled together as stylistically similar, for an exhibit or gallery opening.
Rent a space to feature your art. Hold gallery openings that feature individual artists, art movements, cultures or emerging styles. Publicize the opening in local newspapers and national periodicals. Each work should be exhibited with a small identification marker that gives the artist, the work's name, the composition method and the date of completion.
Calculate the price for which you would resell the art. This should reflect the changing value of the art, but also be enough to support yourself through the next round of acquisitions.
Field offers from other art dealers. Your gallery opening should pique interest, especially if the opening was in New York City or Los Angeles, where art dealers are concentrated. If offers are not coming in and you want to deal more actively, consider contacting museums or other galleries about their acquiring your pieces.