Herbert Vogel and his wife Dorothy, are famous America art collectors. They do not fit the usual profile of your usual art collector, they are not rich! Haha... which is like many of us. Herbert was a high-school dropout & later worked as a postal worker. Dorothy was a librarian in a public library, and they lived in a tiny one-bedroom apartment all their lives.
Yet, they managed to amass a collection of almost 5,000 sculptures, paintings and prints, worth about US$400 million, which they then donated to 51 museums across the country. Through their extensive collecting history, Low and the Vogels offered some valuable insights to art lovers and value investors everywhere on how to create wealth and beauty:
Buy for the long term
They followed the classic strategy of "buy and hold". They are not interested in quick profits, thus, they purchased with the intention to keeping them for the long term.
Buy for love, not profit & Look for investments which are new and original
The Vogels never buy an artwork simply because they believed it would appreciate in value. Instead, they bought them because they appreciated their beauty and the value they added to their lives.
Know the market & when to buy
Given their limited funds, they were extremely savvy with their investments - and they made it a point to understand the market well.
