Introduction

Building an art collection is one of the most rewarding journeys a collector can embark on. But without guidance, the art market can feel opaque, exclusive, and overwhelming. Whether you’re just starting out or refining a blue-chip collection, the process requires vision, expertise, and access.

At Mercer Contemporary, we support collectors at every stage – from a first acquisition to the stewardship of multi-generational collections. Here’s a step-by-step guide to building a collection that is both personally meaningful and financially sound.

Step 1: Define Your Goals

Every great collection begins with clarity of purpose. Building a collection isn’t simply about acquiring artworks; it’s about shaping a story that reflects who you are. Consider these guiding principles:

  1. Build a Collection That Resonates with Your Story
     Focus on themes that reflect your values or history – for example, Artists of Color, overlooked artists from the early 20th century, or artists tied to your alma mater.
  2. Commit to the Long View
     Building a timeless collection takes years. The most meaningful collections evolve slowly through patience, careful acquisitions, and refinement.
  3. Prioritize Quality Over Quantity
     Always buy the best available work by the artist you want, even if it means stretching your budget. One outstanding piece is worth more than several minor examples.
  4. Collect for the Soul, Not Just the Balance Sheet
     As one major collector once told us: “Collecting art feeds my soul in a way the stock market never could.” The most enduring collections are those built from passion as much as strategy.
  5. Join Collector Communities
     Collecting also opens the door to exclusive experiences:
    • Private museum and gallery events
    • Membership in museum collector groups or acquisition committees
    • Service on museum boards, where you shape institutional collections while connecting with peers

These opportunities make collecting not just a solitary pursuit but a way of engaging with the cultural world at the highest level.

Related: Legacy Planning with Art

Step 2: Establish a Budget & Strategy

Art collecting is flexible: you can begin with works under $10,000 or focus immediately on blue-chip acquisitions. An advisor helps set realistic expectations for both market entry and long-term growth, aligning purchases with your broader financial and legacy goals.

Step 3: Work with an Art Advisor

The art market is intentionally opaque, with pricing, access, and quality often difficult to navigate. An art advisor provides not just access and relationships, but also market intelligence to help you make sound decisions.

Advisors can:

  • Ensure you are paying a fair price.
  • Provide deep analytics and data on the resale market and future market factors.
  • Help you evaluate quality, guiding you toward the most significant works in an artist’s body of work.
  • Negotiate favorable terms with galleries and auction houses.
  • Secure invitations to private previews, dinners, and art fairs.

Related: What Does an Art Advisor Do?

Step 4: Build Relationships & Gain Access

Access is everything in the art world. Collectors who work with trusted advisors benefit from:

  • Priority access to rare works through deep relationships with galleries and auction houses.
  • VIP entry to fairs like Art Basel, Frieze, The Armory Show, and NADA.
  • Invitations to private dinners, studio visits, and museum events where you connect with artists and curators.

Step 5: Make Informed Acquisitions

When acquiring works, consider:

  • Provenance – Does the work have clear history and documentation?
  • Market Position – Is the artist emerging, mid-career, or established?
  • Quality – Within an artist’s body of work, is this a significant example?
  • Condition – Are there conservation issues to be aware of?

An advisor helps you evaluate these factors to ensure every acquisition strengthens your collection.

Step 6: Manage Your Collection

Owning art comes with responsibilities. Proper management ensures long-term value and peace of mind.

At Mercer Contemporary, we have deep and trusted relationships with all the major players who support world-class collections:

  • Art lawyers – to handle contracts, negotiations, and provenance disputes.
  • Conservators – to maintain condition and prevent damage.
  • Insurance specialists – to ensure adequate coverage.
  • Shippers, installers, and storage experts – for safe handling of works.
  • Appraisers – to provide USPAP-certified fine art appraisals for insurance, estate, or donation purposes.

With the right support, your collection is protected, documented, and positioned to endure for generations.

Step 7: Evolve and Refine

Collections are not static. Over time, you may:

  • Expand into new artists or movements.
  • Deaccession works that no longer align with your goals.
  • Strategize for legacy – preparing for eventual donation, inheritance, or philanthropic placement.

Related: Legacy Planning with Art: Preserving Collections for Generations

Conclusion

Building an art collection is a journey that requires clarity, patience, and expertise. With the right guidance, you can create a collection that reflects your story, builds financial value, and defines your legacy.

Mercer Contemporary offers art advisory, fine art appraisal, and legacy planning services for collectors across the U.S. and internationally. To begin or refine your collecting journey, please contact us.