Top 10 most influential contemporary art collectors – Apollo Magazine

CONTEMPORARY ART COLLECTORS

The collectors who really matter to the history of art are not necessarily the very richest or even the most acquisitive says Martin Bailey in Apollo Magazine:

They are those who by their example set standards for others, encourage interest in the art they collect and share their treasures with the public. In short, the collectors of greatest importance are those who wield the greatest influence.

Of APOLLO’S list of the 20 most influential collectors today, 10 collect contemporary work. Here is a list with some brief ntoes. For more information see the full article go to Apollo Top 20 most influential art collectors.

ELI BROAD

Post-war and contemporary Nationality: American Age: 75 Source of wealth: Property and insurance

Eli Broad and his wife, Edythe, began to collect modern and contemporary art in the 1970s, and have amassed one of America’s greatest private collections. They have nearly 2,000 pieces.

Broad was also the founding chairman of the Museum of Contemporary Art in Los Angeles. He has given $26m to help build a Zaha Hadid-designed art museum at Michigan State University; building work is due for completion in 2010.

EUGENIO LOPEZ ALONSO

Latin American and international contemporary Nationality: Mexican Age: 40 Source of wealth: Food processing

Eugenio Lopez inherited the Jumex fruit juice business. Although relatively young, he has amassed one of the largest private collections of modern Latin American art. Lopez’s collection comprises 1,500 works, half Latin American and half international.

FRANCOIS PINAULT

Contemporary Art Nationality: French Age: 71 Source of wealth: Luxury goods

Starting by collecting early modernism, Francois Pinault quickly moved into post-war American painting and finally into contemporary art. In 1998 he purchased a controlling share in Christie’s, which puts him in the centre of the art world. Pinault has long wanted to display his collection, now comprising 2,500 works. After scrapping plans for a museum in a former Renault factory on Ile Seguin, in the Seine in western Paris, he took over Palazzo Grassi in Venice, which reopened in 2006. Even more ambitiously, the Francois Pinault Foundation is transforming Venice’s Punta della Dogana (customs building) into a contemporary art centre, which is due to open in June 2009 for the Biennale.

VIKTOR PINCHUK

Contemporary Art Nationality: Ukrainian Age: 47 Source of wealth: Steel

Viktor Pinchuk’s collecting began in the early 1990s with Russian impressionism. He subsequently developed the idea of opening a public display, and turned towards contemporary art, feeling that this would be more popular. In September 2006 the Victor Pinchuk Foundation opened the Pinchuk Art Centre in Kiev, which is one of the largest public galleries for contemporary art in eastern Europe. Owning 300 works, it comprises both Ukrainian and international art. In January Peter Doroshenko became its artistic director (he is an American of Ukrainian background and formerly director of the Baltic in Gateshead, northern England). Among Pinchuk’s recent purchases is Koons’s Hanging Heart, for which he paid $24m.

LEKHA & ANUPAM PODDAR

Indian Art Nationality: Indian Age: unknown; 34 Source of wealth: Paper industry and hotels

Lekha Poddar, from Delhi, began collecting in the late 1970s and her son Anupam in 2000. Together they recently set up the Devi Art Foundation. They now have 7,000 works of Indian art, ranging from tribal to contemporary (with some from neighbouring countries).

DON & MERA RUBELL

Contemporary Art Nationality: American Age: 66; unknown Source of wealth: Inheritance and hotels

Based in Miami Beach, the Rubells began to collect in the 1960s, and after receiving an inheritance in 1989 were able to expand their ambitions, both to build the collection and open it to the public. Their daughter and son, Jennifer and Jason (and Jason’s wife, Michelle), are closely involved, which explains why it is known as the Rubell Family Collection. In 1996 their Contemporary Arts Foundation opened a public space in a former Drug Enforcement Agency warehouse in Wynwood, north Miami, to show a changing selection of works in 27 rooms. The collection now comprises over 5,000 pieces. The Rubells particularly enjoy discovering up-and-coming artists.

CHARLES SAATCHI

Contemporary Art Nationality: British Age: 65 Source of wealth: Advertising

Charles Saatchi is probably Europe’s most powerful collector of contemporary art. With his first wife, Doris Lockhart, he began with American abstraction in the 1970s. In 1985 he opened his first public gallery, in Boundary Road, north London. By the end of the decade he had turned to British artists, later commissioning Hirst’s ‘Shark’ and buying Emin’s ‘Bed’ and the Chapman Brothers’ Hell Having become the leading patron of the Young British Artists (YBAS), he shot to fame with his controversial ‘Sensation’ exhibition at the Royal Academy in 1997, which then toured to the Brooklyn Museum of Art. In 2003 his gallery moved from Boundary Road to County Hall, where it remained for two years. His current space is  in the King’s Road, Chelsea, in a converted army barracks.

Saatchi not only buys, but also sells, so his collection is constantly evolving. He owns around 3,000 works. Although wanting the public to enjoy his art, he remains a rather private figure.

SAUD AL-THANI–Eclectic, but particularly Islamic and natural history Nationality: Qatari Age 41 Source of wealth: Family wealth

Sheikh Saud al-Thani is a cousin of the Emir of Qatar, Hamad bin Khalifa al-Thani. As chairman of the country’s National Council for Culture, Arts and Heritage, he was responsible for buying for a group of new museums that are being set up in the capital, Doha. However, it has often been unclear whether his purchases were for the national museums or his personal collection. The scope of his purchases is enormous, ranging from antiquities to 20th-century furniture. Money is no problem. Saud al-Thani’s current personal role in collecting is unclear, but other members of the family are voracious buyers.

DAVID THOMSON

19th-century English to contemporary art Nationality: Canadian Age: 51 Source of wealth: Media

David Thomson, the 3rd Lord Thomson, is the son of the media owner Kenneth Thomson, who died in 2006. Kenneth Thomson was a very major donor to the Art Gallery of Ontario, to which he gave 2,000 works in 2002.

GUY ULLENS

Chinese contemporary art Nationality: Belgian Age: 73 Source of wealth: Food processing

Baron Guy Ullens is of Belgian origin, but resident in Switzerland. He began to collect classical Chinese painting while on business trips to China, but in the 1980s, together with his wife, Myriam, he branched out into Chinese contemporary art-famously selling his paintings by Turner to finance his purchases. Today he owns one of the world’s finest collections, with 2,000 works.

In November 2007 Ullens opened a permanent space in a restored military factory in Beijing, the Ullens Center for Contemporary Art. It has changing displays, with works from the Ullens collection and outside loans (including international art).

Related posts:

• Who is buying Chinese art? The Mugrabi family is – Mar 2009 – NYT
• Saatchi Middle East exhibition – which artists are critic favourites? – Feb 2009
• India’s first art museum Devi employs students as curators – Livemint – Jan 2009
• New non-proft museum Devi ground-breaking first for India – NYT – Sep 2008
• Billionnaires from Russia, Middle East new in top 10 list of collectors – June 2008 – ArtNews

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Fresh evidence contemporary art price rise is structural says FT

 

 

 

 

 

 

Source: Financial Times

MARKET NEW BUYERS MORE BUYERS The huge wealth from oil and mining in the Middle East and Russia is flowing into fine art, with a rush of new buyers entering a market that was already booming. 

The arrival of Russian, Middle Eastern and emerging market collectors has given fresh evidence to those who believe that the powerful rise in the price of artworks is structural rather than cyclical – reflecting a long-term shift to a truly global market supported by growing numbers of millionaires and billionaires.

 

Last high 1990 surpassed in 2007

Last year, the art market – as measured by proceeds for the top 100 artists sold at auction – in nominal terms surpassed the previous high set in 1990, according to data from Art Market Report. After a decade in the doldrums the market recovered sharply in 2003-04 and has been on the upswing ever since. The rise in the contemporary market has been especially strong, with prices up by 300 per cent in the past three years, according to Art Market Report’s Contemporary Art 100 index.

 

Doomsayers wrong so far

Doom sayers have been predicting a fall in art prices for the past two years. The high level of nervousness about the market was revealed last November, when shares in Sotheby’s plummeted 28 per cent in a day. The reason? The auction house had failed to sell a work by Van Gogh at its sale the night before. The share price has not recovered.

Many respected dealers and collectors believe the market has reached its peak. Eli Broad, the Los Angeles-based billionaire collector, has said several times that he does not believe prices will continue to rise.

One bearish New York-based dealer says: “Mark my words, the Russians will turn out to be the Japanese of the early 21st century.” During the last art market peak, Japanese property developers were famously among the biggest buyers, snapping up Impressionist works – they were especially fond of Van Gogh – only to offload them at much lower prices just a few years later when the Tokyo asset bubble burst.

 

Customer base from more countries now

The underlying support for today’s art market does appear to be much more broadly based. 

Sotheby’s points out that five years ago, its buyers who spent more than $500,000 on an artwork came from 26 countries. Today, buyers spending that level or more come from 58 countries. Last year, 21 per cent of buyers at its sales were new, the auction house says. Since few buy at auction only once, that means an influx of customers. Helena Newman, vice-chair of Impressionist and Modern art at Sotheby’s, says: “The whole make-up of buyers has changed beyond recognition from 10 years ago. Now we have a far bigger global reach. We are also seeing far greater demand for the very best works. Our big challenge remains the sourcing of works.”

Simon de Pury, who heads the Phillips de Pury auction house, echoes that trend, saying: “Five years ago, the market was concentrated in western European and American collectors, a small group of art cognoscenti. The Contemporary market was dominated by three countries – the US, the UK and Germany. Now we can see the change just in our website: the hits are coming from Brazil, Turkey, China, India, Indonesia, Korea.”

 

Change accelerated 2 years ago

Mr de Pury says the change accelerated two years ago. He predicts that Contemporary art will continue to grow in buyer popularity, in part because the sheer number of buyers means that demand for works from previous eras cannot be met. “It is a question of availability. If you have unlimited money, you can no longer buy the best Old Masters collection in the world. But you can buy the best collection of living artists. For that reason Contemporary art will be the most significant market for the next 20 years.”

 

New museums adding to demand

He adds: “In China, every new [top-end] real estate complex being built has an art museum. All these spaces need to be filled and that will keep demand high.”

Most Middle Eastern nations are likewise building art museums, with both a Guggenheim and a Louvre destined for Abu Dhabi, for example. These museums will start accumulating works to fill their vast spaces later this year. In the US, the home of most of the world’s billionaires, there is a growing trend for rich art-lovers to build their own museums rather than donate works to existing museums as used to be the practice.

 

More millionaires 

There are far more rich people in the world and they are simply far more likely to buy artworks. The number of millionaires in Brazil, Russia, India and China grew by 19 per cent last year, according to the World Wealth Report, released this week by Merrill Lynch and Capgemini. The top 10 collectors in the world now include Victor Pinchuk, a Ukrainian steel billionaire, Carlos Slim, the Mexican telecommunications tycoon, and Qatar’s Sheik al-Thani, according to ARTnews magazine, which this week released its annual list of big spenders.

Art is also seen as a socially desirable channel for the wealth resulting from the 20-year growth in financial services. US hedge fund managers such as Steve Cohen have emerged as big Contemporary collectors. Ben Crawford, the chief marketing officer of MutualArt.com, says: “It starts with the wealthy and then there is a trickle-down effect. Look at the beginning of the century – who bought designer clothes? Tiny numbers of high-society people – but once they became available to more and more people, the buyers didn’t go back. The art buyers won’t go back to putting Star Wars posters on their walls.”

Image details: Eli Broad, art collector

See:

• Billionaires from Russia Middle East new in top 10 art collectors 
• How Russians, Asians are changing the art market

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