Most Valuable Art Collections in the World

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Art collection supports local artists and the value it presents to society as a whole. In fact, art collecting has grown so big that the top five players in the game have more than $11 billion in assets. Art has become one of the most lucrative investments a human being can put their money into. In fact, to put art collecting into perspective, the Orange Marilyn silkscreens of Andy Warhol were originally bought for $2,400 in the ’60s. Auctioned at the turn of the century, they sold for $17 million, which is a 102,000% value increase in 40 years.

 

Here are some of the most valuable art collections in the world:

 

Francois Pinault

 

A total collection value of $1.4 billion dollars, Francois Pinault has a combined personal wealth of around $14 billion. Even small beginnings can have a massive influence, and when looking at Francois Pinault, he began from small beginnings. He started chopping wood in 1963, but he soon turned his business into a thriving profession. He grew smarter. Some of the investments he has made include Puma, Château Latour vineyard and one of the world’s largest art collections.

 

Philip Niarchos

 

Having a total collection value of $2.2 billion, Niarchos has a personal wealth of around $2.2 billion. Some of the collection of masterpieces include one of the world’s largest private stockpiles of Van Gogh and even the iconic “Self Portrait,” which took place before he cut his ear off. He bought it for $71.5 million, and he bought “Yo Picasso” for $47.9 million.

 

Eli Broad

 

Featuring a collection value of $2.2 and a personal wealth of $7.1 billion, Eli Broad has sometimes been called the “Lorenzo Medici of Los Angeles.” He’s a self-made billionaire who has done some famous philanthropic work. Broad’s interest in art dates to 1973 when he bought the Van Gogh drawing, “Cabanes a Saintes-Maries.” He picked up some other pieces like Picasso, Miro and Matisse. His collection has since expanded to include the likes of Cindy Sherman, Jeff Koons, Damien Hirst, Ed Ruscha and Andy Warhol. He has over 2,000 artworks.

 

These are some of the most valuable art collections in the world. As art collectors, each of these men hold a special regard and respect in the art community.

 

Tips for Starting An Art Gallery– According to the Experts

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The most important consideration for individuals who plan to start an art gallery is to know your target audience. The next most important tip is to study the planned location of the gallery.

 

In large urban areas like New York City, starting an art gallery is a relatively simple matter of choosing a location with a lot of daily foot traffic. In large crowded urban cities, there is less worry about a target audience since throngs of people pass by an art gallery and, on impulse stop in due to an art collection that captures their attention. In these large cities, art galleries crop up on sidewalks, in local parks and in strip malls.

 

The Grand Opening of an Art Gallery

The most momentous occasion for a prospective art gallery owner is the Grand Opening. This event should attract artists, art lovers and buyers. Choose a specific theme for the Grand Opening that becomes a signature style of the gallery’s offerings to create the gallery brand.

 

This event should create a lasting memory of your gallery’s purpose and artistic potential for a wide range of patrons. A Grand Opening announcement should be done several weeks before the date of the opening through advertisements and public relations. Don’t be afraid to contact local dignitaries for a “ribbon cutting” ceremony.

 

An Art Gallery with Curb Appeal

The other facet of starting an art gallery is creating a proactive calendar of gallery events. These events include guest artists’ collections or an open house during the holidays. The purpose of starting an art gallery should be clearly defined before a location is chosen. Decide whether renting or leasing is within budget.

 

Advertising and PR – Tools for a Solid Start

Experts agree that art galleries with the greatest success are those who have a well designed advertising and public relations program in place. An effective advertising plan should include social media and some form of hard copy ads in local papers and magazines.

 

The public relations plan should focus on encouraging regular gallery patrons of the art. Successful art galleries often choose activities for patrons like a “wine and cheese” art collectors’ and buyers’ soiree. Don’t be afraid to start gallery events with a program by professionals in art restorations and identifying valuable works of art.

 

Collectors and Buyers – The Lifeblood of a Startup Art Gallery

Obviously, without art collectors and buyers, a gallery’s finances suffer. Before the Grand Opening, create a list of potential collectors and buyers for the type of works of art that will be on display.

 

Art Conservation 101

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Art conservation is the preservation of artwork. Curators of art museums try to appropriate works of art they feel will encourage greater patronage. In some cases, these art museum curators require the services of highly experienced, professional art conservators. Generally, this occurs when artwork has been found to be of considerable value in estate sales and through art dealers who do not want to repair damaged artwork.

 

The Unique Skills and Talents of Art Conservation

In addition to repairing damaged works of art, the skills and talents of professional art conservators requires them to visit art museums to ensure great works of art remain in top condition in an uncompromising environment.

 

To show the depth of importance of art conservators, these professionals all adhere to “Guidelines and Standards of Practice” as set forth by the professional organization, AIC (American Institute for the Conservation of Artistic and Historic Works).

 

Thus, an art conservator is experienced in proper pest and climate control, museum facility security and a broad knowledge of original artists’ use of color and design. These professionals must be able to detect an “overpaint” of a famous work of art and recover the original painting hidden beneath the overpainted artwork.

 

Tools of the Art Conservation Trade

In order to properly conserve artwork for preservation purposes, proper tools are needed by conservators. These include small implements like erasers, spatulas, tweezers, bone folders and cotton swabs. These tools help the conservator preserve works of art with such details as to appear untouched by other than the original artist. They also require a handheld black light to uncover “overpaints.”

 

Why is Art Conservation Important?

To understand the underlying factors of art conservation, it is important to study art value. The Metropolitan Museum of Art, for example, generates a large patronage as a result of changing art exhibitions regularly to attract public interest.

 

An art conservator is required to store and lock away valuable pieces of art at this museum to make room for these displayed exhibits. The job of the art conservator is to properly transport works like 18th Century pastels, DaVinci, Matisse or Monet paintings, works of art from privately owned collections or those that are specially commissioned.

Conserving works of art is of primary importance in order to create the durability of artwork and also to preserve a continuance of the love of art for future generations.

 

Rockefeller’s Art Collection to be Auctioned

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Many people hope to live a long and happy life. David Rockefeller accomplished just that. At the age of 101, the financial mogul passed away but was sure to leave his mark on society. Earlier this month it was announced that many of Rockefeller’s personal items are being put up for sale including his NYC penthouse. The most noteworthy piece of Rockefeller’s estate going for auction is his art collection. A collection that was obtained over six decades is now heading to Christie’s auction house for what is likely to be the auction of the century.

 

David and his wife Penny were extremely active art enthusiasts. In 1994, the Museum of Modern Art used the couple’s lavish collection as the subject of one of their exhibitions. The Rockefeller’s had a strong relationship with MoMA. Thus, earnings from the auction will go to the museum, along with other philanthropic organizations. As one of the first members of “The Giving Pledge”, Rockefeller generously promised to donate more than half of his worth upon his passing. David Rockefeller Jr., has publicly stated his family’s willingness to fulfill his father’s wishes by contributing the auction earnings to charity.

 

The Rockefeller’s personal art collection has an estimated 15,000 pieces. Christie’s has received about 2,000 works of art from the compilation. With selections from the Impressionist, post-Impressionist and modern eras, the auction will earn around $500 million or more. Experts are already calling it the art auction of this and last century. In 2009, the art collection of Yves Saint Laurent auctioned at a record-breaking $484 million. It seems as though the Rockefellers are more than likely to steal this title. Prior to the auction in the spring of next year, the collection will travel around America, Europe, and Asia. None of the items for auction have been revealed and it is likely that they will remain private until the tour.

 

It seems as though the generous and philanthropic nature of David and Peggy Rockefeller will live on. As they lived their lives full of compassion and selflessness, so will their legacy. For those fortunate enough to buy a piece from this collection, they will own a legendary work of art with a great sentimental history.

 

 

How to Collect Art That is Meaningful to You

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man looking at art

 

While navigating the art collecting sphere can be a daunting and sometimes a burdensome process, it is important to not lose sight of the specific reasons you are collecting these pieces. The nature of art collecting is very much grounded in passion and it is therefore essential to keep in mind that in fact scouting pieces that you are drawn to, have a particular interest in, and which you are able to create a good sized collection are all vital signs to move forward.

 

Purchase what you like

A big part of art collecting can entail purchasing art that is on the rise or is deemed by critics to appreciate in value exponentially in the coming years. The best course of action is to invest in art that you have a connection to and genuinely like. Some companies or services specialize in a model that appraises art based on artist, genre, date range, content, materials, size, coloration, style, etc. Be sure to take a look at the Uniform Standards of Professional Appraisal Practice (aka the IRS appraisal) for more information.

 

Research first

The internet can definitely be too overwhelming when deciding what kind of art collection to start, so visiting art galleries, connecting with individuals who work at museums and exploring different art vis-a-vis is the best way to narrow this down. Speaking with professionals in person can help you become involved in a market that has a high-cost barrier to entry (which can be very intimidating to the first time art collector).

 

Putting in the time

Above everything else, remember that crafting a successful art collection is a lengthy process. If you want your collection to have a specific focus, it makes more sense to purchase one or two more valuable pieces per year–to pursue quality rather than quantity.