The eight rules every art collector needs to know

The challenges are many: What to buy? Where to acquire it? And how to compile a collection that possesses both value and meaning?

By Jackie Caradonio 20/02/2017

Amassing an art collection can be an art unto itself. The challenges are many: What to buy? Where to acquire it? And how to compile a collection that possesses both value and meaning? To answer these burning questions, Robb Report turned to the experts at Phillips auction house.

“So much of art collecting boils down to making tough decisions,” says Robert Manley (below), Phillips’ deputy chairman and worldwide co-head of 20th century and contemporary art. “Art buying is a passionate thing, and there are mistakes of passion that are made. It’s part of the process.”

Read on for Manley’s eight tips to help every collector — from the nascent newcomer to the art aficionado — build a world-class collection. (phillips.com)

1. Buy what excites you

“Buy the things you’re going to love to live with. Although some people buy art for investment, my personal rule is to buy what excites you, what you’re passionate about, and what you’re going to love. We can talk about the pros and cons of investment, but as an investment vehicle, it’s very tricky. If you buy for love, you’ll always get your value out of it — you almost can’t go wrong.”

2. Do your research

“This is arguably the most exciting time to be a collector because you can literally find just about anything you like. But it’s all about the detective work. Where do you start? Online resources are unparalleled for discovering new things and ideas, but it can be a rabbit hole. If you aren’t sure what you’re looking for, the internet can be extremely confusing. You have to get out there. Go to museums. Go to galleries. The more you do, the more you’ll be able to target what you like.

“A shortcut for collectors — particularly young collectors — is to go to art fairs and auction houses. Auction houses are great editors because they focus on the artists that are most actively traded in the market. That gives you a certain amount of comfort that you’re seeing artists that have been vetted. Similarly, if you go to the top art fairs — any of the Art Basel fairs or the Armory, for instance — you know you’re going to be seeing artists that have a certain track record or a certain potential.”

3. Always buy in person

“People love to talk about how art is moving online, but frankly that’s not reflective of the reality of art collecting. There’s nothing better than using online resources to hone in on the things you like — but when it comes time to seal the deal, invariably you’ll want to see it in the flesh. There’s no substitute for seeing a work of art in person, because you’re going to live with it in person. Buying art is a real commitment — and on your phone, everything looks the same size. In real life, you get a sense of the size and scale and tactile quality.”

4. There are no shortcuts

“One big mis-step that the majority of young collectors make is to start buying too soon. They get excited about the idea of owning something, and they jump before they do enough research. Then, three months later, they realise they’ve made a mistake.

“Collecting requires discipline. People underestimate how quickly they can amass a collection. If you buy just one or two pieces a year, in five years you’ll have a small collection. You see these exquisite small-scale pieces and you just want to have them. But for a collection to have focus, you’re far better off buying one or two more valuable pieces per year than a larger number of lesser works.”

5. Collect with a focus

“Having a focus — or two or three focuses — really helps you develop a richer collection. The relationships between the individual works are going to be a lot more compelling if there’s some glue that holds it all together. And though choosing a focus may seem like a limitation, it isn’t. Even if you only wanted to collect one artist — say, Picasso — and you only wanted to collect his prints from the 1930s to the 1960s, you’d have hundreds, maybe thousands, of pieces to choose from.”

6. You can’t always get what you want

“The amazing — and frustrating — thing about art is that no one can get everything. Not even Ken Griffin can get everything he wants. Bill Gates could offer $3 trillion to the Louvre for the Mona Lisa, but he’s not getting to get it. Just like everyone else, he has to buy what he can. There’s some comfort for smaller collectors to know that we all have to make the same kinds of choices.

“Of course, one of the wonderful things about auction houses is that they are completely democratic. Everyone is welcome, and anyone can bid on anything, and, regardless of who you are or what kind of collection you already have, if you are the last man standing, you will get that piece.”

7. Enlist an advisor

“At some point, what starts out as a passion becomes a responsibility — both a financial one and a physical one. Some art simply needs to be taken care of, especially as it becomes more valuable. And a very valuable collection needs to be properly insured and properly maintained. Having a trusted advisor who knows you, knows your taste, and is committed to helping you in the long haul is invaluable.

“That’s one way in which auction houses are very important resources to a lot of major collectors. We help them with their appraisals and research. We think of ourselves as a whole art business. We’re big enough and we have the expertise across so many categories that we can really help collectors in a comprehensive way that few organizations can.”

8. A collection is never done

“Once you have figured out what you like, and you’ve done your collecting, you reach this never-ending phase of refining and upgrading. You’re always looking back and sometimes you’re really excited about things you bought, and other times you realise you can afford something better. Or maybe it’s not a matter of money. Maybe it’s just a matter of something better becoming available. That’s why, for real collectors, you are never done.”

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How the Most Rare and Valuable Watches Are Traded Among Elite Collectors

Some of the world’s most interesting watches spend decades being traded privately before we learn about them.

By Victoria Gomelsky 10/10/2024

Before social media became the lingua franca of the watch world, there were forums. And on those forums, collectors—especially collectors of vintage Rolex—often traded timepieces amongst each other.

The advent of Instagram in the early 2010s, coupled with the explosion in interest in vintage timepieces, drew attention to this corner of the watch world, and with that attention came increased competition for the finest examples. In the case of six- and seven-figure watches, high-end dealers, like James Lamdin, founder and vice president of vintage and pre-owned watches at Analog:Shift, became trusted intermediaries, negotiating sales for pieces not once or twice but often multiple times as they made the rounds of the collector community.

“There are watches out there that may not be massively rare by reference, but are by example,” Lamdin tells Robb Report. “Tropical patina, ghosted bezel, or celebrity provenance—it’s that watch. When those watches go into a collection, usually it’s with the implicit understanding that they’re valuable and people will want them from you and will make you a profit when you sell them.”

The best dealers have built relationships with collectors around the world and often have first right of refusal when those pieces come back to market. But even still, the most coveted models can still slip through their fingers.

Eric Wind, of Wind Vintage in Palm Beach, Fla., has lost and found some of the world’s most storied watches. In 2015, when he was vice president, senior specialist at Christie’s in New York, Wind came across a “super rare” 1957 Audemars Piguet Ref. 5516 perpetual calendar that had languished in rural Florida until the nephew of the original owner consigned it to Christie’s. The first perpetual calendar wristwatch to feature a leap-year indicator, the piece was one of just nine made by Audemars Piguet in the 1950s. Wind considers it “the one in the best condition.”

He showed it to one of Christie’s better-known clients, Patrick Getreid, owner of the OAK Collection, who purchased it in 2015 for $545,000. In 2023, Getreid consigned it to Christie’s in Hong Kong. That’s when Wind decided to give the piece another shot.

Audemars Piguet perpetual calendar

“I had registered to bid on it but at the last minute, I got cold feet,” Wind continues. “It was starting kind of high compared with what Getreide had paid for it. I was bidding remotely from Florida, but when no one else is bidding, you’re kind of wondering if you’re a genius or a fool. Is there something everyone else knows that I don’t? The question was about market value. The watch ended up passing and I purchased it via private sale—or private treaty, as it’s known—after the sale. I had two clients who really wanted it. I offered it to both, but one was more ready to pull the trigger and he got it. It never saw the light of day.” That Audemars Piguet perpetual calendar, Wind says, “remains one of my top five watches on the planet.”

As he reflected on the piece’s winding journey, Wind considered his own role in its comings and goings. “It was fun to be part of the lifecycle of that watch, from when it was discovered in rural Florida and consigned to Christie’s, and then sold to a great collector, who sold it again,” he says. “I imagine it will come back to me at some point. I don’t know if it will be two years from now or 40 years.”

Another grail watch that Wind helped shepherd to a client was an exceptional Paul Newman Rolex Daytona Panda reference 2623 with a full set and a tropical dial that was sold by a small Swedish auction house just under a decade ago. “Another dealer got it,” Wind explains. “I was still at Christie’s, and I fell in love with the watch. This dealer who had it for a year then sold it to an Italian dealer, who then sold it to a collector in Asia. I was tracking the watch on Instagram and saw the collector post it. By that time, I had become a dealer.

“I made an offer to the collector to purchase it on behalf of my client,” he adds. “It had been owned by a Swedish boat captain and had been given to him by the family he worked for, the equivalent of the Rockefellers in Sweden. We had to arrange shipment to the U.S. by Malca-Amit armored transport. Whenever these high-value watches move around, you have to deal with armored shipments, customs, proper transportation, and a lot of paperwork. It takes some time but it’s well worth it.”

Both the AP perpetual calendar and Daytona were original and unpolished—“the kind of watches I look for,” Wind says. “It’s funny how watches circle around. Within the high-end watch world, we’re not talking about thousands and thousands of watches. We’re talking about a relatively small amount of great watches.”

A Rolex Daytona, Audemars Piguet perpetual calendar and Rolex Rainbow Daytona Phillips, Christie’s

Eric Ku, a high-end vintage dealer in Northern California, certainly knows the drill.

About 15 years ago, he was offered a first-of-its-kind 1996 Rolex Cosmograph Daytona “Rainbow” reference 16599 in white gold on a leather strap.

“I’ve been hunting jeweled Rolexes for a really long time, before it was a cool thing,” Ku, cofounder of the online auction site Loupe This, says. “The watch first surfaced to me around 15 years ago. It was offered to me by a dealer in the Middle East and was coming from, allegedly, a member of a royal family. At the time, the pricing was completely different than it is today. After going back and forth, I offered $130,500 and the seller wanted $136,462. I lost the watch. I was gutted. I’d been stalking the watch. But at the time, relative to the market, it didn’t make sense for me. It was a really tough time, might have been around the financial crisis. I felt confident it would come back to me, but it didn’t.

“Then, in 2012, Rolex introduced its new rainbow Daytona,” Ku says. “I had no doubt about the authenticity of the watch I’d lost out on, but seeing the new rainbow Daytona completely validated me and erased any scintilla of a doubt that I had about the watch. Fast forward a couple years: The watch was offered to me again privately, by a different person in the Middle East at a significant multiple of the original offering—let’s say in the mid six-figures. I bought it.”

In 2017, Ku sold the watch to an important collector based overseas, “a person of very high taste and connoisseurship who appreciated the rarity of that watch,” he says. The collector, by Ku’s reckoning, also appreciated the story of its journey. “Dealers and old collectors always like trading war stories,” he says. “What’s the one thing that got away and then it came back? The collector got sold on the story.”

Now, the watch is coming back to market on Nov. 8 at Phillips Geneva, where it’s being offered in a sale dedicated to neo-vintage timepieces (Reloaded: The Rebirth of Mechanical Watchmaking 1980-1999) and is estimated to fetch in excess of $5.93  million.

“It’s probably the sexiest watch of the season,” Ku says.

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Golden Touch

Discretion is the better part of glamour at the glittering Maybourne Beverly Hills. 

By Horacio Silva 09/10/2024

Los Angeles does not want for star wattage, but for years now, the city’s hotel scene has been a little lacklustre. So news that the beloved Montage hotel has been completely redone under the Maybourne brand (the British powerhouse that operates Claridge’s, The Connaught, and Berkeley Hotels in London, and the recently opened Maybourne Riviera on the Côte d’Azur) should come as a boon to Australians looking for a new Tinseltown bolthole.

Situated within Beverly Hills’ famous Golden Triangle, just north of Wilshire Boulevard and Four Season’s Beverly Wilshire, and one block from the world-renowned luxury retailers, restaurants and celeb-spotting of Rodeo Drive, The Maybourne Beverly Hills offers a chic retreat from the designer flexing at its doorstep; a rare escape in the heart of this storied enclave that flies under the radar like a cap-wearing celeb dodging the paparazzi.

Set amid the manicured, Mediterranean-style Beverly Cañon Gardens plaza, which unfolds from the hotel’s west entrance, the new incarnation of Montage Beverly Hills (55 suites and 20 private residences, each with a balcony or patio with a courtyard or city view) still evokes the grand estates of Old Hollywood while feeling like you’re in a European mainstay.

Revealing a restrained new guestroom and suite design by Bryan O’Sullivan, a blue-chip art collection and some of the most solicitous staff in town, the Maybourne speaks in a laid-back Californian accent but still holds true to the luxury touchpoints of five-star service for which one of the world’s most exclusive neighbourhoods—and hotel brands—is known.

“It’s reassuringly British when it comes to service—it’s a culture of yes,” says Linden Pride, the Australian restaurant and bar owner behind the award-winning Caffe Dante in New York and Bobbie’s, the new speakeasy opening this month below Neil Perry’s new Song Bird restaurant in Sydney’s Double Bay (page 40). Pride should know; he lived at the Maybourne for almost a year while he and his partner, Nathalie Hudson, set up Dante, the stunning new restaurant and bar on the hotel’s ninth-floor rooftop. “Looking out from the roof onto lemon and olive trees, it’s easy to forget that you’re in Southern California, not Europe.”

Opened last year, Dante has quickly become one of the hottest reservations in town, luring in celebrities from Baz Luhrmann and Catherine Martin to the entire Real Madrid soccer team. Like its sister outposts in New York (besides the Greenwich Village original, a West Village location opened in 2020), the focus here is on non-threatening antipasti and aperitivi in a produce-driven menu of fresh familiar stalwarts, with the addition of wood-fired dishes from a giant pizza oven at the heart of the room. Just as it does in New York, a negroni cart does the rounds, and each afternoon is welcomed with a martini happy hour.

It’s all fittingly Cali-chill. The only drama in the place is a striking ceiling fresco by Los Angeles artist Abel Macias, which dominates the 146-seat room. “Nathalie and I had just been to Europe when we decided to open up here,” Pride recalls, “and the Sistine Chapel blew us away. When we saw the domed ceiling in this room it was a no-brainer.”

Dante joins a string of newcomers in the area, including New York transplants Café Boulud, Marea and Cipriani. Don’t look now, but with arrivals like the Maybourne and Dante, one of the world’s stuffiest cities—yes, Beverly Hills is its own 14.8 km² metropolis—might just be entering a new golden age.

The Maybourne

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White Lotus-ing? How Hit Films and TV Shows Are Inspiring Elite Travelers to ‘Set-Jet’ Across the Globe

It’s not just The White Lotus. Prestige TV and blockbuster films set in far-flung destinations are driving bookings like never before.

By Christopher Cameron 02/10/2024

“As seen on TV” may have lowbrow connotations, but the recent glut of award-winning shows and films set in alluring, far-flung locations is causing an unprecedented run on the world’s best hotels. Call it set-jetting: planning your vacation around a destination featured in a popular series or movie. And while romantic suites and beloved characters have gotten people on planes since the golden age of film, what has changed is how central beautiful venues have become to plots.

“The way that The White Lotus used the destination to tell the story was really unique,” says Misty Belles, an executive at the global travel-adviser network Virtuoso. It also made its settings—the Four Seasons resorts in Maui and Taormina, Sicily—nigh un-bookable. And it’s hardly the only example: “Paris wasn’t hurting for eyes, but Emily in Paris showed the city in a more playful way,” Belles notes. “And people weren’t exactly flocking to Richmond before Ted Lasso.” 

Emily in Paris’s final season jets off to Rome.
Giulia Parmigiani/Netflix

The trend is so strong that a property doesn’t even need to be connected to a show to benefit from its boom. Henley Vazquez, cofounder of the New York–based travel agency Fora, points to Bridgerton’s impact on English estate hotels.

“Heckfield Place [used to be] a hard sell,” she says of the five-star Georgian mansion in Hampshire. “Now, people are dying to go there. It wasn’t featured in Bridgerton, but it’s just that kind of place.”

Others insist on the real deal. Jennifer Schwartz, managing director of Authentic Explorations, works with one family to build trips based on the Game of Thrones universe.

Game of Thrones has inspired treks to Iceland, Northern Ireland, and beyond.
HBO

“They went out of their way in Portugal” to visit Monsanto, the setting for Dragonstone in House of the Dragon, she notes. “It’s definitely a criterion on which they choose where they want to vacation.”

For travelers who want more than simply to follow in their favorite character’s footsteps, London’s Black Tomato takes things several steps further. Since 2023, it has planned high-octane itineraries based on the James Bond franchise and works with the films’ producers, Eon Productions, to make you feel like an MI6 agent. (Some trips even offer lessons with Daniel Craig’s stunt double, Lee Morrison.)

The 007 success has inspired more such trips. “We’ve just recently launched itineraries inspired by Yellowstone and Ripley, focusing on Montana and Wyoming and Italy, respectively,” says cofounder Tom Marchant.

A still from Netflix’s The Perfect Couple, set on Nantucket.
Netflix

Still, it’s important to remember that sharp camerawork—and editing—accounts for a lot of the on-screen magic. Schwartz, of Authentic Explorations, notes that “the White Lotus hotel” in Sicily is “not super accessible, but it’s filmed as if the beach is right there.” In reality, the shore club from the show’s second season is 133 miles away. “People go to the place and they’re like, ‘You have to get in a car to go to the beach? What do you mean?’ ”

So where shouldn’t you go? Netflix’s The Perfect Couple will likely send hordes to Nantucket next summer, and The White Lotus’s third season, set on the Thai island Koh Samui, has already caused a local spike—and it’s not even on the air yet.

Bookings of Virtuoso’s properties in the region are up 38 percent since the show was announced. Luckily, Belles says, the effect doesn’t linger. “We typically see a good two-year impact on a set-jetting destination.”

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This New Line of Megayachts Brings Modern, Loft-Style Living to the High Seas

Benetti’s first B.Loft model spans an impressive 213 feet

By Rachel Cormack 10/10/2024

Benetti has been working on something quite, well, lofty.

The Italian shipyard unveiled a new line of megayachts on Monday. Designed to entirely new architectural criteria, the B.Loft range will bring a contemporary residential feel to supersized cruisers. Each B.Loft model will combine “the volumes of a villa with the luminosity of a loft,” according to Benetti.

Penned by Italian studio Cassetta Yacht Designers, the B.Loft yachts will be characterised by sleek lines, minimalist profiles, and expansive glazing. The line will include three models, with the B.Loft 65M (pictured here) being the first to be revealed. The new 213-footer will sit in the middle of the range, with at least one smaller and one larger model joining the lineup at a later date.

Benetti B.Loft 65M
The living area.
Benetti

The inaugural B.Loft showcases a steel hull, an aluminum superstructure, and multi-layered decks that create openness and flow. With an impressive beam just shy of 35 feet, the spacious yacht offers six cabins for 12 guests and nine for 13 crew. The interior combines modern matte surfaces and swathes of natural teak, creating an elegant environment for entertaining.

The standout feature of the B.Loft 65M is the “cabana” on the main deck. A cut above an ordinary beach club, the panoramic area is outfitted with three glass doors that afford 270-degree views and two fold-down wings that create up to 430 square feet of relaxation space. The glass-bottomed pool on the main deck above allows different lights, patterns, and shapes to fill the space.

The cabana.
Benetti

Speaking of the main deck, the semi-enclosed aft area leads to a spacious interior lounge and a luxurious lobby. The nearby dining area features floor-to-ceiling windows and a large, central table that is perfect for entertaining. This deck also includes a fully equipped galley and a second lobby with a winter garden and more fold-out balconies.

The living area.
Benetti

The upper deck is also sure to impress, with towering 13-foot ceilings and a lobby that Benetti says is longer and more spacious than those typically found on yachts of this size. Again, a glass-bottomed hot tub on the sundeck above lets the light shine through the water onto the area below.

The cabana.
Benetti

Benetti didn’t dive into propulsion, but says the B.Loft 65M will be able to cover 5,000 nautical miles at 10 knots. That’s not bad speed or range for a floating loft.

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Omega Just Re-Released Its First Watch to Ever Go to Space

The watchmaker has dropped a new version of the Speedmaster astronaut Walter Schirra wore in space in 1962.

By Rachel Cormack 10/10/2024

It was one small decision for Omega, one giant win for watch collectors.

The Swiss watchmaker has re-released the first Speedmaster that went to space, combining classic 1950s styling with modern horological innovations.

Launched in 1959, the original watch (Ref. CK 2998) was the successor to the first Speedmaster model that Omega unveiled in 1957. It featured a symmetrical 39.7 mm case, a dark bezel, and slender Alpha hands that set it apart from the previous iteration. NASA astronaut Walter “Wally” Schirra famously wore the second-gen Speedy on the Mercury-Atlas 8: Sigma 7 mission of 1962, earning it the title of “first Omega in Space.” Omega did drop a model in 2012 to honour this feat but discontinued it in 2021. The “First Omega in Space” is now back, with a bold new look.

The contemporary release takes design cues from the CK 2998, maintaining the same polished-brushed stainless-steel case, triple-register chronograph display, and domed crystal. The CVD-coated dial is finished in a grey-blue hue that appeared on some CK 2998 models produced in the 1960s, while the black aluminium bezel features the signature “Dot-Over-Ninety” tachymeter bezel synonymous with the earliest Speedys. The hour markers and Alpha hands are filled with Super-LumiNova in a golden hue that gives an aged quality. In keeping with that historic feel, vintage Omega logos have been added to the dial and crown.

The major difference between the two is the movement. The original was powered by the Calibre 321, while the modern edition is driven by the Calibre 3861. The hand-wound movement, which has the all-important Master Chronometer certification from METAS, offers the highest standard of precision, performance, and magnetic resistance, according to Omega. It has a frequency of 21,600 beats per hour (3 Hz) and a power reserve of 50 hours.

The new Speedmaster also has a couple of special, sentimental touches. The caseback showcases an integrated Seahorse medallion and the engravings “Speedmaster,” “The First Omega in Space” and “October 3, 1962.” The latter is the date that the Mercury-Atlas spacecraft took off from the Canaveral Air Force Station in Florida, orbiting the Earth six times, before landing in the Pacific Ocean. Schirra was the sole occupant of the spacecraft, completing the nine-hour mission with his trusty Speedmaster on his wrist.

The new Speedmaster First Omega in Space costs $11,125 with a leather strap or $11,780 with a steel bracelet.

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