Barclays Bank Studies Why Collectors Buy Art
THE ECONOMIST
By S.T. Basel
It has become fashionable among economists to study the motivations of art collectors. Now Barclays Bank has generated data that proves that the art market is highly psychological and social. In a new report entitled “Profit or Pleasure? Exploring the Motivations Behind Treasure Trends”, only a tenth of those questioned said they bought art purely as an investment, whereas 75% cited enjoyment as the key. The study is based on interviews with 2,000 rich people in 17 countries. [link]
By S.T. Basel
Comments
1. Collectors, dealers and curators look forward to annual art buying reunions (Art Fairs) with excitement
2. Buying makes collectors feel connected to what is going on
3. Buying art engenders feelings of victory, cultural superiority and social distinction
4. It fills a spiritual void
5. Buying art gives collectors a “high”
6. Buying at auction is more exciting but at an art fair has a longer-lasting thrill
7. Buying expensive art is very competitive, and adds to the sense of conquest
8. While buying is generally pleasurable, selling is typically a sadder occassion, at least for the sellor-collector.
9. Sellers (Collector-Sellors) suffer remorse when they sell an artwork
10. For Collectors, selling art has a long association with debt, death and divorce
11. No one wants to look like they need the money.
In summary, art collecting thrives on a balance of elitism and camaraderie, business and pleasure.