The article compiles personal anecdotes from several art collectors—Laurent Asscher, Suzanne Syz, Rob and Eric Thomas-Suwall, Toby Milstein Schulman, and Danielle Falls—who share mistakes they made while building their collections. Asscher recounts buying a lesser Basquiat at Christie's before quickly reselling it to acquire a superior work at Phillips; Syz regrets buying a piece because others wanted it; the Thomas-Suwalls missed out on a Dominique Fung diptych; Schulman accidentally bought a work attributed 'after Keith Haring' at a charity auction; and Falls reflects on her early eagerness as a young trustee of the Bronx Museum.
This matters because it humanizes the art-collecting process, showing that even seasoned collectors face missteps and learn from them. By sharing these candid stories, the article offers practical lessons for emerging collectors and reinforces that intuition, due diligence, and patience are more valuable than following trends or rushing into purchases. It also highlights the role of auction houses, galleries, and charity events in the collector's journey.