144 | The Art of Collecting
DJ: Do you collect works together? AP: Well, we both have veto rights. William has been looking for a lot longer than I, so I put him in the lead, but I will always give my opinion. We do have several works that I discovered. WP: Yes, I think that together we just have a sense of what we like and what makes sense to collect. It is not always easy to explain what attracts us to a work. I have been looking at art for over thirty years. Having looked so much, I can usually place works somewhere in the historical chronology—and decide whether it has something new to say. DJ: What would you tell people who ask you how to go about collecting? AP: William’s advice to people is that art has to be something you love and can live with. You should not think about art as an investment. WP: That is true. I do say that. As you look at art with higher valuations, it is helpful to know something more about the artist, and other exhibitions he or she has been in, to see if there is a trajectory in the work, and then make a judgment as to value. There are many helpful resources today: online auction histories, knowledgeable curators at museums and universities, and some great dealers. You used to be able to acquire good young artists for three to five thousand dollars per work. Today, or at least recently, young artists who had been exhibiting for a very short time had work for sale at twenty thousand dollars or more. For me, that is way too much. I think that one of the positive results of this global economic crisis will be that young artists’ works will go back to more reasonable prices, in the three to five thousand dollar range. DJ: How would you suggest someone train their eye? WP: Well, I always recommend that new collectors join a museum group, in particular a collector’s group in an
area that seems interesting. I think sometimes someone new to the art world is worried that they have missed the boat or are too late. If you are interested in looking at new art, there will always be something new and there will always be opportunities. And it does not have to cost very much. Typically, young collectors start with prints. You can always start there and obtain works from great artists at very good prices. You can also buy drawings instead of works on canvas, which are much less expensive. It is really important to learn something about the artist so you can recognize good work from bad. No one should ever feel that the best work is already gone; there will always be new artists to look at. After a while, it is natural for a collector to be drawn to particular styles or periods. It does not have to be planned; it can just happen. Everyone has a different idea of how one builds a collection. Some people say to only buy drawings or to only buy nineteenth-century art. But I think that is too narrow a way to collect; I believe that one should find art that excites you and that you are passionate about. Later one can take a leisurely look back and notice if there is some connection. I do not agree with some advisors who direct collectors to focus their collections. It is better if it is unplanned. AP: When we are asked what we collect, I do not honestly think that we have a clear set of criteria. In general, it is a more intuitive process, for William and for me too. Though since I have been looking with William, I can see what he sees. I can see it through his eyes and then make my own judgments. WP: Well, I do think that we both have a pretty good eye now, but that does not mean that Anne and I are always right in terms of who will be remembered for the future. In today’s world a lot of artist recognition has to do with being with the right gallery or having the right promotion. In the end, however, that does not really matter. For us, it is the process, and it is such an exciting moment when we find a thrilling new artist.