Art collectors can be a determined bunch. Their drive to research, source and capture the object of their desire can result in expensive school fees and the sacrifice of retirement funds in pursuit of "the collection". Because guilt often accompanies such acquisitions, a rationalisation process invariably begins and the most powerful argument is that a recently acquired work will serve as a wonderful investment. Although many collectors will not sell any part of their collections, reframing it like this temporarily soothes guilt-ridden minds. Though understandable, this can be a dangerous line. The number of collectors who buy art not only for enjoyment but with an eye on investment is growing and is of concern. Allocations to art and other "passion assets" in the portfolios of ultra-high-net-worth individuals are expected to increase over the next 10 years, according to Deloitte’s 2017 art and finance report. Following a slowdown in the global art market throughout 2016, total auct...

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