The Groove 212 - The Seven Capital Sins of Art Collecting
Welcome to the 212th issue of The Groove.
I am Maria Brito, an art advisor, curator, and author based in New York City.
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THE SEVEN CAPITAL SINS OF ART COLLECTING
Quasi Quasi is a 1977, 90 x 60 inches, oil-on-canvas diptych by Nancy Graves (1939-1995) sold at Sotheby’s in December 2022 for $81,900 (inclusive of buyer’s fees). Not only was Nancy Graves one of the most accomplished female artists of the 1960s and 70s in the United States but she was, at the time, the youngest to have gotten a solo show at The Whitney Museum. She had a prolific and successful 35-year career before her premature death at 56. Today, paintings by young artists with five-to-ten year careers routinely sell for ten times as much.
Earlier this month, my art advisory company celebrated its 15th anniversary. This is a milestone shaped by facilitating thousands of acquisitions and collaborating with some of the most inspiring galleries, dealers, advisors and art collectors in the world. Over the years, I've witnessed the highs of building thoughtful, visionary collections, but also the pitfalls that come with the art market's complexities.
With the proliferation of poor decisions in recent years, driven by hype, social media, speculation, and a flood of information, I thought it was the perfect time to reflect on the common mistakes that can derail even those who think they know a lot.
Whether it’s chasing the next trendy name or treating art as just another investment vehicle, these missteps don’t just cost money, they chip away at the very soul of collecting.
1. Buying Art Just Because You're Expecting a Financial Increase
Treating art purely as a financial instrument is one of the most common pitfalls for collectors. While art can appreciate in value, the market is notoriously unpredictable and tied to complex factors such as an artist's career trajectory, institutional support, and cultural shifts. When art is purchased solely with profit in mind, collectors risk losing sight of its intrinsic and emotional value. Unless you have direct influence over an artist’s market, treating art as a guaranteed investment is a losing strategy on both financial and personal levels.
Instead, prioritize buying work you connect with. Purchase pieces that move you, challenge you, or add depth to your environment. Art collecting is most rewarding when driven by passion and curiosity, with financial returns as a potential bonus rather than the primary goal.
Flipping, which is buying art with the intention of reselling it quickly for profit, might seem like a savvy move, but it's a risky and often damaging practice. Flipping undermines an artist’s market by flooding it with supply too soon, potentially devaluing their work. Galleries and artists take note of these behaviors, and collectors known for flipping usually find themselves blacklisted from future opportunities.
True value in art collecting lies in patience and long-term vision. Hold onto works that resonate with you and give the artist time to grow and solidify their career.
2. Buying the Artists Your Bro Says You Should Buy
Listening to friends or acquaintances about what's “hot” in the art world, without doing your own research or hiring an independent art advisor, can lead to regrettable purchases. Much of the auction frenzy between 2020 and 2023 was fueled by groupthink: bros buying in packs, convinced they could outsmart the market. When the bubble burst, it not only hurt said bros, but also undermined the careers of many artists who lacked the depth to sustain those inflated prices. Some of these artists might have had longer trajectories if they weren’t prematurely overexposed, leaving their futures uncertain.
Art is deeply personal, and blindly following trends or social pressure may result in owning work that doesn't align with your tastes or values. Instead, hire a good advisor who can educate you, or do the research by yourself. Visit galleries, read about artists, attend museum shows, and ask questions. Develop a sense of what excites you and reflects your unique perspective. A well-informed, authentic collection will always outshine one driven by external influence.
3. Avoiding a Specific Medium Because “It's Not a Painting”
Many collectors overlook certain mediums due to outdated biases or a narrow focus on paintings. Works on paper, photography and sculpture offer exciting possibilities and can often be more accessible in terms of price.
Diversifying your collection enhances its richness and narrative. Consider how a sculpture might add dimensionality or how works on paper can reveal an artist's process. By embracing different mediums, you'll cultivate a collection that feels dynamic and thoughtfully curated.
4. Buying the Greatest Hits of Established Artists, Making It All Look Like a Showroom
I’ve been to several collectors’ homes that, while undeniably beautiful and at times quite impressive, feel like they were assembled by checking boxes off a mailed catalog of contemporary art’s greatest hits. While it's tempting to stick with the “safe bets” of blue-chip artists, an entire collection of their most recognizable works can feel predictable and lack personality.
Collecting shouldn't be about creating a trophy case; it should reflect your individuality and taste. Seek out lesser-known pieces or experiment with emerging artists who challenge conventional narratives.
A thoughtfully diverse collection not only stands out, but also offers a deeper connection to the art world's evolving dialogue.
5. Expecting Large Discounts from the Gallery Just Because
Demanding excessive discounts can signal a lack of understanding of the market, respect for the gallery and the artist.
While some discounts are sometimes negotiated for frequent buyers or large acquisitions, insisting on them as a baseline can strain relationships and undervalue the artist's work. A fair approach to pricing demonstrates your commitment to the artist's career and to the integrity of the art ecosystem.
6. Following Auction Trends Blindly
Chasing what’s hot at auction without understanding the artist or their body of work can lead to costly mistakes. Auctions thrive on competition and hype, often creating a false sense of urgency. When collectors buy into this frenzy, they risk overpaying for pieces that may not retain their value once the market cools.
Young artists with very short careers who soar at auction can quickly fade from relevance, especially if their prices were inflated by speculative buyers rather than long-term collectors.
Furthermore, auction prices don't always reflect the intrinsic value of an artist's work. They're often driven by external factors: bidding wars, the prestige of the auction house, or a single work's unique narrative. Many collectors forget that a record-breaking sale doesn't guarantee an artist’s sustained market demand. A savvy collector understands that while auctions offer opportunities, they also require restraint and a deep understanding of the work, artist, and market context.
The reverse is also true: not every artist who performs poorly at auction deserves dismissal. Many artists have strong support from museums, critics, and galleries but don't appeal to auction buyers due to speculative trends. Collectors who rely solely on auction data miss the opportunity to invest in these underappreciated talents, which can lead to both intellectual and financial gains over time.
Buying at auction without proper research is like gambling at a high-stakes table: you might hit the jackpot, but more often than not, you'll walk away overpaying for art that lacks lasting significance or institutional support. Instead of following the herd, focus on what resonates with you personally and seek guidance from dealers, advisors, or curators who can provide a broader perspective. Art isn’t just an asset; it’s a reflection of taste and passion.
7. Missing the Bigger Picture: Ignoring Art History
Art collecting without a grasp of art history is like building a house without understanding architecture: yes, it’s possible, but you might miss the nuances that make it truly exceptional.
Knowing the historical and cultural context of an artwork deepens appreciation and informs smarter acquisitions. For example, understanding movements like Abstract Expressionism or the lineage of conceptual art can help collectors see how contemporary works engage with (or reject) past ideas.
It’s not about memorizing dates or being academic, it’s about enriching your perspective and seeing beyond the surface. Nearly everything that feels new and groundbreaking today has roots in over six centuries of recorded artistic evolution, shaping the foundation for what captivates us now.
That said, knowledge of art history isn’t snobbery, PhD titles or exclusivity. It’s an invitation to join a centuries-long dialogue that helps you connect with your collection on a more meaningful level. Taking the time to learn can be a rewarding process that enhances not just what you own, but your entire experience of the art world.
In this very rapidly changing market, buying based on trends alone makes it easy to be swept up in hype rather than investing in pieces that will endure. Collectors who take a long-term view and prioritize understanding over urgency are far more likely to build collections with both emotional and financial rewards. In the end, the best collections are built over time with passion and curiosity.