The Modern Art Collector
Contributed by Emily Derr and the CAFC Editorial Committee
Perhaps the purest form of art patronage is art collecting. Today, the motivations behind acquiring art are as diverse as artwork itself. No longer is art an elitist pursuit for the erudite and affluent. From the thrill of investment potential to the soul-stirring connection with creativity, the psychology of the modern art collector offers a fascinating lens into the human psyche and how our world evolves.
By exploring collector personas, we gain a wealth of insight into our neighbors, leaders and organizations that invest in art in different ways. What type of collector are you? What types resonate with your work and your audiences? Can you offer something to collectors that you have yet to reach? What types of collectors can you cultivate as you gain an understanding of art at the intersection of all spheres of life? These questions are worth exploring regardless of your role in the art world.
1.The Investor
This person buys art like stocks, as an alternative asset class. Their collections are armored tanks protecting their assets against unpredictable market movements. They see a Rothko and think, “That’s a helluva hedge fund.” They’re the ones who turn galleries into trading floors. And you know what? I get it. Art is a tangible asset, a conversation starter, and a potential goldmine.
The investor no longer must be in the top 1% in terms of wealth. Masterworks, an online platform, exists to democratize this investment class. It allows the average investor to own a fraction of a valuable original artwork by a well-known artist. By facilitating buying and trading shares in multi-million-dollar, blue-chip artworks investors can “build a diversified portfolio of iconic curated works of art.
The opportunities we offer to affluent investors can be leveraged to build our brands, our studios, organizations and communities. Does your collection have any valuable or noteworthy artworks? Sponsorship opportunities with private tours can bring these Affluent Investors together to solidify relationships with artists and institutions. Everyone likes to feel like an expert. Perhaps the Affluent Investor would like to give a talk for your organization. Position your ask so these individuals see the value.
2.The Corporate Collector
They’re the ones who buy art for the company, not for themselves. It’s about image, tribal affiliation, and tax write-offs. For them, a Picasso is less about aesthetics and more about ROI and brand reinforcement. At your board or team meetings take inventory of the art you are exhibiting and the artists on your roster. Do they have any connection with the corporate art buyers in your region? This is a good conversation starter to engage potential corporate collectors who might want to sponsor your organization or event. Exhibits that highlight public art might also be a great item to add to your team discussion.
3.The Passionate Connoisseur
These are the high priests and priestesses steeped in the art world. They live, breathe, and bleed art. For them, viewing, purchasing, and owning a Damien Hirst is a sacrament, a Rothko a religious experience. They’ve got encyclopedic knowledge, a nose for a masterpiece, and a collection that’s their personal Louvre or (The Met!). They’re the ones who turn gallery openings into academic conferences. Respect them, fear them, but most importantly, learn from them. They will help you connect with passionate true supporters of the arts learn the insider lingo and stay on the pulse of a particular genre or trend. If I am fortunate enough to encounter a passionate connoisseur at an art reception or curator’s talk, I will gladly listen! They are inspirational figures that show us how to commit to our passions.
Also, passionate Connoisseurs can make excellent board members. They generally like to be part of an exclusive group so consider them for outreach and education related committee members. Their personalities are memorable, engaging, and often resonate with people of all ages.
4.The Art Student
They’ are the future of the art market, if they can just figure out how to pay rent.
Although this audience may be low on funds to purchase arts, arts organizations can offer these potential future collectors’ educational programs with related and accessible arts, prints and small works at an affordable price. Stamford Art Association keeps postcard sized accessible original artworks at the front desk so visitors can look through while they are touring the gallery. Today’s students may be tomorrow’s philanthropist or art investor.
If you are an arts organization, I cannot emphasize the need for accessibility enough. Make sure you have affordable prints and artworks visible and available, so visitors know they are for sale. They are wonderful items to get new collectors accustomed to purchasing art, and they are great “add-ons.” You can add them with clear engaging signage at your front desk, or like Katonah, New York Gallery Oak & Oil offer attractive metal racks in the center of the gallery where viewers can sift through accessible prints and originals at lower price points (make sure they are wrapped in plastic so that the artwork stays protected.)
5.The Novice Collector
These are the wide-eyed, bushy-tailed newcomers to the art world. They’re excited, overwhelmed, and a little bit scared. They’re the ones who spend hours on Artsy, trying to figure out if they’re buying a masterpiece or a money pit. They also are known to attend gallery receptions. They may not know about their local arts council or your organization because they are new to the area and usually looking to be welcomed into your world. If you are an artist perhaps you met a Novice Collector at a reception or community event. This may be an opportunity to invite them to your open studio or ask them if you may add them to your distribution list. They’re the future of the art market, if they can survive the initial shock and confusion.
6.The Philanthropist
These are the preservers of art in the world. They buy art not for themselves, but for everyone else. museums, charities, public spaces – they’re the “sugar daddies and mommies of the art world”. They’re the ones who make art accessible to the masses, extending their legacies.
We’d all like to attract philanthropists hoping they will see value in what we do. The first step is to fully understand what they invest in and why. What causes or charitable organizations do they support? Have they been interviewed locally and which artists, mediums, etc. do they prefer? A simple Google or LinkedIn search is a great way to start. Are there mutual connections between the art philanthropists in your area and your board members, staff, etc.? Once you have conducted your initial research and invite them to your events and offer a private tour. Cold emailing these influential individuals is challenging. Make sure your mission, your “Why” is and your strategic plans are clear in your communication. Also, an introduction by a mutual contact is always helpful.
If you aspire to become an art philanthropist but have a limited budget, you can start small. Purchase holiday cards with art prints and offer those items as gifts. Also, attend openings and purchase artwork from emerging artists and spread the word about who they are. You can easily help make an artist more visible and play a role in jump starting an artist’s career.
7.The Art Gambler
These are the “adrenaline junkies” of the art world. They’re the ones betting on the next big thing before it’s even a blip on the radar. They live for the thrill of the hunt, the gamble of discovery. They’re as likely to find a masterpiece in a Brooklyn (or perhaps at the Aldrich in Ridgefield, CT or MOCA, Westport) basement as they are in a Sotheby’s auction. It’s all about the chase! How does your organization encourage hunting for art? What resources and partnerships do you develop to help your patrons discover the next find?
The closest I came to “discovering” a hidden gem was at the Dickson City Flea Market outside of Scranton, Pennsylvania. For five dollars, I purchased an unframed limited edition print of a parrot from a well-known cruise ship artist who created a series of sea life brightly colored prints for Carnival Cruise Lines.
8.The Lifestyle Curator
Think of them as influencers with money. Their art collection reflects their personal brand. They’re the ones who post their new artistic pursuits and acquisitions on Instagram daily. It’s less about the art itself and more about how it makes them look. They’re building a lifestyle empire, one masterpiece at a time. They relish discovering new artists or the art community so don’t hesitate to reach out to them.
To find a lifestyle curator, look at their social media follower count and observe how viewers engage with these individuals. Which artists do they currently work with? What platforms are they on? Facebook? Instagram? TikTok? Threads? YouTube? They usually tag other artists so you can see who they attract and admire. This will help you determine if they’d be a good fit for your mission.
Hints on making contact: depending on their niche or following these curators probably receive multiple direct messages on their social media accounts. If they do not follow you, your message might get lost in their general mailbox, especially with the platforms cracking down on unwanted Spam!
Visit websites and find email addresses to make introductions. I use an email template to ensure I can easily and skillfully reach out to new and emerging artists consistently.
9.The Interior Designer
These folks are the Martha Stewarts of the art world. Often, they are difficult to reach, and some tend to outsource finding art to consultants. For them, a painting isn’t just a painting, it’s an accessory. They’re all about curation, balance, and making their homes look like they belong in Architectural Digest. A Damien Hirst shark? Sure, if it matches the couch. It’s less about the art itself and more about how it fits into the grand scheme of things. Let’s get real for a moment, in this article we are speaking about Westchester and Fairfield Counties where people move to raise their families, for a second home, or to downsize. These individuals are probably not accenting their home with a shark suspended in formaldehyde.
To connect with these individuals, do a little online research and google the interior designers in your desired area. Ask yourself, does your own artwork or the artwork you sell fit in with their client base or aesthetic? Is your artwork different from the art they are already using? Read client testimonials and reviews to give you an idea of what they would be like to work with. If you find designers that may be a good fit for your artwork, contact them. Share links to your portfolio website, any exhibits, past client testimonials etc. Designers are busy people, respect their time, and keep your communication brief. If they have a brick-and-mortar location, you may want to stop in and view their showroom or shop. Be prepared with brochures, business cards etc.
Another way to meet designers is through your chamber of commerce directory, and if they host an event in their showroom, attend and make contact.
10.The Art Intellectual
These are the brainiacs of the art world. They’re the ones who can quote obscure art history facts and analyze a painting like a surgeon dissects a frog. For them, art is an intellectual pursuit, a puzzle to be solved. They’re the ones who turn gallery openings into philosophy seminars.
Invite them to your openings and events, engage them in conversation. Stay engaged with them by asking them to join your email list. Ask the Art Professor questions about how he or she became interested in art and their experience with art to nurture the relationship. Sometimes individuals that fit into this persona tend to monopolize the conversation so be prepared to facilitate the conversation.
The Art Professor may be interested in speaking at one of your events and/or joining your board. Oftentimes, the Art Professor has an extensive network of potential collectors, members, donors, collaborators etc. that you can tap into.
Conclusion: Art World Zoo
So, there you have it: a “safari” through the wild and wonderful world of art collectors. From the diversified investors to the art connoisseurs, the art world is a zoo full of fascinating creatures. Some are driven by dollars, others by dreams and passion. Some are fashionistas, others are philosophers. But they all have one thing in common: a love, or at least a fascination, with art.
Understanding these different breeds is crucial for anyone trying to navigate this jungle. So, whether you’re an artist, dealer, leader or team member at an arts organization, or just a curious onlooker, keep your eyes peeled for these ten types.
Not everyone you meet will fit exactly into one persona but most people will fit into at least one, once they’ve experienced the value of art. The lines can also be blurred as some folks fall into several categories and evolve from group to group over time. Hopefully, this article was helpful for you to determine what type of art collector you are and what types you’d like to attract and understand better. Remember, the art world is a big, dynamic place with infinite opportunities for growth as we connect with wider communities.
(For publication consider mention of Emily’s helpful email templates, add a link to download the free template in your signature. We can create a landing page for this)
