Art collectors

Perceived barriers to entry often keep potential art collectors from taking the step beyond admiration to acquisition. Sometimes this results from neither liking nor understanding what’s available, but basic hurdles can involve learning how best to source and price what you are collecting — and the terminology can be daunting too. In his latest book, How to Collect Art, art-market expert Magnus Resch puts forward the most comprehensive, clearly explained guide to art collecting that I’ve ever read. A best-selling author, an entrepreneur and an art collector himself, Resch not only teaches art management at Yale, but has written and commented on the art market for years.

Art market reporting tends to be more sensationalist than, say, the news about corn futures. Breathless accounts of high-stakes bidding abound, remarkable discoveries of forgotten treasures in thrift shops get big headlines, and who’s up or down and how much money the fluctuation involves become fodder for salacious gossip. Interesting though these tales undoubtedly are, though, they don’t provide a realistic picture of the art business. While they may be less gossipy, some nuts-and-bolts stories away from the headlines can be just as compelling for those with an interest in the art market, and how what we see displayed in our homes, public spaces and cultural institutions depends upon very practical considerations to get there.