Why Millionaires Prefer Old Masters in Their Private Collections
In the world of fine art collecting, trends come and go. Contemporary art fairs may dominate the headlines, digital art and NFTs have made waves, and blue-chip artists like Andy Warhol and Jean-Michel Basquiat command jaw-dropping prices. Yet, one segment of the art world has remained timeless and consistently attractive to millionaires and billionaires: Old Masters paintings.
“Old Masters” generally refers to works created between the 14th and 18th centuries by European painters such as Rembrandt, Caravaggio, Vermeer, Raphael, Titian, and Rubens. These masterpieces are not just relics of cultural history but are increasingly sought after as tangible assets, symbols of status, and vehicles for wealth preservation.
But why exactly do millionaires prefer Old Masters in their private collections? What drives them to purchase centuries-old paintings rather than focusing exclusively on contemporary trends? And who are the wealthy individuals known for their Old Masters acquisitions? Let’s dive deep into these questions.
Why Millionaires Prefer Old Masters
1. Cultural Prestige and Legacy
Owning a Rembrandt or a Raphael is not just about financial gain , it’s about entering a cultural dialogue that spans centuries. Old Masters represent the pinnacle of Western art history, admired in museums worldwide. For millionaires, adding one to their collection is a way to align themselves with historical prestige and intellectual depth.
In contrast to contemporary art, which can be speculative and subject to market whims, Old Masters carry a kind of cultural certainty. Their value is not just monetary but also symbolic: they are embodiments of timeless beauty, skill, and influence.
2. Wealth Preservation and Asset Diversification
Old Masters are seen as recession-proof assets. During financial downturns, luxury markets such as art, jewelry, and real estate tend to hold value better than stocks or volatile investments. Because supply is extremely limited (a Rembrandt cannot be reproduced), scarcity drives stability.
For millionaires, acquiring Old Masters is not only a passion project but also a form of portfolio diversification. Instead of keeping all wealth in equities, they spread risk across hard assets like fine art.
3. Exclusivity and Scarcity
Unlike contemporary works where artists may still produce new creations, Old Masters are finite. Every painting is centuries old, often with fascinating provenance that links it to royal courts, aristocratic estates, or historic institutions.
This exclusivity appeals strongly to wealthy collectors who thrive on rarity. Owning a masterpiece by Caravaggio or Titian isn’t just an investment; it’s access to a circle of global elites who share this appreciation.
4. Museum-Level Value at Home
Millionaires often enjoy transforming private homes into miniature museums. With Old Masters, their living rooms or libraries resemble European galleries. Some collectors also lend their acquisitions to museums, gaining public recognition and cementing their philanthropic reputation.
5. Long-Term Value Growth
While contemporary art prices may fluctuate with trends, Old Masters show steady appreciation over time. According to auction data from Sotheby’s and Christie’s, Old Masters continue to perform well, especially rare works by top names. For millionaires thinking generationally, Old Masters are reliable heirlooms to pass down.
Where Do Millionaires Buy Old Masters?
High-net-worth collectors do not simply walk into a gallery to buy these masterpieces. They rely on a network of trusted sources:
Auction Houses
Sotheby’s, Christie’s, Bonhams, and Phillips are the premier venues for Old Masters. These houses hold specialized sales in London, New York, and Paris.
Sotheby’s Old Masters Evening Sale is one of the most prestigious events on the calendar, where multimillion-dollar paintings change hands.
Private Dealers
Discreet transactions often occur through trusted dealers who source works directly from aristocratic families or estates.
Art Fairs
TEFAF Maastricht (The European Fine Art Fair) is considered the gold standard for Old Masters acquisitions. Millionaires and museum curators gather there to view vetted masterpieces.
Private Sales via Auction Houses
Increasingly, auction houses offer private sale services to match works with wealthy clients without the publicity of open bidding.
Family Estates & Inheritance
Some millionaires acquire Old Masters via inheritance, especially in Europe where noble families pass down collections.
10 Millionaires with Old Masters Collections
Here’s a list of notable collectors who own Old Masters, including their approximate net worth, professions, and known acquisitions.
1. Ken Griffin
Net Worth: $34 billion (Founder & CEO of Citadel hedge fund)
Old Masters Collection: Owns works by Rembrandt and other Dutch masters.
Where He Buys: Primarily through Christie’s and private sales.
Why: Griffin is known for collecting across categories, but Old Masters fit his strategy of cultural prestige plus asset security.
2. Leon Black
Net Worth: $12 billion (Private equity billionaire, co-founder of Apollo Global Management)
Old Masters Collection: Famous for acquiring Raphael’s “Head of a Young Apostle” and works by Rubens.
Where He Buys: High-profile auctions and discreet dealer sales.
Why: Black’s collection reflects his passion for European art history and his reputation as a top U.S. collector.
3. Dmitry Rybolovlev
Net Worth: $6.4 billion (Russian businessman in fertilizer industry)
Old Masters Collection: Has owned and traded works attributed to Leonardo da Vinci, Raphael, and others.
Where He Buys: Auction houses (Christie’s, Sotheby’s) and via dealers.
Why: Diversification of assets and prestige collecting.
4. Prince Hans Adam II of Liechtenstein
Net Worth: $4 billion (Head of state, investor, banker)
Old Masters Collection: Liechtenstein Princely Collection includes Rubens, Rembrandt, Van Dyck, and Brueghel.
Where He Buys: Historical family collection enhanced by acquisitions through dealers and auctions.
Why: For the Liechtenstein royal family, Old Masters are dynastic symbols of wealth and culture.
5. Carlos Slim Helú
Net Worth: $92 billion (Telecom magnate, América Móvil)
Old Masters Collection: Holds European Old Masters in Museo Soumaya, including works by Tintoretto and El Greco.
Where He Buys: Through dealers and private sales.
Why: Slim has a deep commitment to cultural philanthropy in Mexico, displaying Old Masters for public viewing.
6. Isabel dos Santos
Net Worth: ~$1.5 billion (Angolan businesswoman, energy and telecom sectors)
Old Masters Collection: Reported acquisitions of Portuguese and Spanish Old Masters.
Where She Buys: Lisbon dealers and European auction houses.
Why: Collecting Old Masters is tied to cultural identity and wealth diversification.
7. Sheikh Saud bin Mohammed Al-Thani (late)
Net Worth: Estimated billions (Member of Qatari royal family)
Old Masters Collection: Acquired Old Masters for Qatar’s museums, including works by Rubens and others.
Where He Bought: Sotheby’s, Christie’s, and top European dealers.
Why: Built a national cultural collection for Qatar’s future museums.
8. Steven A. Cohen
Net Worth: $19 billion (Hedge fund manager, Point72 Asset Management)
Old Masters Collection: Primarily modern, but he has invested in Old Masters including works by Dutch painters.
Where He Buys: Private dealers and auction houses.
Why: Cohen views art as a diversified portfolio asset and as home décor for his estates.
9. Roman Abramovich
Net Worth: $9 billion (Russian oligarch, oil and metals industries)
Old Masters Collection: Has owned works by Turner and other European masters.
Where He Buys: Christie’s and Sotheby’s London.
Why: For Abramovich, collecting signifies status and international taste.
10. François Pinault
Net Worth: $37 billion (Luxury goods magnate, founder of Kering)
Old Masters Collection: Owns works by French, Italian, and Flemish Old Masters alongside contemporary art.
Where He Buys: Private dealers, TEFAF, and auction houses.
Why: Pinault is a lifelong collector who sees Old Masters as central to luxury culture and heritage.
The Intersection of Business and Art
For these millionaires, their professional lives often align with their collections:
Finance & Hedge Funds: Griffin, Cohen → Data-driven minds valuing stability.
Luxury & Retail: Pinault → Art collecting complements brand heritage.
Telecom & Tech: Slim, dos Santos → Using wealth to support national culture.
Politics & Royalty: Prince Hans Adam II → Old Masters as dynastic power symbols.
Industrial Tycoons: Rybolovlev, Abramovich → Diversifying assets away from volatile markets.
The Role of Old Masters in the Global Art Market
While contemporary art dominates headlines, Old Masters remain the backbone of the art economy. Auction sales for Old Masters in 2022 surpassed $1.3 billion worldwide. Top works can sell for over $50 million, yet mid-range pieces remain relatively accessible compared to modern art.
For millionaires, this means:
They can acquire museum-quality works without necessarily paying $100+ million.
Old Masters deliver stable, long-term value without the speculative risks of newer markets.
Millionaires prefer Old Masters in their private collections because these works offer prestige, rarity, cultural significance, and financial resilience. They are more than art; they are status symbols, investment vehicles, and family heirlooms rolled into one.
From Ken Griffin’s Rembrandts to Leon Black’s Raphaels, from Carlos Slim’s museum in Mexico to the Princely Collections of Liechtenstein, Old Masters continue to capture the imagination of the world’s wealthiest individuals.
As global wealth grows and interest in art as an alternative asset expands, Old Masters will remain a cornerstone of elite collections. For millionaires, owning a centuries-old masterpiece isn’t just a financial move , it’s a declaration of legacy, taste, and timeless wealth.
