Wave it proudly. (Courtesy Ramin Talaie/Getty Images)

The 43rd edition of Art Basel has come and gone, and summer has officially arrived in the art world. Happily, two art luminaries who attended the fair—Museum of Contemporary Art Los Angeles Director Jeffrey Deitch and writer and priest Glenn O'Brien—have left us with some advice to mull during the downtime.

First up, Mr. Deitch told art-market detective Josh Baer at a Basel panel how to be regarded as a big-shot collector. Courtesy The Art Newspaper's In The Frame blog (note: you may need to scroll down), via Greg Allen's Twitter feed:

Deitch said: “I’ll give you a tip. The best way to become a player in the art world is to be an under­bidder on a major work of art [at auction]. You don’t have to spend any money.

The rest of the details are at The Art Newspaper's website. Of course, the risk of this strategy is that you may accidentally end having to shell out major money for a piece you don't want (or can't afford), so be careful.

And now Mr. O'Brien has published on his blog an admirably acerbic take on how to become a successful artist in today's feverish market, in which, he notes,  "elite creators strive to please collectors hungry for a safe haven in a terrifying economy." After surveying the wares in Switzerland, he has some recommendations for the type of work that artists should make:

Wow!—this comes in two main forms: a. That’s a lot of work! B. That’s a lot of stuff.

Howdy Doothat—Similar to wow but with tour de force technique.

…

Monumental Stupidity—If you make it big enough it’s a metaphor.

Give the whole thing a few reads and study up. The next Art Basel is only 360 days away.