Collecting art is truly an art in its own respect. It is a nuanced process that can be comparable to appreciating fine wine: it's an acquired taste that takes time to develop. For those new to the world of art collecting, the process is almost always proven to be overwhelming. Navigating the vast array of styles, mediums, artists in the world, not to mention the countless galleries, exhibitions and art fairs that happen worldwide, every month, is.... well, too much to properly digest. However, just like wine, guidance and exploration will facilitate for anyone to learn to appreciate the beauty and value of art or at the very least spark curiosity about this fascinating world.
The Players and Tastemakers that dominate the artworld
The world of art collecting is made up of a variety of players, from galleries and museums to individual collectors, art advisors and art curators. Galleries serve as the primary avenue for artists to showcase their work and gain recognition on the commercial end through their 6 week long rotation exhibitions, or their presence at art fairs around the world. They often work closely with collectors and institutions to place artists' works in private and public collections. Museums and public institutions serve as important stewards of cultural heritage and can greatly impact an artist's career trajectory. Having work included in museum exhibitions or acquired for permanent collections can signal a high level of validation and recognition for an artist's work.
But who buys the art? Collectors come from all walks of life and can range from seasoned veterans to first-time buyers with a passion for creating a collection. High-profile collectors like Eli Broad and François Pinault have amassed vast collections that rival those of major museums and better yet - have their own private Museums/Foundations. Others have gallery sections in museums dedicated to their name. However, the majority of collectors are not household names and may collect for a variety of reasons, such as personal enjoyment, investment potential, or social status.
Tastemakers are often influential in shaping the public's perception of certain artists or movements. Critics, curators, and other cultural figures can greatly impact an artist's career by providing exposure and critical acclaim. Major power galleries also play a significant role in advancing an artist's career by providing them with exposure, networking opportunities, and access to influential collectors and institutions. These galleries often have a strong reputation within the art world and can help to contextualize an artist's work alongside that of other established artists. This can be particularly important in creating a narrative for the artist's work and positioning them within a specific artistic movement or tradition. The relationships that an artist forms with galleries and other key players in the art world can also have a significant impact on their career trajectory.
Acquiring a Taste for Art Collecting - The “visual food”
So, how does one go about acquiring a taste for art collecting? Just like wine tasting, it requires exploration and education. Visiting galleries, attending exhibitions, and engaging with art communities can all help to build a deeper understanding and appreciation for art. In other words, this is the process of “building one’s eye” - a term unofficially coined by the artworld. Building relationships with galleries and collectors can also provide valuable insights and access to new works. Of course, not everyone has the luxury to do all of that, which is why there are thousands and thousands of art advisors whose whole job is tailored to cater that very aspect - building your eye through their synthesis of what they know, what they’ve seen, and what they’ve heard. In many ways (and this has been heavily written about), the art world also operates similarly to the world of luxury goods. Just like high-end watches from brands like Patek Philippe and Rolex, or designer handbags from Hermes or Chanel, the most in-demand works of art are often only available to those with the means and connections to acquire them. Galleries and auction houses want to maintain relationships with their most important clients, so they may prioritize sales to those who have a history of buying and reselling works, those who heavily donate to institutions, or those who have been loyal in supporting their programs.
This exclusivity and difficulty in access only add to the allure of art collecting for some. For those who are passionate about art, the thrill of acquiring a coveted work can be worth the wait and the cost. However, it can also be frustrating for those who are just starting out in the world of art collecting and may not have the same resources and connections as more established collectors.
Stick to what you like - Trust your Gut.
When it comes to art collecting, there is no one-size-fits-all approach. The important thing is to trust your gut and always buy what you love. It might sound cliche, but it is the most important rule in art collecting.
Historically, some collectors have preferred to focus on a particular style, such as Abstract Expressionism or Pop Art, while others have been drawn to a particular medium, such as photography or sculpture. Some collectors may even choose to specialize in a particular artist or group of artists. For example, billionaire hedge fund manager Steven Cohen is known for his vast collection of contemporary art, which includes works by some of the biggest names in the art world, such as Jeff Koons, Damien Hirst, and Pablo Picasso. Cohen's collection is not only diverse in terms of the styles and mediums represented, but also in terms of the artists themselves.
On the other hand, the Vogels, a modest couple who lived in New York City, were known for their collection of minimalist and conceptual art. They focused on acquiring works by emerging artists and often purchased pieces directly from the artists themselves. Over the course of several decades, they amassed a collection of over 4,000 works of art, which they ultimately donated to the National Gallery of Art in Washington, D.C.
While some collectors may be tempted to buy and sell quickly for a profit, this can be a risky strategy and they are usually blacklisted within the traditional circle as being “flippers.” Instead, successful collectors tend to take a long-term view and invest in works that they believe will hold their value over time.
Ultimately, the world of art collecting offers a wide range of opportunities for anyone with an interest in art. Whether you are a seasoned collector or just starting out, there is always something new to discover and appreciate.