Un-Private Collections

What does it take to become a world-class private-museum owner? Mei Anne Foo speaks to a few ambitious art lovers and critics to find out

It’s not hard to imagine the mounting number of private art museums popping up today. While it is difficult to put an exact value on the total art held by private individuals, estimates reveal it to be worth up to an eye-watering $3 trillion.

Thus ardent art collectors, with their increasingly large collections, which over time surpass wall space in their private residences, are increasingly choosing to open private art museums, allowing the public access to art that might not otherwise be seen while in private hands or given to a public museum that doesn’t have enough exhibition space. Amid a global surge in collecting and a diminishing flow of once-generous government funding, entrepreneurs and collectors are stepping up. And this applies to Eastern collectors too.

According to Edie Hu, an art advisory specialist for Citi Private Bank, there were only 349 museums in China 40 years ago. That number has since increased to over 5,000 today – although by comparison, the us has over 35,000 museums, so China is just starting out.

“Many of these are privately funded by newly minted billionaires. For someone who has everything, it’s the ultimate ego project,” says Hu. “Many have been criticised for being merely vanity projects and for placing more emphasis on the architecture of the museum than the content.”