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.

 

5 Essential Tips to Plan Your First Art Collection

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5 Essential Tips to Plan Your First Art Collection

Art collecting is more than obtaining something valuable. It is about having a collection that others want to see. A good collection tells others about the art that they wouldn’t be able to determine simply by seeing the pieces alone. There are a few keys to planning your first collection.

Establish your tastes

The first step is to determine which pieces appeal to you. When you collect simply on what interests others it’s hard to make a statement with your collection. Forbes recommends touring galleries and other collections. Spend time at auctions and with other collectors before making a purchase. This will give you an opportunity to determine what interests you. Ultimately you are the one who will own the collection. It doesn’t matter if everyone shares your opinions. Your collection allows you to express your unique tastes.

Form a Cohesive Collection

Once you know what you like it’s important to know why you like it. According to ArtBusiness.com the best collections aren’t simply randomly selected pieces, but have something that ties them together. The collection then becomes a work of art in and of itself. When you know why you like a particular piece it makes it easier to select similar pieces. If you select simply based on the interests of others you may find that it is difficult to create your collection.

Create a Budget

Once you have an idea of what interests you it’s important to set a budget. How much are you planning to spend on your collection right now? How many pieces do you want to start with? These are important questions to consider and will help you determine your budget per piece as well. Art collecting can be an expensive hobby and if you spend your entire budget on one piece it may be a while before you are able to add to your collection. In addition to purchasing the piece itself you also need to consider the cost of insuring, obtaining, and displaying it.

Document Everything

Proper storage and documentation is an important key to planning your first collection. You will need to have a filing system in place to keep track of all of your purchases before you start. This paper trail is the key to establishing the authenticity of the pieces you purchase. Careful documentation preserves the value of your collection and is important not only for your own interests, but for insurance purposes as well.

Pick Your First Piece

The first piece in your collection is the building block upon which you will select your other pieces. It is essentially the first step in starting your collection. By this point you should already have a well-defined idea of what your particular tastes are. This piece should fit with the theme that you have determined for your collection. It is okay to spend more on this piece than the others as long as you don’t go over budget and are still able to purchase the remaining pieces for your collection.

15 Essential Terms to Know When Art Auctioning

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15 Essential Terms to Know When Art Auctioning

Auctioning can sometimes resemble a sporting match in terms of competitiveness and intensity. Understanding the most basic principles of art auctioning will allow any individual to excel once provided with the opportunity to bid on artwork. Here are 15 terms to keep in mind as you participate in this process. 

Appraisal- The market value assigned to an item by the house specialists.

As is- The item is sold in its current condition, with imperfections and faults at the time of auction.

Auctioneer- The conductor of the auction, usually a trained professional, can be a man or woman. They are usually known for their ability to fetch outstanding prices for items, even in the stingiest of crowds. Auctioneer’s use many different styles that are catered to specific demographics.

Bid- The amount a prospective buyer signals he/she would like to pay for the item currently being auctioned.

Bought In- Art that fails to sell and gets returned to the consignor.

Buyer’s Premium- The fee that the auction house adds to the hammer price of an item, usually a percentage from 10-20%.

Conditions Report- Description of the item up for auction, usually prepared by a specialist.

Consignor- The party responsible for putting the piece up for auction. Can stem from the three D’s known as Divorce, Death and or Debt.

Exhibition History- A complete history of all exhibitions in which an item as appeared. Exhibit history may affect the value of the item.

Hammer Price- The final and winning bid, gets its name from the gavel when it comes down upon completion of an auction.

Increment- The amount by which the next bid must surpass the previous bid.

Protecting a Market- When a dealer places a bid on behalf of an artist to assure that the market value of an artist does not fall. Major artists usually expect this type of financial protection from dealers.

Reserve- The minimum price that a consignor will allow the item to be sold for. If the reserve is not met then the work will be bought in.

Sell Through Rate- The percentage compiled to assess how the auction performed. Rates below 75% are considered to be underperforming.

White Glove Sale-  An auction in with a 100% sell through rate. A party usually ensues after.

Even with basic knowledge of these terms, any beginner can approach a sale at the auction house with confidence and ease.