Aerial view of the Estate of Mitchell Rales
Despite the recession and the collapse of the art market, New York this year has retained—and even added to—its status as the art capital of the world.
More of the world's 200 most active art collectors make their primary residence in New York than in any other city, according to ARTnews magazine.
In its annual list of the top collectors, 37 listed New York as their primary residence, up from 34 last year. More than half, 106, live in the United States.
The list, which is compiled from interviews with collectors, dealers, auctioneers, and museum directors in 22 countries, had 17 new names on it this year. The New York-based newcomers include Alliance Bernstein Chairman Peter Kraus and his wife Jill, and Investor Hubert Neumann.
Out of the Top 10 collectors, five are from the New York metropolitan area. They are Debra and Leon Black; Steven Cohen; Marie-Josee and Henry Kravis; Jo Carole and Ronald Lauder; and Mitchell Rales.
Even though the contemporary art market has taken a hit with the global recession, that segment of the art world continues to be the most popular. Out of the group, 81% collect contemporary art, 34% collect modern art, 9% collect Impressionist art, and 9% collect Old Masters.
The list will appear on newsstands in ARTnews' July 17 summer issue.
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