“The 3 stages of art collecting” article by Sue Hostetler
If you are a Young professional-join the young professionals membership groups at places like the San Francisco Museum of Modern Art, the New York MoMA and The MET for the institution's "behind-the-scenes" access to exhibits, curators and trips to artists' studios and galleries.
Along the way learn the politics and economics of “The Art World".
cm*(What or who are/is the “The Art World”? Good question, but I’ll come back to this question later.)
Young professionals in general start out focusing on establishing themselves and becoming wealthy. Supporting the arts comes later.
What the visual arts have to offer to young professionals is a community experience.
cm*(What is meant by community experience? An exciting opportunity (event/party hosted by “The Art World”) for young professionals to meet and connect with other young professionals in a setting that promotes dialogue about “The Art World”. Who are these young professionals?)
Young professionals in the corporate world like Marianna Stark director of strategy for Gap Inc./Old Navy. She has chosen art in the mid-three-figure range and buys what she loves and to support the work of Bay Area-based emerging artist.
cm*(The Bay Area must be close to her home, work and her social circles. Ever wonder why some art is collectible? “The Art World” says who and what to collect, because they collect it too. But how do they decide? Emotional appeal and not to match the decor.)
2. Living with a masterpiece
The home may not be the right environment for all art works big collectors like Mr. and Mrs. Eli Broad, Philanthropist, entrepreneur and founding chairman of the Museum of Contemporary Art, Los Angeles collect. They have 500-works and counting.
cm*(I would think it helps to be chairman of a museum when you collect art.)
A home can have such problems of too much light to hang photographs. “What you hang in the living room is different from what hangs in the bedroom. Obviously you might not want disturbing imagery in the bedroom.” said Mr. Broad. Limited space even in the biggest of mansions can be a problem to hang an entire collection so occasional rotate pieces from storage gives the opportunity to live with different pieces. Most pieces are not picked to match the decor but chosen to have emotional appeal.
Owning and living with masterpieces makes you a steward and have the responsibility to make sure they're seen now and in the future by the widest possible audience.
cm*(A wide audience also helps the value of a collection too.)
How to do this is by loans or build your own museum to house your collection. Mr. Broad said "I can't say we have any favorites, though what “The Art World" considers to be the greatest masterpieces, if measured by value, would be the Jeff Koons's "Rabbit" and then "Flag" by Jasper Johns's, so I suppose they're the two pieces I would likely grab if there were a fire."
cm*(I can just see him running with those pieces under his arms as a fire takes over his mansion. I understand why he built that museum! It’s a big problem living with risk of damage to valuable art. Who does the house keeping of dusting? And how big is that Rabbit?)
Life of a collection:
A collectors taste can and does changed over the years, so they trade art, sale, buy, grow, storage, rotation, loans to audience, makes news makes it valuable, bequeathing.
cm*(It seems the collection becomes an living organism with a life of it’s own.)
3. Giving it away
Lifelong collectors Thea Westreich and Ethan Wagner on the eve of bequeathing more than 800 pieces of their 1000-plus collection said, "Our collecting began in 1980's and the inclination is to collect in depth-to understand each artist fully requires more than one work. The only thing that really ever stops us is the limitations of our finances. Not everything is about acquisition and ownership-it is about the journey, about the evolution of ideas, the excitement of discovery. The reality that we are not going to live forever, that our collection was significant enough to go to the public and that there were institutions for whom the actual pieces we owned were really important. In our view, collecting art is gratifying if it's self-motivated.
Specific artist in collection are to be properly represented, and should go to the right institutions like the Whitney (Whitney only takes American art). The Whitney needed to fill out decades '80's & '90's with important examples of artists' works taken as a whole-and works out of their price range. We picked Pompidou, because of the 27 European artist in our collection, we had 23 on the list that the Pompidou wanted to acquire.”
cm*(Here’s a clue: “The Art World” – institutions like the Whitney said it was “really important”. They collect art too and have a wish list and also have limitations on finances. Hey-I see a pattern-the institutions or “The Art World” tell the young professionals what’s important then they collect that art and gift the collection to the institutions! Genius! The public can see everything, even the disturbing imagery. Because it’s not in the bedroom.)
After the gift, they (Thea Westreich and Ethan Wagner) will continue collecting and supporting only younger artist.
cm*(Only younger artist? OK- now we come full circle in the article, which said at the beginning that Young professionals in general start out focusing on establishing themselves and becoming wealthy. Supporting the arts comes later.
And ONLY younger artist too! Dang-I am an old experienced artist. Just throw me under the bus.) Sad face :>(
If you want to read the original article go to www.departures.com page 216 culture Index forgot the month 2014, “The 3 stages of art collecting” article by Sue Hostetler.