Private Air New York

www.privateairny.com Private Air New York | Fall 2015 34 ART collecting. "However, it is important to understand that this is an asset class, it is a way of investing. It doesn't have rules and regulations and there is no science to it. But there is a lot of due diligence needed and a lot of practical knowledge. Being practical will make you a smart collector." Zimet has many tips to share. After- sale auctions, for example, have yielded good deals for both her and her students. "One tip that people don't realize is anything that doesn't sell at auction is available. As soon as there is an auction, the results are posted within 24 hours on the website. Let's say lot number one, two and four are sold and they don't tell you the price of lot number three. You know that lot number three is available… You still pay the 25 percent commission. You still pay tax. But you can negotiate, which you obviously can't do during the auction. e rules change dramatically." Exercising care and caution is key. "Make sure you get a condition report. Maybe something didn't sell because it's in rotten condition." She maintains that one of the best ways to educate yourself is through peers. "You need a handful of people that befriend you… other collectors, auction house specialists, gallerists… ere are people out there who can actually teach you a tremendous amount." "My hope is to empower others to have confidence and to be smarter. And confident in terms of purchases. I don't tell people what to buy, I tell them how to buy it. And if I'm advising them, I might tell them what to buy," says Zimet, before offering some sage parting words. "You should buy with your heart and you should buy with your brain, but you should never buy with your ears. You should never buy because somebody said so." Find out more about Arts + Business Partners' consulting and training services at artsandbusinesspartners.com Photography Courtesy of Kristine Larsen and Art + Auction

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