An art collection is the accumulation of artworks by a public institution or a private collector. The business of art collection started centuries ago. Most of the world-renowned art museums grew from historical collections assembled by royalty, aristocracy and the wealthy. The primordial art collecting existed during early civilizations in Egypt, Babylonia, India and China. An array of precious artworks and objects were preserved in temples, sanctuaries, tombs, palaces and kings’ treasuries. Such collections usually displayed treasures seized from conquered territories. At that time, they exalted the power of a king or a religious caste, rather than exhibiting art objects for their intrinsic significance.
Art worlds as a crucial social institution create their norms and roles, and have central roles applied in creating, perceiving and distributing modern art. The fundamental players in this business are artists, collectors and gallerists. Collectors usually follow the customs of art as the principle institution and also adapt the art field for them to earn reputation. One can clearly identify those collectors focused on the public who normally immerse entirely in the art world. They interact with gallerists, artist and museum staff. Contemporary art collectors are shifting economic valuables into cultural capital. By so doing, the artists gain social capital. While optimizing social and cultural capital, they earn symbolic capital. Consequently, they attract a strong influence on the eventual process of perception of arts. The art collectors attain an elevated social rank at a societal level that would otherwise be unavailable to them in their ordinary social environment. For example, in Germany art collectors benefit a lot from interacting with major museums to display their collections. On the same note, they benefit from politics in situations where urban communities build museums for art collections. In a nutshell, the fundamental role of art collectors is a social one with its individual logic. Becoming a successful art collector means, following personal obsessions and taking part in the creation of symbolic goods. Adam Sender also was discussed by BusinessInsider.
The profession can, however, be very rewarding. For instance, Adam Sender, a globally renowned art collector offered 400 artworks from his personal assets at auction. Mr. Sender had recently shuttered his hedge firm, Exis Capital Management Inc., which he founded in 1998. The collection sales, which were done at Sotheby’s, represented just roughly half of Sender’s art collection. They were amassed with the help of a renowned art adviser. In total, the artwork fetched more than $70 million and featured 139 artists including the world most successful art collectors from all over. Sender is also expected to donate some of his biggest artworks such as the Vito Acconci’s Other Voices for a Second Slight, which was collected in 1974. The collection features a three-room audio-visual setting up to museums. Check out Adam Sender’s FB profile.