What is an Acquisition?
Definition: In the art world, an acquisition is the formal process of obtaining artwork, most commonly through purchase, but also via donation, bequest, inheritance, or trade. Acquisitions are central to both private and institutional collecting, and they shape the long-term value and visibility of an artwork.
Museums and public collections often acquire works based on curatorial strategy, historical relevance, and provenance. These decisions are typically reviewed by acquisition committees. In the private market, acquisitions can reflect personal taste, investment goals, or estate planning strategies. Auction houses and galleries also use the term when acquiring works for resale or inventory.
Understanding acquisition strategy is essential for collectors, institutions, and estates alike—particularly as it relates to tax, insurance, and resale considerations.
