The science of art collecting is something that is as elusive as is the logic behind how pieces are chosen to sell for millions of dollars, and which paintings never reach that status. At the end of the day, art collecting is more about choosing art that speaks your soul, as opposed to choosing art that is just very expensive.
The most important thing about making money or even becoming an art collector is creating an investment thesis. An investment thesis is important because it allows you to ask yourself the question, “what do I believe about the art world that other people do not believe that I know is 100% right?” When you ask yourself that question, it enables you to have a solid reason for making contradictory assessments and cashing in on things that people don’t understand. Conviction is the glue that holds your investment thesis together. Without conviction, you will quit at the first sign of the trouble, while having it could cause you to ride out the storm, and making lots of money in the process.
As people around the world will create art, they often times forget about how important it is to inspire the dealers and people by their art on a very personal and primal level. Often times, being an artist with conviction can be a very tough job, yet, when the right collector comes along and sees your work as a masterpiece, the collector will eventually coax the market into finding your art worthy of being appreciated on a worldwide level.
Adam Sender is an art collector who has collected over 400 pieces of art. He plans on selling a lot of his art at the Sotheby’s auction house.
Think about this: just being sold at an art and auction at Sothebys is an accomplishment that most artists will never have a chance to enjoy in their lives. One could say that is the first step to receiving legendary status in the art world.
A lot of pieces that Adam Sender has purchased started out costing nearly $100,000 and wound up selling for two or $3 million, including the painting of Cindy Sherman, known as black sheets, which he bought for 100 grand and sells today for over $3 million. There is a possibility that the same, exact piece could go for four or 5 million if it’s price is driven up.