Image by AFP/Getty Images via @daylife

The following post is written byBettina Korek, founder ofForYourArt, a guide to seeing,collecting, and learning about art.

Theauctionseason gotoff to anunevenstart lastweek butproved that high-end art remains a hot investment.While the Impressionist and Modern sales atSotheby’s “soared,” bringing in$200 million,Christie’s took in an “anemic” $141 million. Oneanonymous private collector snapped up one singlelandscape painting by Gustav Klimt for $40.4million. This week the hunt for art continues asworks from the Peter Norton Collection are bid on atChristie’s. Beginning Tuesday, important pieces byLA artists including Barbara Kruger, Paul McCarthyand Charles Ray will be offered for sale.

Most of us do not have the resources—or clout—ofbillionaire collectors Edye and Eli Broad, Normanand Irma Braman or Doris Fisher. But starting an artcollection is more affordable than you think and you

Most Popular

LISTS | 11/07/2011 @ 1:14PM | 3,840 views

Not A Billionaire? You Can StillBe An Art Collector

NEWS People Places Companies

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

+ Follow

Connecting WithArt: An InsideLook Into ABillionaire's ArtCollection

Keren BlankfeldForbes Staff

Auction House ToThe (Dead) Stars

Dorothy Pomerantz

Facebook Could Go Public BeforeFacebook Could Go Public BeforeChristmas, Valuation A Big QuestionChristmas, Valuation A Big Question+38,043 views

Cyber Monday: 5 Reasons Non-GamersCyber Monday: 5 Reasons Non-GamersWould Want Amazon's $199 XBoxWould Want Amazon's $199 XBox+21,854 views

Can China Rescue Its Economy?Can China Rescue Its Economy?+20,448 views

+ Comment now

Search news, business leaders, and stock quotes

Help | Login | SignUp

Free Issue >

Is GLD Really As Good AsGold?

Expect Years Of PainBefore Market Gain

Can China Rescue ItsEconomy?

AdVoice: Cyber Monday@Work

Business Investing Tech Entrepreneurs Op/Ed Leadership Lifestyle Lists

Not A Billionaire? You Can Still Be An Art Collector - Forbes http://www.forbes.com/sites/kerenblankfeld/2011/11/07/not-a-bi...

1 of 5 11/28/11 5:38 PM

can take a cue from them and become an arts patronat the same time. Collector and MOCA BoardPresident Jeffrey Soros advises: “Without supportinga museum or an arts organization, the collector isjust a tourist in the art world gathering souvenirs.With the support comes citizenship.”

You should first and foremost love the art that you arebuying, because the market is fickle. With some time andgood advice, you can learn about art and collect based onart’s historical significance. Traveling to art fairs andexhibitions gives you the opportunity to see what othercollectors are buying and mass buying affects value. Themost important thing is to take an informed approach.

The art world is a complicated and compelling socialnetwork. Your influence and prestige as a collector will beboiled down to purchasing power and your relationshipswith galleries, artists and institutions. You can hone yourintuitions about a young artist, or a work that may rise invalue, into a true skill by educating yourself throughconstant looking and reading. Some resources to start withare Artforum.com, ArtinAmerica.com and ArtInfo.com. Besure to keep track of the things that you like.

Familiarize yourself with the market. Browse auctioncatalogues—Sotheby’s , Christie’s, Phillips de Pury or thenew daily online site Blacklots. This is a great way tobecome more familiar with market values. Keep in mindthat auction prices are public record.

Look in the right places. The chances of finding a good artistincrease when you are looking at a good gallery. Look atgallery 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 BaselMiami Beach, Frieze, or the online-only VIP Art Fair. Pay attention to the youngergalleries that often present at fairs like NADA and Liste–where you will find morework by emerging artists–or in the younger platforms associated with the largerfairs: Art Basel Statements, for example.

Becoming a collector is a process, and one of the best ways to expedite the processis to become a patron at the same time. You want the privilege of knowingcurators, and learning what work they are looking at. It’s important to begenerous 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 asgenerous 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 BaselMiami Beach also maintains a list of presenting arts nonprofits. Research thesegroups a bit to see what piques your interest.

The higher your capacity to give, the more opportunities there are to interact withcurators and other patrons. Members of LACMA’s annual Collector’s Committeeweekend pool millions and vote on proposed acquisitions from museum curators.The ticket price ($15,000 and up) includes a private dinner Friday night at acollector’s home with specially designed menus and wine pairings. LACMAdirector Michael Govan once called Collector’s Committee “the ‘American Idol’ ofthe museum world” and the curatorial presentations are an invaluable way tounderstand how experts make their decisions.

International Committees are another great way to educate oneself, and to travelwith 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 collectorsand patrons together, to connect with the museum and each other, while sharingpersonal insights and specific knowledge.”

Keren’s News StreamShow all activity (20)

Keren BlankfeldForbes Staff

+ Follow

I'm a staff writer at Forbes reporting on wealth. I'vespent the past few years investigating and number-crunching for our signature Forbes 400 and WorldBillionaires Lists. Along the way, I've written a coverstory on Eike Batista, Brazil's richest man, I'veinterviewed Israeli President Shimon Peres about abillionaire producer who dreams of brokering peacein the Middle East, and agreed to disagree with

KEREN BLANKFELD’S POPULAR POSTS

Forbes 400: Billionaire George Soros Cracks IntoThe Top Ten 53,101 views

Donald Trump For President 2012? A ConversationWith The Donald. 31,459 views

Ted Turner's Plans To Save The World 26,143 views

Exclusive Interview: Billionaire Ronald PerelmanWith His Dad 25,474 views

Donald Trump: Show Us Your Worth Certificate17,382 views

MORE FROM KEREN BLANKFELD

Comment 6 days ago

Donald Trump and Forbes have long agreed todisagree on his net worth [...]

on Donald Trump Claims He's Worth $7 Billion

Comment 1 week ago

Fixed it - thanks for catching [...]

on Kenny Troutt On The Thrill Of RacingThoroughbreds

New Post 1 week ago

The Haslam Story: From Pumping Gas ToBuilding Travel Centers Around America

Headline Grab 2 weeks ago

Russian Tycoons Abramovich and BerezovskyFace Off in Courtonline.wsj.com

• • • • •

Forbes Staff

Sotheby's:Protests and BidsDuring BillionaireAuction

Keren BlankfeldForbes Staff

Liz Taylor: TheNext Big Thing?

Dorothy PomerantzForbes Staff

+ show more

+ show more

Hedy Lamarr, The Most GlamorousHedy Lamarr, The Most GlamorousGeek Of All TimeGeek Of All Time +16,997 views

LinkedIn's Monica Rogati On "What IsLinkedIn's Monica Rogati On "What IsA Data Scientist?"A Data Scientist?" +16,122 views

Not A Billionaire? You Can Still Be An Art Collector - Forbes http://www.forbes.com/sites/kerenblankfeld/2011/11/07/not-a-bi...

2 of 5 11/28/11 5:38 PM

305 112 18

FEATURES

Words To StrikeFrom YourResume

Independent non-profit spaces often have opportunities to support artist’sprojects or exhibition with gifts ranging from $1,000-$15,000. LAXART, anonprofit arts space in Culver City that is working with the Hammer Museum andGetty Research Institute on major projects with emerging artists, organizesintimate gatherings with artists in the homes of collectors for its Curator’sCouncil, to “bring artists and patrons together in a meaningful and engagedfashion,” according to Director Lauri Firstenberg.

Other annual “weekend” events include TWO x TWO for AIDS and Art Gala andAuction weekend, which jointly benefits AMFAR and acquisitions at the DallasMuseum 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 inmind that you’re taking a calculated risk.

Develop a relationship with an independent art advisor. Advisor Lisa Schiffsuggests asking galleries who they recommend, who they trust and believe in, andwho really knows what he or she is doing. Sima Familiant says it’s important toask a potential advisor how they will help you become involved in the artconversation by getting more involved philanthropically. Nancy Chaikinrecommends checking out The Association of Professional Art Advisors, andwarns to get the facts straight about the fee structure before you start. Someadvisors take commission on purchases, others work on a retainer, and somerequire 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 artobjects.

Get advice from other collectors you admire. I toured Michael Ovitz’s collectionwith MOCA’s patrons group, and he talked about starting to collect at GeminiGEL. Editions are a great way to get your feet wet, and can be a great area to focuson. New sites like Artspace.com are also a great place to look.

Over time, developing an interest in art can connect you with an incrediblesocial and intellectual community. Collecting art is best approached as alife-enriching adventure and one that can build a new asset for your futurealong the way.

Bettina Korek, this post’s author, can be reached at bettina@foryourart.com.

More on Forbes Right Now

Report Corrections

Compare Chevrolet MalibuEPA Est. 33 MPG Hwy & An Emphasis OnPrecision, Quality and Design.www.Chevrolet.com/Malibu

The Car Price AuthorityFind Out What Others Paid for their NewCar and Get a Great PriceTrueCar.com/New-Car-Price-Reports

Warning: #1 Annuity FlawDon't Buy Any Annuity Until You WatchThis Special Video Report.www.SeniorAnnuityAlert.com

Email

+ Comment now

Not A Billionaire? You Can Still Be An Art Collector - Forbes http://www.forbes.com/sites/kerenblankfeld/2011/11/07/not-a-bi...

3 of 5 11/28/11 5:38 PM