You don’t need an inheritance or an oil rig to appreciate art like these folk. Follow in the footsteps of famous art collectors and you could be a little closer to building your own legendary art collection.
According to New York Magazine, Jose Mugrabi said “art became a refuge” while living in Colombia. He made his fortune in textiles and gave back to the craft community by becoming Andy Warhol’s number one collector. Mr. Mugrabi has purchased over 800 Warhols for his private collection. The Wall Street Journal delves deep into Mugrabi’s buying strategy in the article, “The Man with 800 Warhols.” It’s a nice place to start.
Eli Broad came from humble beginnings. Born to immigrant parents, Broad was no trust fund baby. After partnering with Donald Kaufman, he began to amass his wealth through real estate. After establishing The Broad Foundation with his wife, he was thrust into the art world where he has remained ever since. Check out his book, The Art of Being Unreasonable: Lessons in Unconventional Thinking, to learn more.
Steven A. Cohen
Here’s another one percenter who pulled himself up by his own bootstraps. Even though Steven A. Cohen’s father was a dress manufacturer in Manhattan’s garment district, Cohen was able to attend the University of Pennsylvania where he received a degree in economics. He makes his millions (and billions) as a hedge fund manager. What’s he do with his money? Collect art, of course. He was the one to purchase Damien Hirst’s The Physical Impossibility of Death in the Mind of Someone Living. You know, the shark piece?
Take these three philanthropists as one example of the many ways one can collect fine art. They show that passion and determination (with a little bit of capital) can get you far. But most importantly, these three collectors prove that art is something anyone can participate in, regardless of where they came from, what they studied in school or where they are going.