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- Sep 21
- 6 min read

Confidence in Art Buying

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SATURDAY EVENING POST

September 21st, 2024

Sandro Botticelli, Birth of Venus, 1485. © The Uffizi. Originally commissioned by the Medici Family.

Confidence in art buying goes beyond an individual, it has been shaped by cultural, economical, and societal factors over the centuries.

Historically, the art market was primarily patron-driven, with religious institutions, monarchies, and aristocracies commissioning works. In the Western world, during the Renaissance, patrons like the Medici family invested in art to demonstrate wealth, influence, and cultural sophistication. The confidence comes in the form of confidence in the value of art, and largely tied to the status of the patron, which in turn translated to the status of the artist. In the 19th century, the rise of the bourgeoisie, alongside public museums and salons, democratized art buying. Paris became a hub for collectors, particularly during the Impressionist movement, when buyers began to invest in works that weren’t tied to academic approval. Confidence in buying avant-garde art grew as collectors like Paul Durand-Ruel took risks on Monet, Renoir, Pissarro and others.

Today, confidence in art buying is largely influenced by transparency, data, and a globalized art market. When it comes to collectors acquiring works for investment purposes, galleries, international art fairs, and auction houses all play a significant role in ensuring that collectors feel secure in their investments. The rise of art advisory services and art market analytics tools also contributes to confidence by providing collectors with more data on pricing trends, artist career trajectories, and resale values.

Pierre-Auguste Renoir, Dance at Bougival, 1883. © Museum of Fine Arts, Boston. Originally part of the Paul Durand-Ruel collection.

Mary Cassatt, The Child's Bath, 1893. © The Art Institute of Chicago. Originally part of the Paul Durand-Ruel collection.

Camille Pissarro, The Avenue, Sydenham, 1871 © The National Gallery. Originally part of the Paul Durand-Ruel collection.

The greatest art collections historically developed in regions with high concentrations of wealth, cultural capital, and institutional support. Cities like London, Paris, and Florence have been art collecting hubs for centuries. Wealthy patrons, museums like the Louvre, and private collections such as the Thyssen-Bornemisza Collection in Spain have created legacies of collecting. Art collecting in Europe is often passed down through generations. Families like the Rothschilds built collections that were not only personal investments but also important cultural legacies. Collecting was then not just about owning beautiful or valuable objects, but about preserving cultural heritage. This tradition has fostered a deep respect for the history and provenance of artworks, with many collections still focusing on European Old Masters, classical sculptures, and historical artifacts.

Edward Hopper, Hotel Room, 1931. © Heirs of Josephine Hopper / Licensed by Artists Rights Society (ARS), VEGAP, Madrid. Museo Nacional Thyssen-Bornemisza, Madrid.

The U.S. emerged as a major player in art collecting in the 20th century. Families like the Rockefellers, Gettys, and Morgans built vast collections, many of which have been donated to institutions like the Museum of Modern Art in New York or the Getty Museum in Los Angeles. New York is now one of the world’s top art markets, driven by its high concentration of wealth, international galleries, and art fairs. The U.S. art market, especially in New York, has historically been characterized by an entrepreneurial spirit and an interest in contemporary art. The country’s economic power and cultural influence have driven its art scene, making it one of the world’s largest art markets. In the U.S., art collecting is frequently viewed through a dual lens—passion and financial investment. Many collectors, especially from affluent backgrounds, see art as part of a broader investment portfolio, often alongside real estate, stocks, and other alternative assets. Art is seen as a hedge against market volatility, especially for high-net-worth individuals. Institutions like the Museum of Modern Art (MoMA) and The Metropolitan Museum of Art often receive donations from collectors who acquire art to support their passion while benefiting from tax advantages tied to art donations.

Williem de Kooning, Interchange, 1955. Kenneth C. Griffin acquired the oil painting for $300 million from the David Geffen Foundation in September of 2015 for $300 million.

Paul Cézanne, The Card Player, 1894-95. Bought by the royal family of Qatar for $250 million in 2011.

Monet’s Nymphea’s en Fleur sold for $84 million at Christie’s in 2018 from the Rockefeller art collection.

Vincent can Gogh, Irises, 1889. The Getty Museum

In recent decades, places like Hong Kong and Shanghai have seen a surge in art collecting, largely due to rising wealth and government support for the arts. The art market in Asia has undergone a dramatic transformation over the past two decades, reflecting the region’s rapid economic growth and increasing interest in cultural identity. China has seen an explosion of new wealth, particularly among younger generations of entrepreneurs, real estate moguls, and business leaders. Many of these individuals are first-generation collectors, driven by a desire to assert their cultural status and leave a legacy, much like earlier collectors in Europe or the United States. Art is often seen as a symbol of prestige, and many collectors gravitate toward both traditional Chinese art and global contemporary art to diversify their collections.

M+ is an art museum located in the West Kowloon Cultural District of Hong Kong. It exhibits twentieth and twenty-first century art encompassing visual art, design and architecture, and moving image.

Beyond external factors like market data and financial investment, one of the most critical aspects of art collecting is the personal confidence a collector has in their own aesthetic judgment. Art collecting, at its core, is an intimate and subjective experience, where collectors engage with art not just as assets but as expressions of personal taste, values, and identity. This confidence is believing that one’s unique vision and emotional connection to a work of art is just as valid as market trends or expert opinions. This confidence often grows from exposure, education, and an intuitive understanding of what resonates with an individual.

Aesthetic confidence often builds hand-in-hand with knowledge. For collectors, educating themselves on art history, contemporary works, and the evolution of different movements or mediums enhances their ability to make informed decisions. However, knowledge alone is not enough. Art collecting often involves risk, taking a risk knowing that a certain work or style might not be “in vogue” or largely accepted, or that an artists whose reputations have yet to be fully established. Having confidence means being comfortable with that risk and recognizing that art, first and foremost, is about what resonates with you, on a much deeper level.

A common struggle for collectors is balancing their own instincts with external validation. Many emerging collectors seek reassurance from art advisors, galleries, or auction houses, which can be valuable for understanding the broader market. Though getting advice is helpful, but sometimes no advice is almost better than getting bad advice from uninformed sources. For seasoned collectors, the ability to trust their own intuition is key to building a collection with integrity. This confidence often manifests in bold acquisitions, buying works that might be out of step with what is trendy or popular, but that reflect their individual taste.

Confidence in one’s taste is what allows collectors to create a coherent, personal collection. Without it, collections risk becoming overly influenced by others’ opinions, the market, or what might be popularly sought after in a local art scene, which can make them feel disjointed or impersonal. A collector’s confidence in their own choices brings authenticity and emotional depth to their acquisitions, turning a collection into a legacy, and a reflection of their unique personality, experiences, and vision.