The work of art market expert and visionary Magnus Resch is no new topic in our SINGULART Magazine. Having previously talked to Magus about his best-selling book, ‘How to Become a Successful Artist’ , his collection of data driven insights aimed at artists wanting to make it on the market, Magnus’ latest endeavor, MagnusClass immediately grabbed our attention.
Offering up his art market know-how collected through his career as an Ivy-League lecturer and experience as an art gallery owner, his newest MagnusClass: ‘How to Start an Art Collection’ focuses on helping new collectors navigate the sometimes difficult entry into the art world and invest in art.
We spoke to Magnus to find out more of what’s on offer in these specialized classes.
What made you want to give away your specialized knowledge to other art collectors?
The art market can be very intimidating. When you want to buy an artwork you need to know where to start, what artist to buy and what prices are justifiable so you are not overpaying. I have been answering similar questions for over 10 years, teaching at Ivy League universities, educating my students on how to navigate the art market. Now, for the first time, I am making this knowledge available to everyone.
Who are the ‘How to Start an Art Collection’ classes aimed at?
It’s aimed at first time buyers on budgets, as low as $1000. These are people who are interested in art, would love to buy an original artwork for their apartment to fill the white space above the sofa but don’t want to spend millions of dollars.
And another group is taking my class: art world professionals, such as art advisors, gallerists, auction house staff, who are interested in my analytical approach to the art world, which helps them to re-define their art market know-how.
Why do you think there is so much fear for first-time art collectors? How do your classes assuage these fears?
As a buyer the art market can be overwhelming: there is so much art to see in over thousands of galleries, auction houses and online websites. As a new collector you are easily lost. You ask yourself: What should I buy? Where should I start? Is this artwork a good investment? In my course I teach my students the skill set they need to answer these questions. In less than 4 hours they learn the know-how to navigate the art world – independent from gallerists or art advisors so they can form their own opinions.
When starting an art collection, what are the most important considerations? How do you know if you’ve made the right choice?
Buying art is an expression of one’s personal taste. Art can be a very powerful representation of who we are and what we care for. My course helps my students to find artists who match to who they are. And my course helps to make sure that you don’t overpay and find pieces for a good value.
I also interviewed over 30 experts from the art world, including the world’s leading art collectors, gallerists, museum directors, art advisors and NFT experts.
What is one vital piece of information that many art-collectors, new or experienced, might not know?
Contrary to common belief, most art is not a good investment. While there is no get rich quick methodology when it comes to investing in art, MagnusClass will help you identify artworks that you will enjoy a value increase. To do this, my approach is not based on personal feelings or solely on my experience but on data: I analyzed the price points of 500’000 artists and published the results of my findings in Science, the leading academic journal in the world. This analysis forms the root to my course. I use data to explain to my students how to identify those few artists that are a good investment.
My teaching style is easily digestible, lectures are on average only 7 minutes. I designed the course for full-time professionals who don’t have much time. My students love that they can access all lectures anytime as they are pre recorded, via an app or desktop. And one-to-one sessions can be booked, too.
How do you see the future of art collection? Do you think NFT and digital art will supplant traditional market/ physical artwork?
NFTs are good for the art world as they introduce art to a new group of collectors. In the past year we saw a rapid increase of new buyers who had never bought any art before. I hope that these buyers will eventually also buy non-digital art works. When it comes to price points, record prices are largely artificially inflated through Twitter/Influencer marketing techniques. NFTs are here to stay. After the current hype is over, they will become an alternative to the low-end edition market, so newby collectors will decide between buying a jpg (NFT) or an edition (physical artwork) of an artist.
Thank you Magnus for taking the time to tell us more about your new MagnusClass!