From masterpieces to markets – expert guidance for art collectors

The art market is reportedly now worth $65 billion a year globally and increasingly wealth patrons are putting more and more of their wealth into passion purchases with an eye to grow a collection over time that can hold more than just aesthetic value. With high-net-worth individuals on average holding around 15% of their total wealth portfolio in art in 2024 (source: Arts Economics), Deloitte’s Art and Finance Report recently revealed the collectibles market is poised to reach a value of $2 trillion by 2030.

Whatever your reasons for investing in art and chattels, it’s only prudent to pair your ambitions with good guidance. Here, Minerva Art Advisory Director Gui Maximino provides a series of guiding principles to build your collection on, whether you’re just starting out or complementing a collection you or your family have curated over the years.   

1 – Education, education, education

"Learn as much as possible about art, the market and its ecosystem. Attending galleries and their openings, auction houses, museums and even visiting artists’ studios can help you familiarise yourself with the terminology and the respective art forms as well as meeting individuals and building up trust. Building knowledge is key, as is finessing your own tastes and appreciations to ensure you are making decisions with both your head and your heart in order to avoid costly mistakes in the future."

"For one client newly entering the market, I was recently able to tailor a guided programme to museums, galleries, fairs and studios – all designed to build up their confidence and knowledge. This helped them gauge the market and their expectations, growing their acquisition portfolio from £100,000 to £3 million in just two years."   

2 – Set a budget

"Clients too often tell me 'I don’t have a budget'. But everything has a price and knowing it could make or break a collection. The art market is a vast space with a variety of styles, sizes and prices to match – from hundreds to hundreds of millions. Setting a budget will help you focus on the right path to build your collection and stick to your plan."

3 – Time spent in reconnaissance is never wasted

"Every artwork has a story. Make sure you research the provenance of a piece as thoroughly as possible and look beyond the sources you are offered at the start, doing your own independent research where possible. Sadly, such high margins do attract nefarious actors, and fakes and forgeries are out there. Ensuring your own due diligence can help protect your artwork's story from becoming a cautionary tale."

4 – Collection management

"As your collection grows, it’s very important to keep on top of it. Invest time and money for the upkeep of your collection. Storage and security are so important to keep insurance costs down and never compromise on things like frames as they will protect your valued pieces for generations to come. Choose museum grade materials for the frames such as UV proof glass, acid free mounts and handmade panels. Remember, protecting the art’s condition is also protecting its value. Make sure you know exactly where the work is and how it's being cared for at all times, so that your provenance remains as solid as the physical condition of your art."

5 – Quality over quantity

"Collecting art is fun and almost like a bug – once you catch it, it can be addictive. So, keep the focus on buying quality pieces over quantity. A common mistake is to 'buy in bulk' or trying to guess which artist is the next Picasso or Warhol. Art is not a commodity but the market does create objective values, especially with rare works. Sometimes a limited edition print from a special series or period can be worth more than an original painting by the same artist. For example, a limited edition print by Andy Warhol from the Marilyn series can cost you over $300,000 while a late original painting from a less desirable Warhol period could cost $100,000."

"Managing the exposure of quality pieces is also essential for their provenance. We were recently able to enhance a collection of eight artworks by blue chip artists such as Picasso, Warhol, Banksy and Tracey Emin by exhibiting them in museum exhibitions in the UK. After a five-year period, they were sold to different buyers through varying strategies maximising returns for the client."

6 – Consider hiring an art adviser

"Enjoying and growing a collection is often at odds with a busy lifestyle. It's rarely possible or advisable to find the time to do everything on your own, so a trusted art adviser could guide you through the landscape. This helps you acquire the right pieces, while assisting with every step of the purchase transactions. Services provided by advisers can range from collection management, logistics, buying and selling, valuations, and even a broader approach to wealth management – liaising with tax specialists, accountants, family offices and lawyers.

"In addition, a good adviser will be able to help with the right access and introductions, ensuring the proper due diligence is in place before any money is paid. Lastly and most importantly, a trusted adviser will act with complete transparency and free of any conflict of interests, with a clear fee always agreed upon before any service is provided. This is so important because, as in any profession, trust should rightly be hard won. According to Deloitte's 2023 Art and Finance Report, 75% of collectors surveyed cite lack of transparency as the biggest threat to the market’s reputation."

Collecting art can be incredibly rewarding – it should never feel exclusionary. Wherever you are on your art journey, a good adviser can help you feel comfortable and confident in the inherent value of celebrating good art. 

Find out how the Coutts Art Club can help you embark on a voyage of artistic discovery