A recent survey of art collectors reveals that they are motivated by an appreciation for beauty, and a desire to follow their passions and nurture artists. Proﬁt is rarely a driving factor.
Collectors view art not as an investment, but as a way to pursue their passion. This may explain why two out of three collectors have never sold a work of art, or why 41% have never appraised their collection.
While adding to their collection, most collectors follow their own counsel, primarily relying on online research, galleries and art magazines. In fact, one in four collectors have purchased art online, sight unseen.
Overwhelmingly, collectors plan to leave their art to heirs rather than sell it. While heirs feel honored to receive the collection, collectors are not preparing them for ownership. Fewer than half of collectors have educated their heirs on how to manage, appraise or sell works from the collection.
Collectors may need to start earlier to instill their love—and knowledge—of art.