In 1979 I started pursuing a career as an artist. Alas, the prospect of many years of financial suffering was not very appealing, so I decided to go to law school and learn to represent artists in matters of contracts, tax, estate planning and investments. During the intervening decades I have enjoyed a 34-year career advising high-net-worth clients (including artists) on all matters of wealth planning.
Part of the wealth planning that I have done for years has recognized the important role that collecting fine art can have in someone’s life. Many of my clients have asked for guidance on building a serious art collection or simply “investing” in art. Curiously, those are really two different objectives that can actually play along together.
First, let me be clear about my view on building a serious art collection. Collecting art is not visiting your local art gallery, buying a painting and displaying it in your home. That is closer to interior decorating than art