subscribe
back issues
reprints
contact us
Wealth in Perspective
Wealth Management
Thought Leaders
Money and Meaning
Passion Investments
Wealth Management Sourcebook
Multifamily Office 2008
Previous Issues Index
/ Home / Editorial / Passion Investments / Art /
Feature
The Inner Circles
Suzanne McGee
11/01/2004

Vital Insiders
Whether they are called visiting committees, collectors circles or, as in the case of the Houston Museum of Fine Art’s Latin-American art aficionados, the Maecenas, these often invitation-only groups of insiders are an increasingly vital part of the relationships between museums and their future donors. The trend started and remains strongest in cities like New York and Los Angeles, but has spread to other cities like Cleveland, Baltimore and Houston, and is helping even larger institutions as they strive to build up their holdings in particular areas, from contemporary art to Latin-American or African and African-American art.

Our involvement can begin with something as simple as an invitation to attend a cocktail party or an after-hours, behind-the-scenes tour of a hot new exhibition at our local museum. Our art dealers or art advisors may serve as matchmakers, introducing us to the curators at, say, New York’s Solomon R. Guggenheim Museum, with whom we may wish to discuss the rationale for adding certain works to our collections.

ARTIST STEEL Stillman’s studio is in the art center of Brooklyn’s Williamsburg area.
Norah Sharpe Stone and her husband, Norman, influential contemporary art collectors from San Francisco, attribute at least part of their standing to membership in a collectors circle. The couple were already veteran art collectors in the summer of 1987 when, during one of their frequent trips to France, they met a trustee of the San Francisco Museum of Modern Art (SFMOMA) who happened to be staying at the same small hotel as they were in St. Tropez.

“We realized by talking to him that while we had been buying a lot of art, there was a lot more we could learn about the world of art, things that would enhance our ability to build a real collection,” Stone recalls. They were already members of SFMOMA but decided to increase their involvement with the museum’s varied collecting groups, a move that would give them access to curators and help them understand the constantly changing world of contemporary art. Within a few years, the couple shifted their emphasis on collecting to edgier, more contemporary works.

TOP VIEW
Our nation’s leading art museums are enhancing their chances of acquiring important contemporary collections while grooming a new generation of donors. By selectively offering memberships to collectors circles, they create relationships that may grow into bequeathals and financial support. For inexperienced art enthusiasts, these groups provide access to the crucial expertise of curators and the time and effort of dealers needed to develop important and satisfying collections.
“The people we met through MOMA helped us understand how that art reflects the culture of today; how these artists were putting their reactions to the things happening in the world—from AIDS to environmental issues to world peace issues—into the work they were making,” Stone explains. They assembled a collection of several hundred pieces by artists whose work now fetches millions at auction—Jeff Koons, Matthew Barney, Richard Serra, Richard Prince and some of Cindy Sherman’s early art. These days, the Stones pay more than $100,000 in dues each year to belong to the elite collector groups at three major museums: the SFMOMA, the Whitney Museum of American Art in New York and the Tate Museum in London.

Tyro Titans
“Every institution is out there trying to identify the next generation of benefactors, the next Walter Annenberg,” notes New York-based art advisor Sanford Heller, referring to the media mogul who donated his extensive collection of Impressionist artworks to the Metropolitan Museum of Art.

The challenge of identifying these future Annenbergs and cultivating relationships with them grows ever more difficult as the number of affluent collectors expands, and the world of contemporary art becomes complex. “Looking at a vast amount of the art that is being produced today can make you feel insignificant, silly, stupid, inadequate,” Heller says. “A good curator, on the other hand, can translate or interpret what it is that you’re looking at.”

The museums are not usually looking at these groups solely as a source of revenue. Indeed, their preference is often to keep the entry price low—as little as a few hundred dollars for the most junior level of membership—in order to attract individuals who may evolve into major donors over time, as they build their wealth and develop their artistic taste.
1 | 2 | 3 | 4 | >>
Printer Friendly Version  Email a Friend


Related Articles
» Aesthetic Aspirations
» To Collect and Serve
» Artful Beginnings
» Exposed to Brilliance
» Framing the Future
 
Get a FREE ISSUE and a FREE GIFT

Simply fill out this form to receive a complimentary issue of Worth and a FREE gift ("The top 25 Questions for Your Private Banker"). If you like the magazine, you’ll pay just $36 for 5 more issues (6 in all). If it’s not for you, you can return your invoice marked "cancel", and owe nothing. The FREE issue and FREE gift are yours to keep.
Name
Address
Canadian orders click here
International orders click here

Unsubscribe from subscription emails click here
 



Family Office Wealth Conference