People of wealth collect art for various reasons. Some see it as a hedge against economic downturn. They buy art as an investment rather that as objects of genius and beauty to display on their walls. These art collectors stick to the proven artists like Picasso, Rembrandt, and Gauguin whose limited works continue to appreciate in value regardless of the economy.
Other wealthy art collectors add to their collections simply because they appreciate the works of beauty. Pride of ownership, a desire to gather a noted collection for others to see and enjoy, and yes, ego, all are motives that drive these discerning collectors.
Then there is the art collector like Adam Sender. Over the past two decades, this highly successful fund manager has accumulated a collection of 1,000 pieces of art with an estimated value of over $100 million dollars. Sender’s strategy in collecting art came from his uncanny ability to recognize the potential value of companies and stocks. He approaches art collecting in much the same way.
You won’t find any of the grand masters in his collection. Sender prides himself in being able to recognize the potential of modern, working artists and purchase their works at low, beginning-artists prices in hopes their value will spiral upwards as the artist gains fame and followers.
For instance, he recognized the talent of a young artist names Cindy Sherman. He purchased one of her paintings for $100,000. It is now worth close to $4,000,000.
Sender was able to get other works from such artists as Richard Prince and Martin Kippenberger at bargain basement prices because he recognized their value long before the general market did.
is also noted for including many works of art by female artists such as the aforementioned Cindy Sherman. He calls these works by women hidden jewels of the art world.
He is also unusual as an art collector because he loves to share his work with others. Sender gladly loans his pieces to art museums and special exhibits. While many in the high stakes art collecting world tend to keep their works private and out of the public view, Sender relishes in letting outsiders view his works. He says letting others see his collection for the first reminds him of the thrill he got when he saw these pieces for the first time himself.
Sender has also proven to be a savvy seller when it came time to reduce the size of his collection. In 2006, he netted nearly $20 million on 40pieces sold at auction. Seeking to liquidate his art positions even further, he has recently engaged Sotheby’s auction house to move another 400 works by 139 artists over a period of 18 months.