The ARTnews Top 200 Collectors List 2025 Edition: An Introduction

Call it what you will—a cooling, a recalibration, a correction—today’s art market is far from the froth of a few years ago. Over the summer, three blue-chip dealers—Tim Blum, Adam Lindemann, and CLEARING’s Olivier Babin—called it quits. And if the present weren’t enough to worry about, journalists have been hand-wringing over the future. In May, the New York Times ran an article asking “Where Are YoungArt Collectors and Museum Donors?” and followed that up in June with a related article that rang an ominous bell, saying the next generation “is less keen on art than on experiences [and luxury items], raising a question: Does art collecting have a future?” This year, ARTnews has posed these questions about the state of the market and the future of art collecting to the esteemed collectors on our annual list, now in its 36th edition; their answers find silver linings in a cooled market, and a future that looks compelling. “The cooling at the top isn’t a market failure. It’s a correction,” Basel Dalloul told us. “For serious collectors, it’s also an opportunity to refocus on where value is actually being created: with artists at formative stages of their careers.” Basma Al Sulaiman, a new addition to this year’s list from Saudi Arabia, said she believes that “the current slowdown in the art market presents opportunities—not necessarily a retreat from blue-chip collecting, but rather a moment to be more discerning. It’s not about avoiding high-value works, but about ensuring that the piece, the price, and the context are aligned.” Several members of the Top 200 see “collecting as an act of responsibility,” as Patrizia Sandretto Re Rebaudengo put it, noting that it is “a shared effort to nurture artistic research and to create the conditions for experimentation.… I believe that collectors have a role not only in supporting what already exists, but in helping to shape what is yet to come.” Al Sulaiman agreed, adding that “collecting [is] not just an act of acquiring, but one of participation.” As to the question of whether or not collecting has a future, Michael Ovitz, who began collecting in the 1970s, said he doesn’t “believe art collecting goes away”; in fact, “it’s grown so big—it’d be nice if it retracted a bit and removed the speculators.” Larry Marx, another veteran on the list, added, “Art collecting better have a future or artists will not have much of a future.… Collecting has withstood alot of changes.” Alexander Petalas, another new entry on the list who is in his early 40s, offered a different perspective. “Young collectors face a dilemma that is out of their hands,” he said. “Bigger galleries are now raising the prices of younger artists faster than ever, pricing the young or developing collectors out of the market before they have a chance to build a relationship or deeper collection of those artists. This is a hindrance to the future of art collecting.” But many of the collectors reiterated the importance of considering their art holdings beyond the financial value they might one day carry. Pete Scantland put it simply: “If you approach collecting as a journey of experiences and relationships rather than a checklist of acquisitions, it will remain vital, rewarding, and relevant—over time and in any market.” Allison and Larry Berg: Art collecting will always have a future. It’s important to consider art collecting in the context of an entire ecosystem, not just the marketplace. Perhaps speculators will continue to drop out because they aren’t seeing a financial ROI that may have existed in recent years. We believe that true collectors find a much greater value in art. Art’s real value, to us, is its permanence—art outlives the artist who created it, the narratives that inspired it, the moment in history and activities it represents, and the collectors who acquired it. Art is arguably one of the only ways ideas can transcend time and generations. It proves the existence of humans—our stories, our concerns, our geographies, and the ways we live. We have seen the next generation connecting to art in this way with both their participation in the market as well is in supporting artists’ practices and museums. If this generation appreciates experiences over “things,” then art will maintain its relevance. The world is moving at a breakneck pace and getting faster by the day. The next generation, like those before them, still appreciate the slowdown that viewing and sharing art commands. Eduardo F. Costantini: I firmly believe collecting has a future. There’s a natural impulse in human beings to gather and preserve objects—it doesn’t have to be art, but that drive isn’t going away. It’s true that over the past three years the art market has gone through a challenging period, and we can see changes: A new generation, more connected to technology, is showing different habits and tastes. Still, I’m convinced that art is eternal, and collecting is too. Basel Dalloul: There is a future. It just doesn’t look like the past. The next generation isn’t rejecting art; they’re rejecting outdated systems of access. What I’ve noticed is that younger collectors are incredibly values-driven. They want transparency, alignment, and meaningful engagement, not just transactions or trophies. That’s partly why we built Dalloul Artist Collective: to meet this generation on their terms. My advice? Start with what moves you, not what trends. Talk to artists. Understand the context. And buy less, but better. Nicola Erni: Maybe. The initial impact that social media has on many things, like collecting, will fade away again. But, a part of that next generation is visiting a lot of exhibitions and hopefully, with that the desire to collect will return. Pamela J. Joyner: I am having an experience that is different than what the New York Times recently described. I regularly speak to several young collectors who have made art and support of artists completely integral to their life and lifestyle. In so doing they are also keen about institutions and understand the importance of providing their support. These young connoisseurs will follow some of the existing traditions. However, based on what I am witnessing so far, they will innovate at a faster pace than recent generations. I am excited to see the new paradigms this new and younger energy creates. I cannot wait to experience the results. Rodney Miller: My children, MacKenzie and Merritt, have recently joined me in collecting. We are having a ball and learning a lot, as they come with a different sensibility. Many of my friends are also seeing their offspring join them. My collecting circle includes a coterie of younger, enthusiastic collectors. From my vantage point there is a great wave of new collectors brewing, including joining patron groups [and] boards. Michael Ovitz: I don’t believe art collecting goes away. We’re seeing a lot of new collectors in the market—more than you think. I don’t believe much in generalizations. I think people get interested when they get interested. When I think back to when I got started in the ’70s, you could have said the same thing. Leo Castelli had, say, 250 people on his mailing list. (I know that because I collect Castelli invitations.) Today, average art dealers have 25,000 people on their email lists. In the days I was collecting early on, you could probably state, “Is it ever going to grow?” And it’s grown so big—it’d be nice if it retracted a bit and removed the speculators. Emile Stipp: The New York Times recently ran an article discussing how, every few years, some music critic or journalist bemoans the fact that classical music audiences are getting older. In fact, they have always been old. It’s just that people generally appreciate classical music more as they get older. Same thing with art collecting: When you buy your first painting or artwork, you enter into a different and new relationship with art. You start living with it, thinking about it, and then, for some, the bug bites and collecting becomes a passion. Everyone needs time and maturity for this process to happen—even though they may have looked at and enjoyed art since they were very young. Ryutaro Takahashi: For those who wonder if art collecting has a future, collecting art is meaningless. I think the gods of art collecting smile only on those who are captivated and cannot resist purchasing the works in front of them, rather than thinking about some distant future. Carl and Marilynn Thoma: We don’t believe collecting should be the ultimate goal. Like a piece of music or live performance, people connect with art because it moves them in some way or makes them feel seen. If we encourage younger generations to view art as a personal and meaningful experience, something that inspires them or is a source of joy or comfort, they’ll naturally want to live with works that bring those feelings into their lives. Hopefully, that perspective leads “collecting” to become less about a piece’s value or [about accumulating a] quantity [of works], and more about forming a personal connection with the art. Sonya Yu: Potential patrons and collectors want more connection from the art world. While art offers that, the act of collecting art does not. Between gate keeping and a high barrier to entry (not just financially), the art curious are not encouraged to engage, and as a result, not invest. Experiences often extend that warmer welcome, but it is a Band-Aid fix to a larger problem. Collecting, as with art making, is a form of self-expression. Are you collecting to clout chase? Are you collecting to decorate? Are you collecting to practice curiosity? Asking those more personal questions rather than “why do you think you deserve access” will yield more authentic, more dedicated collectors and patrons. We win when we are ourselves. Let’s lessen the transactional aspects of a relationship, when there is inherently a transaction there already. Ariel Marcelo Aisiks: A new generation is emerging, less focused on market trends and more committed to transparency and innovation. They view collecting as a form of stewardship: a way to support artists, elevate new narratives, and contribute to public knowledge. This shift is especially visible in the digital realm. Blockchain-based projects have redefined how we think about provenance, circulation, and access. The inherent characteristics of blockchain—where ownership, transactions, and metadata are immutably recorded—has introduced new models of accountability. Increasingly, collectors are pairing acquisition with strategies that promote open access and technological experimentation. Lonti Ebers: It’s no surprise that the youngest generation of would-be art collectors is impacted by uncertain economic and political conditions. Their turning to experiential and “collectible” expenditures allows them to spend significantly less while offering immediate gratification. It takes a degree ofcuriosity and intelligence to appreciate the joys of art and its market. The highs of spectacle and speculation are short-lived while a little education leads to many more opportunities. A neophyte collector can explore areas of interest and opportunity, and the work need not be expensive. Denise and Gary Gardner: We can’t speak about young collectors as a whole; we don’t consider ourselves experts in the field. We do have some sense of how the next generation may be collecting through our children, who are in their 40s, and are avid collectors. One distinction we notice is that our children utilize digital media, especially podcasts, far more to learn about artists. They not only enjoy following artists on social media, but they also follow curators and art influencers. They seem to prioritize having a relationship with the artists, which is easier now with social media. They also seem to gravitate toward art that has a personal meaning for them. They enjoy “discovering” artists unknown yet to the mainstream media. While we’re not certain what this means for the future of collecting, it does suggest the significance of artistic expression endures with the next generation. Grażyna Kulczyk: In a dynamically growing economy like Poland’s, combined with a strong tradition of modern art, more and more people of the younger generation are actively engaging with art and approaching collecting in a thoughtful, deliberate way. What’s even more interesting is that the need—and even the intention—to build private cultural institutions is emerging rather often. More broadly, I think we’re seeing a similar tendency among young people around the world: After a wave of fascination with the new, there’s a growing curiosity about the past—a desire to understand how the present connects to what came before. Jennifer and Alec Litowitz: As a family we have included our sons in our journey of collecting. All our children have visited galleries, museums, art events, and art fairs with us around the globe. We are excited to share our passion for the visual arts and instill a sense of cultural legacy and commitment to the arts within our family. Suzanne McFayden: The younger collectors I know are asking what they want patronage to look like for them. This means institutions can no longer count on the status quo for donors. Coupled with a soft art market, a fluctuating economy for many, and other world woes, it might seem dire, but I think this can be an excellent chance for a necessary reset from the frenzy of the last few years. My advice remains the same: do research, get “eye mileage” in, and buy with that, not one’s ears. Nancy A. Nasher and David J. Haemisegger: Art collecting is always evolving — just like museums and the very ways that we engage with art. We see so much potential in the next generation. At the Nasher Sculpture Center, we have been encouraged by how many young people are actively participating—they are curious, thoughtful, and eager to explore what art can mean in their lives. Our advice to emerging collectors is simple: follow your curiosity, support what moves you, and engage with the people and ideas behind the work. Purat “Chang” Osathanugrah: The new wave of collectors, myself included, is curious, open-minded. Collecting is personal. Whether it’s sneakers, vintage wines, art toys, or watches—there’s joy in all of it. I collect some of those too. But art offers something different: a slow burn, a deeper resonance. It stays with you. It challenges and comforts, often in the same breath. Sure, the art world can feel intimidating—or even like a bit of a hassle to navigate, especially when you’re just starting out. But once you’re in, you realize it’s less about owning something and more about being part of a conversation that crosses time, culture, and generations. Cecilia and Ernesto Poma: I’m fortunate to be witnessing the next generation of art collectors unfolding in my children. I see them interested in works by emerging artists they are attracted to, giving me the opportunity to also learn and discover new talents alongside them. That is why our collection is now a “family collection.” The advice that I can give collectors starting out is the same I’d give to my kids. I would recommend to not focus on art as an investment and instead focus on art that you connect with. It’s important to dedicate time to educate yourself and find what you really vibrate with, to be especially cautious of trends, and trust your gut. Sara and John Shlesinger: Every generation focuses on a variety of interests. There are not enough diverse entry points for young collectors who have limited time and resources. Serious collecting requires a maturity and sensibility that comes with age and experience and exposure. Art collecting will always have a future, and people will want to be a part of the experience and the community. Basma Al Sulaiman: The landscape of art collecting and cultural philanthropy has undeniably shifted. The younger generation isn’t necessarily less interested in art, but their values and expectations are evolving. They are not drawn to traditional notions of patronage or legacy in the way previous generations were. Instead of “giving back” in the classic sense—through large institutional donations or named endowments—they seek impact, transparency, and relevance. Francesca Thyssen-Bornemisza: I see a generation that is far more interested in processes than possessions, in experiences and activism rather than accumulation. To some, that may sound like a threat to the traditional model of collecting, but to me it is profoundly hopeful. It shows a shift toward engagement, toward art as a living force rather than a static object. Josef Vascovitz and Lisa Goodman: Every decade there is a “new trend.” Sometimes it’s into the masters and away from the young artists; other times, it is out with the masters and into the emerging artist. Today’s collector wants to feel they are appreciated, and we’ve heard repeatedly from galleries that they are asking more questions, taking a longer, slower look at the art before they buy, and wanting to be assured they are appreciated. Our advice to collectors has seldom changed. Go into galleries and, if you like what you see, continue to go again and again. You don’t have to like every show—in fact, it helps to define what you don’t like. Once you establish a dialogue, these galleries will become partners in your collecting habits. At the end of the day, don’t buy because it’s a good investment, buy because you love the art. Leave investing to the finance guys—“art wealth” is in the heart. Jenny Yeh: I really admire the next generation of collectors. They tend to trust their own instincts rather than simply following the mainstream market, which often results in much more diverse and personal collections. Ryan Zurrer: I would categorize myself as a younger art collector and would therefore disagree that there is waning support among the next generation for art and museum patronage. I’m excited to see that museums are evaluating alternative models to drive sustainability, and we see decentralization in the support across generations, whereby a handful of very wealthy supporters are complemented by dozens of equally passionate supporters of lesser means and younger years. This more inclusive model makes sense given the public nature of these institutions. Younger collectors are looking for deeper relationships with the works within their collections, often collecting directly from artists and building collaborative connections along the way. The art of our time should be representative of our cultural landscape and that means art that has both a physical and digital identity is increasingly important and art that constantly evolves speaks poignantly to our ever-changing world. Barbara Bluhm-Kaul and Don Kaul: We believe and support the idea that younger people are interested in art and the collection of art. Art can only evolve if the current working artists are supported by those of their generation. Our advice to young collectors is to slowly buy what you love, and do it in your own way. Patrick Collins: If you love art and find the various existences one can have with and around it particularly meaningful or rewarding, then I’d say it’s a great moment to distinguish yourself as a collector. It’s a great moment to articulate a vision, to work with artists and galleries that have a point of view, to assemble a collection that has imagination—that has something of yourself and something of the world in it. What these artworks might ask of you and give to you is not interchangeable with the experience of owning a value-retaining exotic leather handbag or a complicated car. There are other dynamics which are hard to ignore, too. So much of the cultural value assigned to art derives from an artwork’s capacity to speak of the experience of living and looking, and that the work is deserving of being cast into the future, and what that future looks like is hard to conceive. Hortensia Herrero: I’ve always followed a very simple rule when it comes to buying art: I’ve only ever bought what I like, and I believe that way you can’t go wrong. The only advice I would give to someone just starting out as a collector is to buy what you truly like, because, ultimately, you are going to live with it, and it makes no sense to see something every day that you don’t enjoy. Miyoung Lee: Collecting art is the coolest experience of them all. It’s not fun if you are merely “object collecting.” Some of the most wonderful experiences I have had were directly a result of my art journey—I constantly meet fascinating people and travel to fabulous places, but, most of all, I continue to grow as a person. Kelly and Scott Mueller: Purchase something that touches your heart or mind, and don’t assume your wallet will approve. Pete Scantland: For new collectors, my advice is simple: seek out these experiences. Spend time with artists and their work. Visit exhibitions that challenge and inspire you. Support galleries and institutions that provide rich context and meaning around the art they present. If you approach collecting as a journey of experiences and relationships rather than a checklist of acquisitions, it will remain vital, rewarding, and relevant— over time and in any market. Francesca Thyssen-Bornemisza: My advice to new collectors: don’t think of collecting as ownership, but as stewardship. Support the voices shaping our future; those who are challenging established structures, working with urgency, and engaging with nature, justice, and community. And remember that some of the most powerful artworks are ephemeral: performances, gestures, temporary interventions that live on through memory, documentation, and their impact on audiences. These works may never hang on your wall, but they can transform the way we see and act in the world. For me, this is where collecting becomes truly meaningful. It’s about investing not only in objects, but in ideas and in the conditions that allow artists to take risks. Begin with questions, not with things. That’s where the future of collecting lies. Pedro Barbosa: The market may be cooling down but I’m not paying attention to it. We’ve always had a two-pronged strategy: We acquire significant historical works to fill in the gaps of our collection, but we are equally committed to supporting emerging artists and the smaller galleries that champion them. It is crucial to remember that the art ecosystem is not just the auction houses and the mega-galleries. The true engine of the art world is often the smaller galleries, independent spaces, and the artists. When a collector buys a work from a smaller gallery, they are not just acquiring an object; they are investing in a vision, a program, and an artistic community. They are enabling a gallery to take risks and supporting artists who may not yet be “market-ready,” and to foster the kind of critical dialogue that is so vital. This is the only way for the art world to remain healthy and vibrant. It’s a question of responsibility—of nurturing the future, not just trading in the past. Anita Blanchard and Martin Nesbitt: Speculation collecting has made art unobtainable for general collectors. This drives prices high before emerging arts can build an audience of loyal supporters. The market should be adjusted to allow a variety of collectors to support artists at every level. James Keith “JK” Brown and Eric Diefenbach: We generally buy work either early in an artist’s career or late for underrecognized artists, so our purchasing is largely unaffected by market fluctuations. Relationships with galleries whose programs overlap your interests are incredibly valuable. We’ve had relationships with many for decades. Beth Rudin DeWoody: I’ve always approached collecting through the primary market—it’s where my heart is. Of course, there are blue-chip artists I admire, and when the opportunity aligns, I might acquire a piece. But the core of my collecting has always been about supporting artists directly and championing the galleries that believe in them. That’s the part that’s most meaningful to me. I hope the next generation of collectors digs deep into authenticity—and, of course, supports emerging artists and galleries. Yan Du: I have always supported artists in the early stages of their careers and have built close relationships with their gallerists, too. Experimental and emerging artists form a key part of my collection, which encompasses anything from video works, installations, and sculptures. As a collector, I like to support emerging and blue-chip artists and galleries—where art-historical foundations bolster new and fresher dialogues. I still love to discover hidden treasures, and sometimes you really have to wait for those, but when the opportunity arises, you just can’t let those go! Elie Khouri: I’ve observed and participated in this shift. There’s growing awareness that the top end of the market is not the only place where meaningful collecting happens. Supporting artists early in their careers is essential because you get to see growth over time, you witness shifts in language and technique, and you feel like you are part of something being built, not just something being bought. We should support living artists—they’re the ones shaping the present and the future. Buying their work helps them continue to create, take risks, and push their practice forward. Cheech Marin: I’ve never been driven by chasing blue-chip names—my focus has always been on supporting the artists and galleries I believe in. That often means buying at lower price points, but those purchases can have an outsize impact. They keep artists working, keep smaller galleries open, and sustain the cultural ecosystem. If you believe in a gallery’s vision, supporting them directly—especially when they’re championing emerging or underrepresented voices—is one of the most important things a collector can do. Kiran Nadar: I think there has to be a balance. While blue-chip purchases will always have their place, it’s equally important to support galleries and artists at early stages of their careers. This isn’t just about acquiring at a lower price point; it’s about believing in the long-term value of nurturing talent and sustaining the ecosystems that allow artists to grow. By engaging with emerging and midcareer artists, you’re not only building a distinctive collection, but you’re also contributing to the vitality of the art world as a whole. Supporting a gallery program you believe in can have a ripple effect, helping to fund ambitious exhibitions, enabling experimentation, and giving artists the confidence to take creative risks. For me, that’s where some of the most exciting and meaningful collecting happens. Darlene and Jorge M. Pérez: Our collecting practice leads us to all sectors and corners of the art market—from blue-chip to emerging. We look for pieces that are meaningful to us, wherever they may be. Midsize and smaller galleries are facing great challenges, and they are so important to the development of artists within the larger art ecosystem, so we try to support programs we believe in. Patrizia Sandretto Re Rebaudengo: I have always believed in supporting artists at the beginning of their journey, when their research is still unfolding, when their voices are still finding space. I am drawn to works that reflect a strong vision, that resonate with me intellectually and emotionally. What moves me is the urgency of the work, the questions it raises, and the contribution it makes to our time. For me, collecting is never a matter of market value, but a form of commitment: to the artist, to their growth, and to the broader ecology that sustains contemporary art. In this sense, I see collecting as an act of responsibility. It means taking part in a shared effort to nurture artistic research and to create the conditions for experimentation. It also means trusting galleries, especially those who take risks by investing in artists at the beginning of their careers. I believe that collectors have a role not only in supporting what already exists, but in helping to shape what is yet to come. Bob Rennie: I will leave this to the speculators to talk about. What a wonderful time to fill in the gaps in the collection. Christen Sveaas: I have, of course, observed the cooling of the art market and have for some time been amazed by the blue-chip galleries’ haste in raising prices for the newest of their artists. Sustainability and building an artist’s career over time seem less of a concern for many galleries, and so the cooling of the art market comes perhaps not only because of the global economic turmoil, but also as a reaction to such “over-commercial” strategies. Belinda Tanoto: Yes, I’ve certainly observed—and participated in—this shift. While blue-chip acquisitions have their place, I believe that collecting today also carries a responsibility: to support the wider art ecology and contribute to a thriving ecosystem. That means looking beyond market trends and investing in galleries whose programs are rooted in long term vision, experimentation, and community engagement. For me, collecting goes far beyond acquisition. It’s about cultivating lasting relationships with artists, galleries, and cultural practitioners—relationships rooted in trust, mutual respect, and shared purpose. I actively support the programs of many regional galleries and prioritize amplifying underrepresented voices, particularly female artists from Asia and South America. Mei and Allan Warburg: We support artists and galleries at multiple stages of their journey. We particularly support artists who take risks or represent more diverse voices. Priorities such as these are essential to the overall health of the wider art ecosystem, and it is important for collectors to be part of that foundation at every level. Building our collection is a way of investing in a cultural future. Supporting artists whose work inspires us, regardless of where they are in their career, is one of the most direct and impactful ways to do that. Correction, September 30, 2025: The print version of this article misattributed Nicola Erni’s response to Rebecca and Martin Eisenberg. ARTnews regrets the error.