Corporate Collection 101: Set the parameters
Part 2

As part of the collecting strategy a collection should incorporate a set of guidelines at the outset, flexible enough to allow for expansion and development at a specific juncture, yet definitive enough to maintain the integrity of the collection. 

Broadly, a collection should consider:

• The thematic or conceptual parameters of the artwork (acquisitions) as a guiding principle for all future acquisitions;

• The content or genre(s) to comprise the collection, i.e. sculpture, paintings, works on paper, photography, established artists or emerging artists,

• The collection’s acquisitional methodology;

• The collection’s acquisitional frequency, i.e. quarterly, bi-annually or annually; and

• The collection’s allocated budget on a quarterly, bi-annually and annual basis.

Thematic

The maintenance of thematic parameters inherent to the Macquarie Group’s collection (as noted above in Part 1 of this series), over the course of several decades has provided, not only an admirable reputation, but also a consistent approach in its acquisitional policy.  This is something which a collection should consider, at least as a reference point.

The benefits to defining a collection’s parameters are:

• the collection will develop as a cohesive and succinct entity thereby enhancing its integrity and viability;

• profiling and highlighting the collection via social media channels and other publicity will allow for a consistent message;

• a continuity of vision will become easily communicated to a developing audience for the collection; and

• garnering interest from public museums and galleries will have greater potential.

Content & Genre

It is rare for a corporate collection to focus on one particular genre, for example, photography.  There can be a number of reasons for this decision, but for the most part, balancing the content of the collection, in terms of presenting a diverse and broad cross-section of genre, will ultimately allow for an enhanced longevity and enduring quality.

A collection should consider including, or that very least, consider the following attributes:

• balancing the genres to allow for acquisition of sculpture, paintings, works on paper, contemporary photography, and installation-based works;

• balance of the genders of the artists to be included in the collection; and

• balance the cultural diversity of the artists to be included in the Collection.

By incorporating the above, the collection will be provided with expanded opportunities for development and potentially, counter ‘fashionable’ moments within the market for a specific genre, all of which should in theory, lead to the foundation for a sustainable collection.

As noted in Part 1 of this series above, BHP Billiton’s collection is harnessed by cultural diversity, and focusses on “identity” to reflect its global presence.  This has been an important factor in the branding of its corporate identity of being “human, global, visionary and intelligent”. It could be beneficial for a collection to similarly, accommodate cultural diversity within its collection policy. 

Acquisition Methodology, Frequency and Budget

Clearly, the nature and amount of an available budget for a collection will have a direct bearing on the frequency of artwork acquisitions.  That said, generally an established collection will have in place an allocated annual funding for artwork acquisitions, which can then be divided into quarterly amounts, with a rollover mechanism in place should funds from a specific quarter not be utilised.  This is a common model for the funding of acquisitions for both corporate and public collections.

In terms of devising an annual budget, a proactive approach should be employed at the outset, wherein a list of preferred artists (inclusive of a rationale, for example, well established, highly proficient in their chosen technique, highly regarded by the arts community) has been considered in advance; such a list can be conceived by the company’s art selection committee and /or curator. This approach will allow for a targeted acquisition methodology and adherence to the thematic parameters of the collection.

As a matter of good corporate conduct, and in the interests of transparency, some corporate collections choose to be open to submissions from the public and will take proposals directly from commercial galleries and artists’ agents and representatives.  This will be more prominent with new or developing collections.

Our next journal post will consider developing a collection policy.