Art Collectors: Avoid These Common Mistakes

Henry Johnson of Northern Trust explains how to solve common problems that crop up when families pass art to the next generation.
Subscribe to the WSJ channel here:
bit.ly/14Q81Xy
More from the Wall Street Journal:
Visit WSJ.com: www.wsj.com
Follow WSJ on Facebook: / wsjvideo
Follow WSJ on Google+: plus.google.com/+wsj/posts
Follow WSJ on Twitter: / wsjvideo
Follow WSJ on Instagram: / wsj
Follow WSJ on Pinterest: / wsj
Don’t miss a WSJ video, subscribe here: bit.ly/14Q81Xy
More from the Wall Street Journal:
Visit WSJ.com: www.wsj.com
Visit the WSJ Video Center: wsj.com/video
On Facebook: / videos
On Twitter: / wsj
On Snapchat: on.wsj.com/2ratjSM

[@E90bmw]

Why am I watching this.. I can barely afford rent

[@zannzzzzz8780]

Daniel maybe because one day you’ll be able to afford things wayy beyond just rent - ⚡️

[@donemigholzjr.7344]

Because if you are smart and open minded art can be obtained for two late night Wendy's combo meals. As an Artist I believe the price of most of this art is in the convenience of the art accessibility. With first the artist must be discovered, then the artist must be approachable, then the artist must be reliable. The artist must be able to make business deals with a dealer… All this has monitory value to the rich. There is fantastic art all over; the Rich look for a gallery or a dealer in art, the poor or the working class should look for the artist or a region of artists in their town or city. $40 can go a long way with a starving artist. And without that $40 that artist may decide to become a bus driver or full time bank teller for life giving up on a career of art. True artist make art for you, but they want you to go and get it … Anyone that would tell me that they would “Take care of” my art would melt my heart and that type of talk means as much as money to an artist.

[@daddyaf945]

Maybe because art doesn’t equal money. Just because you can’t take it home with you doesn’t mean you can’t enjoy it.

[@vaughnblaylock6069]

@@donemigholzjr.7344 Perfect response. Especially for someone like me, who is a very very beginning collector, a bit frightened to spend too much on a piece, but also a bit unconcerned about an artist's name and more concerned with the painting, the subject matter, and the quality of the painting. That's great advice.

[@carlosdesantis1094]

@@donemigholzjr.7344That s right. To buy art from a local artist is givin a chance to him or her, to know something more outside the art monpoly, to build an own taste, and to make grow your art community, so your culture community too.

[@arisgod2749]

the first rule of collecting. Get what you love. The second rule is best to get important artists while loving the piece, if you can afford them. I did that 20 years ago staring with Salvador Dali, an artist addition lithograph, hand-signed. My next purchase was a Pablo Picasso etching, one of 50 hand-signed. next was a Miro lithograph also hand-signed. The latest are two wonderful pieces by Marc Chagall, which are my favorites and least expensive. Kind of tells you money is not everything when it comes to a piece of art you fall in love with.

[@canonaler]

And I'm sure that your collection by now costs a fortune, how awesome !

[@NormYip]

Although his words say otherwise, he seemed to really be saying to collect for future investment, not for the joy in collecting or the love of art.

[@yseson_]

And that seems like the real trap, and they have missed the point

[@proteus3034]

You can do both

[@eastcoastguy7914]

i can relate to this, i collected many collections from IKEA

[@davidjin4813]

Maybe I'm just a stupid hobbyist painter...but this literally reminds me of my college bio professor using as many big words as she could to confuse the entire class and therefore give off the impression she was smarter than she actually was

[@KpxUrz5745]

David, as a lifelong artist, and now collected by museums, you said it so beautifully. I am sick to high heavens of the interminable b-s spoken by so many (if not most!) of the talking heads surrounding art and art collections, not to mention critics. After many decades, I still cringe at those times at university when I was forcibly subjected to hearing this and that visiting artist or critic, or those times when required to go upstairs at such venues as the Museum of Fine Art, when what I wanted to do most was to stand up and demonstrably WALK OUT! Oh, how I wish I had! I will not name the names, so I will not specifically mention such names as Brice Marden and others long forgotten. But I was too inhibited by the circumstances, and out of politeness, to stand up and reveal how I really felt. Sadly, so much in the art world and the publications and events surrounding it is really complete and total b-s. And there is no telling them this, because they will never admit that THEY are the cause of all the problems and nonsense! I appreciate your comment.

[@robertspies4695]

About money not art.

[@JOSEPHCHARLESCOLIN2024]

Sadly My art is All money

[@Rio-by1eh]

It’s money laundering,,,,just another way to outplay the system...or the system is setup in a “special’ manner...with dollar going down , it makes sense to park your money in art collecting

[@penguinmit]

shopaholism explained: it's all about the purchase, not the item.

[@daddyaf945]

Unique pieces from iconic artists. Iconic being celebrity status pushing a real message.

[@RR-ob8ze]

Some collectors collect for the love others know it can be leveraged as an asset. No shame or hurt on either side just different ways of approaching the art market/collecting

[@monsterq6]

These people have no idea what art is

[@ryleypalmer]

He literally said i know you bought the art because you liked it but remember, art is only an asset think about how much you can resell it for your ungrateful kids and family fighting over your wealth.

[@navajoauckland6003]

What a disgusting view of philanthropists

[@SirenaPearl]

Wow!

[@raghavkapur185]

So well expressed!

[@syb2965]

Shut up.

[@mdenmark604]

" ..... is trying to do ........Impart a real love of collecting withing their family".....TRUE and important dialogue relating to these issues....

[@quixoticindiscipline9524]

Great pieces in this video

[@modfus]

Could somebody please tell me who the artist is who painted the large gray-tones interior 0:17

[@artistdigvijaysinhrana5453]

Awesome video

[@ShadesOfGuitar]

Ah yes, the *common* mistakes that the average person makes when handling their family’s significant art pieces during estate planning. WSJ is truly the paper of the people.

[@4evrnick]

The Wall Street Journal is targeted at people who are interested in investing. Why is that a problem?

[@Theimpromptulife]

good video.

[@broderickbrown5336]

The piece at 2:26 immediately made me think of the painting from Ghostbusters II of 'Vigo the Carpathian'.

[@SourEggz]

As someone of incredible wealth and income enough to purchase large quantities of artwork, especially artwork worth upwards of $5000+... this video speaks to me, the humble viewer... Oh wait. Never mind, I am not a wealthy person. ----- No seriously, this was an interesting and scary video - coming from the perspective of the artist.

[@vaishnavikamble6071]

i can give you real or customize paintings on canvas worth 1000 of dollars for 120 $ are you interseted

[@jaysartori9032]

That is my goal in life is to have pic of my artwork hanging up in a art gallery someday!

[@septemberjanuary4636]

This is about art investing...remember this is the Wall Street Journal. The whole discussion and the language used cheapens and commodifies ( in the most vulgar sense of the word) works that usually speak to a person's individual passion and tastes.

[@romanovrex]

So charming

[@lluhu]

HE IS LYING. He says "often people give an object to a museum so that people enjoy it as much as they did"...these wealthy people who "give" the objects, either they do it to avoid paying taxes or they do it to make sure the price of the artwork is higher, or both. They do it for MONEY, not for charity.

[@jacekpokrak9258]

Art advisors are waiting for questions from collectors what to invest in, in what direction of art. Often comes the answer: Compmaturism. Why? You'll see for yourself.

[@JOSEPHCHARLESCOLIN2024]

You can Afford my Canvas Art now....But Judging by Reactions of my art from Around the world. might be too late soon

[@ChrisSummerfield]

I would Recommend you checking out the art of up and coming Artist Tom Bird on youtube

[@triumfdula8830]

Those who give an Artwork to Museum do they still own it or the give it away forever, or does it depend on the agreement ?

[@kamilalitkowiec5844]

Wystawa na miare zlota. Fenomenalne prace.

[@florisjanandringa8809]

Could anyone please tell me who the painter is from 0:10?

[@marcgros6292]

hey did u find out?

[@florisjanandringa8809]

@@marcgros6292 no not yet

[@ftriplems]

omar ba apparently

[@lalarandela]

🌸

[@seppepylyser3969]

Anyone who knows who painted the one in 0:09 ?

[@ftriplems]

omar ba according to my search

[@Mr960silva]

Absurdism out !

[@alexrader5822]

What the heck, did he just end there with saying it’s not about the object it’s about the collecting? Like screw art buy more stuff?

[@525Lines]

When you donate something to an institution, it's best to assume they're going to sell it.

[@oltedders]

525Lines Unless you include an endowment and have a good legal team behind your gift.

[@flavius_pisapia_sculpture]

Because people evolve, most art nowadays won't last into the future. Only art by artists working with future impulses will last.

[@panadorbatikpaintings8590]

Sir can u help me to sell my art...see my video and it a traditional type batik paintings and its ordinary i can change any type of subjects in batik and after few days i will make masterpieces paintings in batik in a last batik position...plzz sir help me and sell my art...

[@OlvisTokyo]

this is very disgusting.

[@artfx9]

There will always be somebody that loves old stuff. Even the contemporary garbage might be cool to someone in the future.

[@petetube99]

Dead eyed capitalists.

[@JOSEPHCHARLESCOLIN2024]

Funny you said that

[@robertstevens8181]

Hmmm mba smum smir rum rum lovey

[@broderickbrown5336]

...na'meen?!

[@socrodrigo-bb6109]

Pls buy one of mine too pls..

[@CCC-AUSTX]

Hey HENRY; Blah Blah Blah.....

[@yvesfremin4388]

On aimerait en voir plus. Yves Frémin, peintre à Plouézec (Côtes d'Armor) kzbin.info/www/bejne/mabHaWR8q7KXZrs

[@aldorivas1952]

「あなたの動画はとても良いですし、メッセージがた

[@ladystarart888]

Looking for art collectors ?!

[@armansanti9168]

✌✌✌👍👍👍

[@a.p.344]

Artmajer Ala Panfiliuk.

[@jacekpokrak9258]

Painter .......... Jacek Pokrak

[@KR-nv3ru]

He talks an awful lot.

[@jacekpokrak9258]

Compmaturism J.J Pokrak

[@riyajaiswal5702]

「動画の音が良くない」、

[@janebooth9867]

☆☆☆☆☆ V EVENTS ☆☆☆☆☆ BY INVITE ONLY

[@smvml89]

This is all BS. Once the owner donates a painting to a museum so ""others can enjoy the piece as much as they did for years"", they (the donators) claim a charitable income tax deduction equal to the work's current fair market value. Saving themselves millons of dollars in taxes a year. Which tends to be just one of the reasons why they bought the piece in the first place years ago.

[@antivorg1239]

the most common mistake: wasting a large chunk of your income on art that serves nothing more than a bragging right...

[@raymondcarter8915]

Only the hoi polloi are burden with such functional thinking..

[@evanantonola4935]

i think it's not only bragging. it's marketing for some businesses.

[@oltedders]

Charles Sage My, isn't that a hoity toity attitude.

[@JOSEPHCHARLESCOLIN2024]

well i want millions...

[@lifeasis266]

So, what mistakes should I avoid? WSJ looks unprofessional in the video. It's BS. Sorry.

[@etienne7774]

Art is idolatry and you know where idolaters will go according to the Bible!

[@tfeya777]

Sorry, what? As a Christian, and an artist, I’m confused. Are we not practicing the thing the makes us different from animals, in that, being the image of God, the Creator, we are also always wanting to create. Some create art, some recipes, some buildings... etc.

[@gabrielpascual7960]

Hi sir Good day ! It seems u're a big fan of luxury paintings I'd like to offer my friend's Artwork from the most papular national artist Mr.Ronald Ventura Big on size like 4x6 / 6x3 And it's being exhibit in HK at the most high appraisal value Pls let me know where i can possibly contact u So i can send it all the details soon Thank u very much .. I'm GabrieL from Phillippines