MAA: What key qualities should a new art collector look for in both the artworks and the artists they are interested in?
MLW: Ask yourself, does it give you goosebumps?
For me if it is not pure & guttural it is not the right work of art. If you feel enamored or horrified - trust your gut -it is speaking to you for a reason... I have been collecting art for 35 years, sometimes it is just a feeling that I must have it. There are times when I cannot understand why I am buying a Claes Oldenberg visual metaphor of food for example...representational art, me? A leap of the imagination? Can I afford it? Is it well crafted? Does it make sense? Then I bring it home and am surprised to find that it is a perfect fit with my other works.
It is not important for a new collector to have a clear focus or theme in their collection.
Collecting art is, for many of us, an addiction. Is the drug powerful enough to get you high? Art gets me high. Also, always follow your gut, and try not to think about money. "If you hesitate, wait... don't buy it yet."
MAA: Where do you find emerging artists?
MLW: Academia, Masters of Fine Arts student shows at art schools nationally, Emerging artist fairs. Sometimes street fairs - I am always looking.
MAA: What role does personal taste play in building a collection, and how should it balance with investment potential?
MLW: My personal interest is in discovering. There is something thrilling about finding an emerging artist that is fresh, exciting - regardless of their age.
Otherwise, in terms of investment potential, you have to pay a lot, to get a lot. Buy from leading art galleries who are actively marketing and placing the artists work in important collections, as that is what increases the value.
There are what is known as "breeder galleries" who identify the "next big thing" and marketing them when they are becoming established and have momentum, they host solo shows until the larger, global galleries "poach" the artist away and increase the prices.
Nothing I own from emerging artists has really increased in value.
Yet, the print I bought and could not afford at the time, but bought because I loved the artists paintings. No regrets.
MAA: How important is it to build relationships with art dealers, galleries, and auction houses?
MLW: It used to be important but now it is less so. There are so many amazing resources beyond traditional galleries, which are accessible to everyone. Take an Art Tour of London or New York for example. Read Newsletters, Magazines, Art websites such as Artnet, Artsy, 1stDibs. Take online classes at the Metropolitan Museum of Art or MoMA, Read books such as "Ninth Street Women" or "The $12 Million dollar stuffed shark" "Breakfast at Sotheby's"... And when you find an artist you like, visit their studio, ask questions, learn their story, go to their gallery. Engage with artists and collectors you meet at galleries openings. Hire an art advisor.
I have a tradition of asking the artists I represent: Which five artists would you buy?
I ask my collectors: Which five artists are you collecting?
People love to share about topics they are passionate about!
MAA: What are some common mistakes new collectors make, and how can they avoid them?
MLW: Paying too much for a young artist. If you pay for work from a new artist if you have paid $30K for a new artist you have paid $25K too much. Don't speculate. Same with NFTs.
MAA: How can collectors ensure the authenticity and provenance of the artworks they acquire?
MLW: Make sure you get a letter of authenticity signed by the artist, not just gallery. Always keep all documentation of your art purchases. Paper trail for proof of purchase, you will need it for insurance purposes, estate planning, and if you ever decide to sell it again, especially at auction. Artworks with documentation can fetch higher prices. As an artist, copyright your image. If you (artist) need guidance, contact Volunteer Lawyers for the Arts.
MAA: How do you see technology impacting the future of art collecting?
MLW: Art is being sold online to people who are familiar with the artist and likely have seen the works in person. Technology is only advancing opportunities for artists and collectors. Art Fairs and their online programming are good to see trends, stay informed globally.
Art which has a higher probability of "return on investment" (from Gagosian, Hauser & Wirth, Pace, Zwirner etc.) is often pre-sold, so if you must have it, get on the waitlist now.
Galleries often will not sell certain artists work to you - no matter how wealthy you are. The art may be shown to the "wanna be's" but you have to be "somebody" before they will sell the art to you... Galleries strategy is to create urgency. This can lead to fallibility.
Big Galleries look for serious collectors. Are you working with an art advisor or a curator to guide you to buy works that make sense as a group? Will you loan the works for exhibitions in the future? Are you building a collection that you might donate to a museum? All of these steps increase value of the work.
MAA: Can you share a memorable experience or story from your own collecting journey?
MLW: Every piece I have purchased has been a rock in the path of my journey. The first work of art I purchased was a collaboration between Leon Golub and Nancy Spero entitled "Men art not for burning" this spoke to me at my core. It was a stretch financially, and I still love it today. Although I have outgrown some art, I enjoy it all and it is my personal biography. Like friends and lovers, sometimes they were what I loved 20 years ago. They each have a special place in my heart.
MAA: Who are some artists or art movements that you believe will be important for collectors to explore?
MLW: Explore a multidisciplinary program. Look for things today that inform art collecting through history, the environment, popular culture, music, fashion, food, etc. There are no more isms. Find what you vibe on and see how it's interpreted in the art world you are navigating. Art futures. You are trading in futures.
MAA: Lets talk about preparing for your legacy and succession planning.
MLW: Many artists and collectors think they can donate a painting to a museum but museums often do not want them. Is the work you are donating aligned with the mission of the Museum? Is it the missing piece from a collection they already have? Perhaps there is a better organization to donate to, where it will be shown. All of this needs to be planned for and confirmed in writing years in advance.
Presently, we pay $5000 a year for insurance for our art collection which... may have no resale value. If our Hamptons home ever becomes a disaster site, we are covered. Always keep your documentation - digital and hard copy and give copies to your financial advisors.
From an estate planning standpoint, think about the fact that most children grow up to collect their own genres of art, and often may not be interested in keeping their parents art collection. Your children want to create their own stories and memories. It is essential to have that conversation with your family, and plan for it. As in life, you may get divorced, you may relocate to a new house, and often the art may not be a fit, and therefore will not make it to your next chapter. Something to consider at every stage.
Your art is your beautiful and unique life story.
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