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Not A Billionaire? You Can Still Be An Art Collector - Forbes

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Keren Blankfeld, Forbes Staff I cover wealth. Usually of the billionaire variety.

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Not A Billionaire? You Can Still Be An Art Collector + Comment now

The following post is written by Bettina Korek, founder of ForYourArt, a guide to seeing, collecting, and learning about art.

Connecting With Art: An Inside Look Into A Billionaire's Art Collection Keren Blankfeld Forbes Staff

Auction House To The (Dead) Stars Dorothy Pomerantz

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The auction season got off to an uneven Image by AFP/Getty Images via @daylife start last week but proved that high-end art remains a hot investment. While the Impressionist and Modern sales at Sotheby’s “soared,” bringing in$200 million, Christie’s took in an “anemic” $141 million. One anonymous private collector snapped up one single landscape painting by Gustav Klimt for $40.4 million. This week the hunt for art continues as works from the Peter Norton Collection are bid on at Christie’s. Beginning Tuesday, important pieces by LA artists including Barbara Kruger, Paul McCarthy and Charles Ray will be offered for sale. Most of us do not have the resources—or clout—of billionaire collectors Edye and Eli Broad, Norman and Irma Braman or Doris Fisher. But starting an art collection is more affordable than you think and you

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11/28/11 5:38 PM

Not A Billionaire? You Can Still Be An Art Collector - Forbes

Forbes Staff

Sotheby's: Protests and Bids During Billionaire Auction Keren Blankfeld Forbes Staff

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http://www.forbes.com/sites/kerenblankfeld/2011/11/07/not-a-bi...

can take a cue from them and become an arts patron at the same time. Collector and MOCA Board President Jeffrey Soros advises: “Without supporting a museum or an arts organization, the collector is just a tourist in the art world gathering souvenirs. With the support comes citizenship.” You should first and foremost love the art that you are buying, because the market is fickle. With some time and good advice, you can learn about art and collect based on art’s historical significance. Traveling to art fairs and exhibitions gives you the opportunity to see what other collectors are buying and mass buying affects value. The most important thing is to take an informed approach. The art world is a complicated and compelling social network. Your influence and prestige as a collector will be boiled down to purchasing power and your relationships with galleries, artists and institutions. You can hone your intuitions about a young artist, or a work that may rise in value, into a true skill by educating yourself through constant looking and reading. Some resources to start with are Artforum.com, ArtinAmerica.com and ArtInfo.com. Be sure to keep track of the things that you like. Familiarize yourself with the market. Browse auction catalogues—Sotheby’s , Christie’s, Phillips de Pury or the new daily online site Blacklots. This is a great way to become more familiar with market values. Keep in mind that auction prices are public record.

Look in the right places. The chances of finding a good artist increase when you are looking at a good gallery. Look at gallery websites—it’s easy to kill time at your desk browsing through sites of galleries that participate in top fairs like Art Basel and Art Basel Miami Beach, Frieze, or the online-only VIP Art Fair. Pay attention to the younger galleries that often present at fairs like NADA and Liste–where you will find more work by emerging artists–or in the younger platforms associated with the larger fairs: Art Basel Statements, for example. Becoming a collector is a process, and one of the best ways to expedite the process is to become a patron at the same time. You want the privilege of knowing curators, and learning what work they are looking at. It’s important to be generous and support art for art’s sake; it will give you information and access. Join an innovative nonprofit space or museum at a higher level ($1,000+). Be as generous as you can afford to be. It’s not hard to identify these places —ForYourArt maintains a list for Los Angeles and New York. The art fair Art Basel Miami Beach also maintains a list of presenting arts nonprofits. Research these groups a bit to see what piques your interest.

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I'm a staff writer at Forbes reporting on wealth. I've spent the past few years investigating and numbercrunching for our signature Forbes 400 and World Billionaires Lists. Along the way, I've written a cover story on Eike Batista, Brazil's richest man, I've interviewed Israeli President Shimon Peres about a billionaire producer who dreams of brokering peace in the Middle East, and agreed to disagree with + show more

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The higher your capacity to give, the more opportunities there are to interact with curators and other patrons. Members of LACMA’s annual Collector’s Committee weekend pool millions and vote on proposed acquisitions from museum curators. The ticket price ($15,000 and up) includes a private dinner Friday night at a collector’s home with specially designed menus and wine pairings. LACMA director Michael Govan once called Collector’s Committee “the ‘American Idol’ of the museum world” and the curatorial presentations are an invaluable way to understand how experts make their decisions. International Committees are another great way to educate oneself, and to travel with insider status. Deputy Director of the Guggenheim Museum Ari Wiseman, who is leading their International Director’s Council trip to Los Angeles this week, says this group is an “important way to bring an international group of collectors and patrons together, to connect with the museum and each other, while sharing personal insights and specific knowledge.”

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11/28/11 5:38 PM

Not A Billionaire? You Can Still Be An Art Collector - Forbes

http://www.forbes.com/sites/kerenblankfeld/2011/11/07/not-a-bi...

Independent non-profit spaces often have opportunities to support artist’s projects or exhibition with gifts ranging from $1,000-$15,000. LAXART, a nonprofit arts space in Culver City that is working with the Hammer Museum and Getty Research Institute on major projects with emerging artists, organizes intimate gatherings with artists in the homes of collectors for its Curator’s Council, to “bring artists and patrons together in a meaningful and engaged fashion,” according to Director Lauri Firstenberg. Other annual “weekend” events include TWO x TWO for AIDS and Art Gala and Auction weekend, which jointly benefits AMFAR and acquisitions at the Dallas Museum of Art, and the Aspen Art Museum’s ArtCrush Benefit. Looking at art graduate school exhibitions is a great way to buy early, but keep in mind that you’re taking a calculated risk.

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Develop a relationship with an independent art advisor. Advisor Lisa Schiff suggests asking galleries who they recommend, who they trust and believe in, and who really knows what he or she is doing. Sima Familiant says it’s important to ask a potential advisor how they will help you become involved in the art conversation by getting more involved philanthropically. Nancy Chaikin recommends checking out The Association of Professional Art Advisors, and warns to get the facts straight about the fee structure before you start. Some advisors take commission on purchases, others work on a retainer, and some require both. Build a library. Art books are a fantastic way to jump-start your collecting. Artbook|DAP provides fantastically curated lists. Books in themselves can be art objects. Get advice from other collectors you admire. I toured Michael Ovitz’s collection with MOCA’s patrons group, and he talked about starting to collect at Gemini GEL. Editions are a great way to get your feet wet, and can be a great area to focus on. New sites like Artspace.com are also a great place to look.

Over time, developing an interest in art can connect you with an incredible social and intellectual community. Collecting art is best approached as a life-enriching adventure and one that can build a new asset for your future along the way. Bettina Korek, this post’s author, can be reached at bettina@foryourart.com. + Comment now

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