From here to eternity: The rise and fall of global art worlds and the contemporary private museum

The process of converting a private collection into a public museum is often presented as a means of ensuring a collection’s future by transforming it into an enduring asset for future generations. This case study assesses contemporary collection models as well as entrepreneurial investor-collectors and their respective museum-building strategies by addressing two fundamental questions: (1) What is the role of the contemporary art collector and private museum and (2) How do their interactions with art markets challenge the established protocols and hierarchies of the global art network? It shall be argued that private collection museums often have a limited lifespan. Furthermore, the future of private collections and museums is often determined within the lifetimes of their creators. This can play out in one of four ways: first, collectors may offer artworks at high-profile auction houses; second, they may sell the art collection and close the museum or collector’s exhibition space; third, they may sell the museum or exhibition space. Alternatively, private collectors, along with their museums and art collections, can play an important role on the global stage. However, more rigorous planning is necessary for these collectors to distinguish themselves, expand the cultural landscape, and ensure their collections endure within or beyond their creators’ lifetime.