Robert Smithson’s untitled mirror sculpture from 1964 sold for more than $700,000 at auction shortly after being included in his retrospective at the Whitney Museum of American Art
Last week, we looked at the many ways that careless collectors can lose money when they buy and sell works of art [see "Nine Ways to Lose Money in the Art Market," July 16, 2009]. Needless to say, money can also be made in the art market. It goes without saying that a true passion for art is the first requirement. That love of art helps you believe that you possess the sound judgment to pick good artists, and gives you the discipline to hang on to them -- 15 to 20 years being optimum. The bottom line is not to be greedy when it’s time to sell. Remember the sage advice supposedly given by Lord Rothschild when asked the secret of his success: "I always sold too soon."
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