Simon de Pury offers his hard won wisdom in the Telegraph. And these two market observations are worth remembering:

I did the Sotheby’s Works of Art course and then worked on the front counter, where people bring things in for valuations. That was an eye-opening experience. One day an elderly couple brought an elaborately packed parcel, which they unwrapped slowly with great care. It was a family heirloom, but the Sotheby’s specialist had to tell them as diplomatically as possible that it had no value. When they knew it had no commercial value, they just threw it back in the box. That taught me that if art has financial value there is more likelihood of it being looked after and surviving.

Collecting art is much more exciting if you are emotionally engaged. Even people who approach it coldly from the outset and say, “The only thing I care about is the bottom line”. When I advise them to sell, they suddenly say, “Oh, no I like it too much”.

The Business: Simon de Pury  (Telegraph)