Head over to The Wall Street Journal for a choice story that rounds up an impressive number of collectors and asks them for tips on collecting. Leon Black! Tom Pritzker! Lily Safra!
If you’ve been following the market, you won’t find much new here (Eli Broad, for example, thinks the phenomenally expensive Damien Hirst is too expensive, and worries thatr Richard Prince’s “Nurse” paintings, which took a dip early last decade, may not be stable), but it’s always good to hear these things from the horse’s mouth.
“It’s better to buy one great picture every so often than to buy five junky pieces,” [Mr. Black] said. “If a museum wouldn’t hang it on their walls, you’re wasting your money.”
Keep in mind that the “junky” pieces to which he refers still probably cost six figures.