Magnus Resch on His Vision of The Perfect Art World & More
Magnus Resch, PhD, is one of the world’s leading experts in art management. He lectures art management at Yale School of Management, and is a serial entrepreneur and bestselling book author. In 2019, he launched Magnusclass, the world’s leading online class for artists and new collectors. The class offers two courses: One for artists to help them become successful, and the other for everyone who wants to start an art collection.
This week, The Artling had the opportunity to speak to Magnus on this new online class, his inspirations behind it and his vision of the perfect art world.
You have just released a new online class “How To Start An Art Collection". Tell us what it is about.
My new class “MagnusClass - How To Start An Art Collection” www.magnusclass.com is a must-have online class for everyone who wants to build an art collection – on any budget and in any city. New collectors learn how to identify artists to invest in, how to spot fakes, how to work with art advisors, and how to find galleries to trust. I suggest avenues to begin when just starting out. I also cover questions on NFTs, their value and blockchain technology.
What inspired you to create this class?
The art market is complex, opaque, and difficult to understand for outsiders. My course breaks down this complexity and presents new collectors with not only an expert view on the market, but a practical one. I am convinced that after taking this class, my students will feel confident to start their own collection – on any budget and in any city.
You’re known for your belief in following data – it drives your course. You have interviewed some heavyweight key collectors, practitioners and market experts to get it. Who are they?
The class is based on a triangle of sources. First, my own experience as a Professor of Art Management: I have been teaching for 10 years at Ivy League Universities. Second, data research – in 2018 I published a paper in Science Magazine, the world’s leading academic journal. Over 80 newspapers picked it up and wrote about it because it’s the first academic research that reveals what makes an artist a good investment. My new course is based on the same data research. And a third source is expert interviews with the world’s premier art market experts. Lisa Schiff, one of the world’s leading art advisors, explains how she selects artists; superstar collectors and private museum owners Don & Mera Rubell explain how they started their collection; mega collectors Susan and Michael Hort discuss what they look for in an artist and share their buying strategies. There are many more. The Who’s Who of the art world participated.
If you had to hand-pick one single piece of practical advice from your online class for new collectors, what would it be?
From talking to the world’s leading 200 collectors, one key theme always came up: you need to see as much art as possible and you need to talk to as many people as possible. Collecting art means going to galleries, fairs, museums and so on. My course explains where to start, how to select the right gallerists to talk to, which art fairs to visit, and how to find great artists. I want to help new collectors to use their time efficiently and spend money wisely.
How has the pandemic changed the behavior of collectors?
It hasn’t, really. Of course, we see an increase in online sales, online viewing rooms and online art fairs. But essentially, it’s still the same trading platforms and players – but now more online. After the pandemic, this will switch back and the proportion of online sales will decrease again.
In what direction do you think the art world is currently heading, and what does a perfect art world look like?
My vision is an art world that is transparent, fair and equal and embraces new technologies. Exhibitions are curated via swarm intelligence, not through the selection of a few so-called experts with an art history degree. A more diverse group of artists will finally get museum recognition, supported by a healthy gallery system that is adjusted to the number of buyers. This will attract a new generation of art buyers whose focus is on purpose, rather than profit. They understand that buying art is not just the purchase of an artwork but a philanthropic investment. The question responsible art buyers will ask is not “How much can I sell it for in 5 years?” but “How will my purchase support a community and align with my values?”
As an art market expert, what is your take on the introduction of NFTs? Do you think they are here to stay?
NFTs are good. At the moment they are used for mostly gambling purposes. The art comes second. I hope this doesn’t scare off the traditional art world, because they should embrace them. The art world can benefit from it because NFTs create transparency, which leads to new buyers. Digital artists get more attention and artists benefit from resale value. In a perfect world, every artwork would be an NFT.
How To Become A Successful Artist by Magnus Resch, #1 Bestseller in the USA & Germany
Management of Art Galleries by Magnus Resch, #1 Amazon Bestseller
You have published multiple books on the art market. Your most recent book discusses how artists can succeed in the art world. How can artists negotiate a desire for success and still sidestep the trap of creating art for the market?
I don’t see what’s wrong in creating art for the market. The market is necessary because it pays your bills. If a work sells, it’s good. The idea that artists need to be starving to create great works is a myth and was never really true. But collectors need to understand one absolutely underappreciated fact: lasting value in the art market is not dependent on the artwork itself but where it is shown. I explain this in my class and help collectors to understand the importance of choosing which gallery to buy from.
What are some new technologies you want to see collectors use to find artists?
A central problem is the oversupply of art and the lack of price transparency. Collectors want to know the answer to three main questions: What should I buy? How much is it? And is it a good investment? New technology will succeed if it provides answers to these three questions.
TheArtling.com, for example, is successful because it curates artworks and every artwork has a price tag.
Interested in starting your own art collection? MagnusClass is offering an exclusive discount for Artling readers, key in 'ARTLINGxMAGNUS' upon checkout for 20% off courses! This discount will last until the 24th of November, 2021. You may also get in touch with our art advisors or read our ultimate guide to starting an art collection.
Any views or opinions in the post are solely those of the authors and do not necessarily represent the views of the company or contributors.
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