‘Buy what you love; put financial considerations aside.’

Keeping the fragile investor sentiment in mind, London based Whitechapel Art Gallery has conceptualized a comprehensive course, which it terms ‘the inside track on how to collect works of contemporary art.’

Unveiled in preparation for the prestigious Frieze Art Fair, the first edition of this profound exercise was apparently aimed at genuine art lovers. The inaugural session drew 20 of them, forming a varied bunch of professionals from different walks of life.

Many doubts and queries were raised during an insightful discussion with collector Dominic Palfreyman. A former investment banker and the founder of the Felix Trust for Art, he is an avid collector of drawings, paintings, prints, and photographs. He noted: "I think living with your works of art is very different from seeing them in exhibits or museums. You need things that you're happy to look at all day, each day, every day. And so the art I collect is a very small slice of that I like."

His observations summed up the crux of the whole exercise on the process of collecting. The message it offered was simple and clear: “Buy what you love and learn to put financial considerations aside, and you will ultimately get the returns.”

Several art experts and artists invited by the gallery spoke about the intricacies of collecting art. "It's not merely a transaction," remarked sculptor Owen Bullett. Artist Doug White echoed to add: "You are often willing to offer more to someone who keenly engages with your practice." David Batchelor revealed having experienced a similarly fruitful relationship with the corporate world.

The director of the Hales Gallery, Paul Hedges, explained that physical considerations matter. The first query he would pose is: "How much space have you got?" His other suggestion to aspiring clients is: "Film has no storage issues and is interesting and often cheap."