Experienced collectors are increasingly looking for a new Picasso

Photo by Gabija Morkunaite 

Ornela Ramasauskaite – Interview for magazine Luxury Guide

Ornela Ramasauskaite is a leading expert in the art market, with 18 years of experience advising high-net-worth individuals and institutions on art investment, cultural economy, and marketing. As the CEO of “artXchange Global”, she was named “Leading Female Figure in Art Wealth Management” by the Wealth and Finance International Fund Awards 2023. She is also a board member of the Amedeo Modigliani Foundation. Ornela will soon visit Prague, where she will lead four specialized sessions at the Prague Collectors Summit on September 24th and 25th. These sessions are tailored for both novice and experienced art collectors and investors.  

How are you looking forward to your time in Prague? Have you been here before? 

I’m thrilled to be returning to Prague for my fourth visit. The city inspires me with its rich cultural heritage and vibrant art scene. My last trip in June was particularly enlightening, thanks to the opportunity provided by David Vavruska-Alkier, the founder of the Aglaia Foundation. 

During that visit, we had the privilege of engaging with various art market stakeholders, from gallerists and curators to collectors and artists. These interactions provided invaluable insights into the unique dynamics of the Czech art market, which I’m excited to delve into further during this trip. 

I was impressed by the museums and galleries I visited. The National Gallery Prague left a lasting impression with its stunning collection of art spanning from medieval to contemporary. The DOX Centre for Contemporary Art also stood out with its innovative approach to showcasing cutting-edge works. 

During this visit, I’m looking forward to discussing current art market trends with the Czech audience. The art scene here is fascinating – a beautiful blend of rich historical traditions and bold contemporary voices. I’m eager to explore how global trends, such as the rise of online sales and the growing interest in art as an investment, play out in the Czech context. 

Who is the Prague Collectors Summit primarily intended for, and can you share what you will be focusing on? 

The Prague Collectors Summit is a truly exceptional event that caters to a diverse audience within the art world, ranging from aspiring collectors to seasoned veterans. It’s heartening to see such a comprehensive approach to art market education in Central Europe, as it plays a crucial role in nurturing and elevating the region’s art ecosystem. 

As an art market expert, I’m particularly excited about the summit’s focus on the practical and theoretical aspects of art collecting and investment. The curriculum covers a broad spectrum of essential topics vital for anyone navigating the complex world of art markets successfully. 

In my presentation, I’ll be focusing on several key areas that align with the summit’s goals: 

1. Global Art Market Trends: I’ll be sharing insights on the current state of the global art market, including the shift towards online sales, the impact of geopolitical events, and the emergence of new collecting categories. 

2. Art as an Investment: Drawing from my research, I’ll discuss the potential of art as an alternative investment, especially in the context of economic uncertainties. We’ll explore how art can hedge against inflation and market volatility. 

3. Emerging Markets and Artists: I’ll highlight the importance of monitoring emerging art markets and how they reshape the global art landscape. We’ll also discuss strategies for identifying promising emerging artists. 

4. Geopolitical Considerations: Based on my PhD research on art investment in the context of geopolitical conflicts, I’ll offer insights into how political events can impact the long-term value of artworks from specific regions or nationalities. 

5. Practical Collecting Strategies: I’ll provide actionable advice on building and managing a collection, including due diligence processes, market analysis techniques, and strategies for value creation. 

I look forward to engaging with collectors at various stages of their journey. For those just starting, I want to inspire and provide a solid foundation for their collecting endeavors. For experienced collectors, I aim to offer fresh perspectives and advanced strategies to enhance their existing practices. 

Photo by Egle Senderoviene
Photo by Egle Senderoviene

What led you to your career in the art world? 

My journey into the art world began with a moment of cinematic inspiration that sparked a lifelong passion. As a child, I was captivated by an art auction scene in a film, and it ignited a dream that seemed almost impossible at the time, given the lack of auction houses and collecting traditions in my country. But that spark was enough to set me on a path I’ve followed with unwavering dedication ever since. 

My academic journey reflected this passion. I immersed myself in art studies, providing a solid foundation in art history and appreciation. Recognizing the importance of understanding the broader cultural landscape, I then pursued studies in UNESCO Culture Management and cultural politics. This interdisciplinary approach has been invaluable in my career, allowing me to view the art world through multiple lenses—aesthetic, cultural, and economic. 

Despite my youth, I was fortunate to secure a position at an art auction house and gallery early in my career. This experience was not just a job but a transformative journey. I found myself in a vibrant environment where I could learn from some of the most respected experts in the field. Their mentorship was invaluable, shaping my understanding of the intricate workings of the art market and the nuances of building and managing collections. 

One of the most rewarding aspects of my early career was the opportunity to meet and work with significant collectors. These interactions expanded my network and provided insights into serious art collectors’ motivations and strategies. This knowledge was crucial in my later work, informing me of my approach to art market analysis and investment strategies. 

As my expertise grew, so did the opportunities. It was a true honour to be invited to join the Amedeo Modigliani Foundation, a milestone that allowed me to deepen my specialization and contribute to preserving and promoting the legacy of one of the 20th century’s most intriguing artists. My involvement with an art fair further broadened my perspective, exposing me to the dynamic interplay between artists, galleries, and collectors on an international stage. 

The culmination of these experiences led me to establish artXchange Global, an art market agency. This venture has allowed me to synthesize my knowledge and experience, providing strategic advice and services to collectors, institutions, and artists navigating art markets and investments. 

Throughout my career, I’ve maintained a solid connection to academia. I’m currently in the final stages of my PhD, focusing on art and cultural economics. This research has allowed me to explore art markets’ theoretical underpinnings and contribute to the growing body of knowledge in this field. 

Who are some of your favourite contemporary artists

As an art market expert, I’m acutely aware of the responsibility of naming favourite contemporary artists. My selections can significantly influence collectors’ interests and, by extension, artists’ careers. Therefore, I always approach this question carefully, focusing not just on artistic merit but on a holistic view of what makes an artist genuinely noteworthy in today’s complex art world. 

When I evaluate contemporary artists, I look for a combination of factors: innovative artistic creation, conceptual depth, career ambition, consistency in their body of work, and resilience in the face of the art world’s challenges. This comprehensive approach leads me to highlight artists who are producing compelling work and are positioned to make a lasting impact on the art world. 

Two young contemporary painters I’m particularly excited about are Linas Kaziulionis from Lithuania and Mouk from Azerbaijan. Both artists not only exemplify the qualities I mentioned earlier, but also hold the potential to shape the future of the art world with their unique perspectives and dedication.  

Both artists show tremendous promise not just in their artistic output, but in their approach to building their careers. They’re actively engaged in the global art community, participating in residencies, exhibitions, and fostering relationships with galleries and collectors. This kind of holistic approach to an art career not only ensures their long-term success but also strengthens the global art community, making us all part of a larger artistic ecosystem. 

When it comes to established contemporary artists, I have great admiration for Marina Abramović. Her impact on performance art has been revolutionary, but what truly sets her apart is how she’s transformed into a living embodiment of her artistic philosophy. Abramović has become a statement herself, transcending the boundaries between art and artist. 

I’m drawn to artists like Abramović who have clear values and visions and are willing to stand firmly behind them. In an art world that can sometimes prioritize marketability over substance, these artists serve as important reminders of the power of authenticity and conviction. Their unwavering commitment to their artistic integrity is not only inspiring but also encourages us all to uphold our own artistic values. 

This approach to selecting favourite artists—considering not just the art itself but the artist’s entire practice and persona—reflects my belief that the most impactful contemporary art is born from a combination of creative vision, conceptual depth, and professional dedication. As the art world continues to evolve, I believe it’s these multifaceted artists who will shape its future and leave a legacy. 

Can you offer a simple piece of advice for those just starting to invest in art? 

When starting your journey in art investment, my primary advice is simple yet crucial: seek professional guidance. Art investment is a complex field that requires a deep understanding of various factors – from art history and market trends to conservation and provenance. It’s not something one can master quickly, and the stakes can be high. 

Engaging a professional art consultant or advisor is an investment that can pay significant dividends. These experts have spent years honing their knowledge and building networks within the art world. They can provide invaluable insights beyond what’s immediately visible to a newcomer. 

A good art advisor will: 

1. Help you define your investment goals and aesthetic preferences 

2. Guide you towards artists and works that align with your objectives 

3. Provide access to their network of galleries, auction houses, and private sellers 

4. Assist with due diligence, ensuring the authenticity and provenance of potential purchases 

5. Offer insights on conservation and long-term value preservation 

While the upfront cost of an advisor might seem significant, it’s essential to view it in the context of the overall investment. Their expertise can help you avoid costly mistakes and identify opportunities you might otherwise miss. In many cases, the money saved through their guidance far outweighs their fees. 

For those who might find the idea of hiring an advisor daunting or outside their current budget, I often recommend an alternative strategy: focusing on emerging artists. This approach aligns with my second piece of advice. 

Investing in young, emerging artists can be an exciting and potentially rewarding strategy. It allows you to enter the market at a lower price point while still participating in the thrill of art collecting. However, this approach requires a different kind of due diligence. 

When considering an emerging artist: 

1. Engage directly with the artist if possible. Understanding their vision, work ethic, and career ambitions can give you insight into their potential for long-term success. 

2. Look for signs of commitment and ambition. An artist dedicated to their craft and actively working to build their career is more likely to gain recognition over time. 

3. Research their educational background, exhibition history, and any critical reception they’ve received. 

4. Consider the conceptual depth and technical skill demonstrated in their work. 

Remember, the financial risk is generally lower when investing in emerging artists due to the lower price points. Even if the artist doesn’t achieve commercial success, you’ll still have acquired a piece you can enjoy as part of your home or office decor. 

This strategy also allows you to gradually develop your eye and understanding of the art world. As you become more confident in your judgments and more familiar with the market, you may find yourself better equipped to make more significant investments or work productively with an advisor. 

Whether working with an advisor or focusing on emerging artists, the key is to approach art investment with patience, curiosity, and a willingness to learn. The art market can be unpredictable, but with the proper guidance and approach, it can also be gratifying financially and personally. 

Remember, successful art investment is as much about passion and appreciation as it is about financial returns. The most satisfied art investors are often those who find joy in the works they acquire, regardless of their market performance. So, as you begin your journey, make sure to invest in art that speaks to you on a personal level as well. 

Photo by Gabija Morkunaite

If I want to start collecting art without focusing primarily on it as an investment, where should I begin? 

Starting an art collection without focusing primarily on investment is a beautiful way to engage with the art world. This approach allows you to follow your passion and develop your taste.  

First and foremost, immerse yourself in the local art scene. Attend exhibitions at art academies, particularly graduation shows. These events are treasure troves of emerging talent. You’ll discover fresh, innovative work and gain valuable insights from professors who have nurtured these young artists. Pay attention to the pieces that resonate with you emotionally or intellectually, and don’t shy away from engaging in discussions about the work. 

Studio visits are another crucial step in your collecting journey. By visiting artists in their creative spaces, you’ll better understand their processes, inspirations, and visions. Remember, a strong character and a clear artistic concept are just as important as technical skills. Look for artists who can articulate their ideas and demonstrate a commitment to their practice. 

While starting locally is advisable, don’t limit yourself geographically or by the medium. Expand your horizons as you grow more confident in your understanding and tastes. Explore international art fairs, online platforms, and diverse art scenes worldwide. Experiment with different mediums – from paintings and sculptures to photographs and installations. This diversity will enrich your collection and broaden your appreciation of various artistic expressions. 

Education is vital in this journey. Read voraciously—art magazines, books, and online publications. Attend lectures and panel discussions, and consider taking courses in art history or contemporary art. The more you learn, the more nuanced your appreciation will become. 

Building relationships within the art world can significantly enhance your collecting experience. Get to know gallerists, curators, and fellow collectors. Join local arts organizations or museum patron groups. These connections will provide you with valuable insights and opportunities. 

Most importantly, trust your instincts. Buy pieces that speak to you personally, not just what’s trendy or potentially valuable. Your collection should reflect your journey, interests, and the connections you’ve made along the way. 

Remember, collecting art is not just about acquiring objects; it’s about supporting artists, engaging with ideas, and enriching your life through creativity and beauty. By starting with young, local artists and gradually expanding your reach, you’re building a personally meaningful collection and contributing to the art world’s vibrant ecosystem. 

As your collection grows, keep good records. Document the provenance of each piece, maintain certificates of authenticity, and consider creating a catalogue of your collection. This documentation will not only help you track your journey but may also prove valuable in the future. 

Ultimately, the joy of collecting often comes from the discovery process, the relationships you build, and how art enriches your daily life. So, dive in, explore, and let your passion guide you. 

What kind of needs do more advanced collectors and investors typically bring to you? 

I’ve observed a fascinating trend among advanced collectors and investors: they’re increasingly focused on identifying and nurturing emerging talent. This strategy is driven by artistic passion and investment understanding, reflecting the complex motivations that often characterize seasoned collectors. 

These collectors’ primary desire is to discover the “next Picasso”—an artist whose work they can acquire early in their career at relatively modest prices, with the potential for significant appreciation in value over time. This pursuit is not merely about financial gain; it’s about being part of an artist’s journey and contributing to the narrative of art history. 

They seek young artists with exceptional creativity, technical skills, and a unique voice. These collectors have developed a keen eye for identifying talent that has the potential to resonate with a global audience and make a lasting impact on the art world. 

Simultaneously, they’re assessing an artist’s capacity to navigate the complex ecosystem of the art world. This includes the artist’s ability to produce consistent work, engage with galleries and institutions, and build a compelling narrative around their practice. 

The emphasis on “global” success is crucial. In today’s interconnected art world, collectors understand that true stardom – and the accompanying market value – comes from international recognition. They’re not just looking for artists who can succeed locally but have the potential to make waves on the global stage. 

This approach requires a deep understanding of both artistic trends and market dynamics.  

It’s important to note that this exciting approach carries inherent risks. Only some promising young artists will achieve international acclaim or appreciate significant market value. Advanced collectors understand this and view their activities as a blend of patronage and investment. 

Moreover, this focus on emerging talent plays a vital role in the art ecosystem. By providing early support and recognition, these collectors help sustain and develop the careers of young artists, contributing to the vibrancy and diversity of the global art scene. 

In essence, advanced collectors are not just buying art; they’re investing in potential, nurturing talent, and participating in the ongoing narrative of art history. Their pursuit of the “next Picasso” is a testament to the enduring allure of art as both a cultural and financial asset. 

How does working with private individuals differ from collaborating with public institutions? 

While there are certainly distinctions between these two types of clients, the similarities are often more striking than the differences. 

At the core, private collectors and public institutions share a fundamental appreciation for beauty and artistic expression. However, the nuances in their approaches and motivations create a fascinating dynamic in the art market. 

Public institutions like museums or corporate collections often approach art acquisition with a more structured framework. They typically have a mission-driven focus, where art selections must align with the institution’s overarching mission and values. This could mean focusing on specific periods, styles, or themes that resonate with their purpose. While aesthetics are crucial, institutions often have a more pronounced need for their collections to serve as financial investments. This dual purpose of cultural significance and financial appreciation guides their acquisition strategies. 

Generally, institutions work with more substantial budgets, allowing for the development of comprehensive, long-term collection strategies. This financial capacity can sometimes translate into preferential treatment from artists or galleries, including potential discounts for significant acquisitions. Moreover, institutions must consider public perception and stakeholder interests in their collecting practices, which can influence their choices and how they present their collections. Institutions may have more complex approval structures compared to individual collectors. An educational approach benefits both types of clients, providing informed guidance about market trends, artist trajectories, and the broader context of their potential acquisitions. 

While more flexible in their approach, individual collectors often exhibit similar motivations. Private collectors seek art that resonates with their feelings, experiences, or aesthetic preferences. This emotional connection is a driving force in their collecting practices. While not always the primary motivation, many private collectors do consider the investment potential of their acquisitions, especially as their collections grow in value and significance. 

Like institutions, private collectors often build collections that reflect their values, beliefs, or causes they support. While some private collectors work with substantial budgets, others may be more constrained, leading to diverse collecting strategies across the spectrum of individual buyers. 

Despite these structural differences, my experience has shown that the most crucial factor in any art acquisition process – whether for an institution or an individual – is the person or team making the decisions. The critical decision-makers’ taste, knowledge, and vision often shape the collection more than any institutional mandate or individual preference. 

Photo by Egle Senderoviene

How is the art market evolving? Are global events, such as the pandemic, influencing it? 

The art market is continuously evolving, influenced by various factors including global events, economic conditions, and cultural paradigms. According to the Art Basel & UBS Art Market Report 2024 by Art Economics, despite a slight decline in 2023, with sales falling by 4% to 58,37 billion EUR, the art market has shown resilience. This figure remains above pre-pandemic levels, indicating long-term stability. The volume of transactions increased by 4%, suggesting continued engagement across price points. 

While the US maintains its position as the leading market (42% share), China (including Hong Kong) has risen to second place (19% share), overtaking the UK (17% share). This shift reflects the growing importance of Asian markets in the global art scene. 

The pandemic has had a lasting impact on the art market structure. It normalized online art auctions and digital viewing rooms, making art investment accessible to a broader audience.  

Online sales reached 10,6 billion EUR in 2023, accounting for 18% of total market turnover. This trend has democratized art investment and reduced dependence on traditional galleries.  

The market has seen waves of interest in specific artist groups. Previously, there was a significant focus on Chinese artists and Black artists. There’s a strong trend towards female, LGBTIQ+ artists and art from minorities and remote countries. The Venice Biennale often serves as a barometer for these emerging trends. 

The economic slowdown has led to more thoughtful purchasing decisions. Buyers are increasingly viewing art not just as decoration but as an investment. Historically, investing in art during recessions has proven to be a sound strategy, often outperforming traditional market indices like the S&P 500. 

While NFT sales have declined from their peak, this segment still represents a significant market, with art-related NFTs generating 1,08 billion EUR in sales in 2023. This indicates the ongoing integration of digital art into the broader art market. 

In the context of geopolitical conflicts, it’s crucial to be cautious when investing in artworks from specific nationalities. Political events can significantly impact long-term value, potentially rendering some investments less valuable over time. 

Despite high interest rates, inflation, and political instability, the art market has shown adaptability despite challenges. The growth in transaction volume, particularly at lower price points, demonstrates the market’s ability to adjust to changing economic conditions. 

While public auction sales declined more sharply than dealer sales in 2023, private sales at auction houses bucked the trend with a 2% increase. This suggests a shift in how high-value artworks are being traded. 

In conclusion, the art market adapts to global events and economic pressures. While traditional centres like the US and UK remain important, emerging markets, particularly in Asia, are gaining prominence. Integrating digital technologies, from online sales platforms to NFTs, reshapes how art is bought, sold, and experienced. For investors, the key is to stay informed about these trends, consider the long-term implications of geopolitical factors, and recognize that art investment can offer diversification benefits, especially during economic downturns. However, as with any investment, thorough research and consideration of artistic and financial factors are crucial for making informed decisions in this dynamic market. 

How does the world perceive Czech artists? Is there interest in their work worldwide? 

Undoubtedly, Alfons Mucha and František Kupka stand out as blue-chip artists, their works commanding respect and high prices in the international art market. These artists have transcended national boundaries to become part of the global art historical narrative, a legacy that should fill every Czech art enthusiast with pride. I personally like artists Josef Šíma and Emil Filla, who have also made notable contributions, reflecting Czech engagement with major European art movements of their time. 

When we turn our attention to contemporary Czech artists, the picture becomes more complex. Artists like Kateřina Šedá, Eva Kotáková, Anna Hulačová, and Zbyněk Baladrán have gained some international recognition and are considered among the most known contemporary Czech artists. However, it’s important to note that these artists primarily work in conceptual art forms rather than traditional mediums like painting. While intellectually engaging, this focus on conceptual art often makes their work a less obvious choice for individual collectors who might prefer more conventional, tangible art forms. 

The youngest generation of Czech artists is still in the early stages of establishing a broader international reputation. While this group presents investment opportunities, it requires careful consideration and extensive research. This caution is not to deter potential investors but to ensure they are well-prepared for the unique challenges and opportunities of the Czech art market. 

Evaluating young artists for their investment potential goes beyond mere aesthetic appeal. Engaging with these artists directly is crucial to understanding their conceptual frameworks and professional ambitions. Beauty alone is not enough in today’s art world; conceptual depth, innovation, and a clear artistic vision are equally important. 

I’ve heard positive feedback about the Czech art academies, suggesting a foundation for emerging talent. However, this academic promise only sometimes translates into a strong presence in the art market or significant institutions. My observation of the contemporary art selection at the National Gallery Prague could have been better, highlighting a gap between education and impactful artistic output. 

However, it’s important to note that at this stage, it’s too early to say definitively which young Czech artists might break through internationally. The contemporary Czech art scene is still developing its unique voice and position in the global market. It’s crucial to observe how these artists are received in international contexts – their participation in major art fairs, biennales, or exhibitions outside the Czech Republic can indicate potential global interest. 

Will you have time to visit any gallery during your business trip? 

My June visit to Prague was indeed comprehensive and purposeful, a journey that was made possible and enriched by the meticulous planning. I’m grateful to the Aglaia Foundation for their foresight in organizing such a comprehensive preparatory visit. Their attention to detail and commitment to providing a thorough grounding in the local art scene exemplify the level of professionalism necessary in the art world.  

This intensive period of exploration was strategically designed as a preparatory phase for my upcoming September visit. The goal was not just to gain a deeper understanding of the Czech art context, but to unearth unique insights that would allow me to approach the Prague Collectors Summit with a perspective that few have had the privilege to develop. 

Given the extensiveness of my June visit, I don’t anticipate scheduling additional gallery visits during this business trip in September.  

Original interview for the magazine Luxury Guide in Czech language can be found here.